Company No: OC357579 (England and Wales)

Contents

• Statement of Financial Position
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	41,562		10,571
		41,562		10,571
Current assets
Debtors	4	1,021,358		843,638
Cash at bank and in hand		567,371		875,885
		1,588,729		1,719,523
Creditors: amounts falling due within one year	5	( 333,449)		( 306,531)
Net current assets		1,255,280		1,412,992
Total assets less current liabilities		1,296,842		1,423,563
Creditors: amounts falling due after more than one year	6	( 66,830)		( 107,149)
Provision for liabilities	7	( 75,000)		( 75,000)
Net assets attributable to members		1,155,012		1,241,414
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		465,000		430,000
Other amounts		690,012		811,414
		1,155,012		1,241,414
Total members' interests
Amounts due from members (included in debtors)		0		(18,171)
Loans and other debts due to members	9	1,155,012		1,241,414
		1,155,012		1,223,243

For the financial year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Freedman + Hilmi LLP (registered number: OC357579) were approved and authorised for issue by the members. They were signed on its behalf by:

D Freedman Designated member

M D Hilmi Designated member

19 October 2026

	DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£
Amounts due to members	480,000	1,126,076	1,606,076
Balance at 01 April 2024	480,000	1,126,076	1,606,076	1,606,076
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	2,917,863	2,917,863	2,917,863
Members' interest after result for the financial year	480,000	4,043,939	4,523,939	4,523,939
Repayment of capital	(50,000)	0	(50,000)	(50,000)
Drawings	0	(3,306,904)	(3,306,904)	(3,306,904)
Amounts introduced by members	0	56,208	56,208	56,208
Amounts due to members	430,000	811,414	1,241,414
Amounts due from members		(18,171)	(18,171)
Balance at 31 March 2025	430,000	793,243	1,223,243	1,223,243
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	3,120,148	3,120,148	3,120,148
Members' interest after result for the financial year	430,000	3,913,391	4,343,391	4,343,391
Introduced by members	35,000	0	35,000	35,000
Drawings	0	(3,229,879)	(3,229,879)	(3,229,879)
Amounts introduced by members	0	6,500	6,500	6,500
Amounts due to members	465,000	690,012	1,155,012
Balance at 31 March 2026	465,000	690,012	1,155,012	1,155,012

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Freedman + Hilmi LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 9th Floor, 101 Wigmore Street, London, W1U 1QU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in May 2024 (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Turnover

Turnover comprises amounts chargeable to clients in respect of professional services provided during the year, including recoverable expenses on client assignments, exclusive of Value Added Tax.

Services provided to clients during the year, which at the Statement of Financial Position date have not been billed to clients, have been recognised as turnover in accordance with Section 23 of FRS102: Revenue. Turnover recognised in this manner is based on an assessment of the fair value of services provided at the Statement of Financial Position date. Unbilled revenue is included in debtors.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

The LLP is not subject to tax in its own right. Taxable profits and losses are allocated to the members in accordance with the allocation schedule set out in the LLP agreement and any liability for tax is members' own responsibility.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	4 years straight line
Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts owed to members.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related entities and members, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to members are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the LLP during the year	10		11

3. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2025	0		118,839		41,883		160,722
Additions	23,150		931		14,635		38,716
At 31 March 2026	23,150		119,770		56,518		199,438
Accumulated depreciation
At 01 April 2025	0		113,741		36,410		150,151
Charge for the financial year	0		1,908		5,817		7,725
At 31 March 2026	0		115,649		42,227		157,876
Net book value
At 31 March 2026	23,150		4,121		14,291		41,562
At 31 March 2025	0		5,098		5,473		10,571

4. Debtors

	2026		2025
	£		£
Trade debtors	545,326		421,404
Other debtors	476,032		422,234
	1,021,358		843,638

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	14,762		12,837
Other taxation and social security	231,250		202,441
Other creditors	87,437		91,253
	333,449		306,531

6. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Other creditors	66,830		107,149

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

	2026		2025
	£		£
Other provisions	75,000		75,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	269,702		258,292
Between one and five years	268,924		256,735
After five years	206,780		446,391
	745,406		961,418

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the entity in an independently administered fund. The contributions payable to the fund at the reporting date are:

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	4,019		4,540

9. Loans and other debts due to members

	2026		2025
	£		£
Members capital treated as debt	465,000		430,000
Other amounts due to members	690,012		811,414
	1,155,012		1,241,414

Loans and other debts due to members may be further analysed as follows:

	2026		2025
	£		£
Falling due within one year	1,155,012		1,241,414

There is an automatic division of the profits to members of the LLP and these amounts have been charged to the Statement of Comprehensive Income as an expense.

Loans and other debts due to members rank equally with debts due to ordinary creditors.

The amount of capital each member is required to subscribe is determined, from time to time, by the designated members of the LLP and under the Members' Agreement, capital is repayable on retirement. Liabilities to former members are shown within other creditors.

10. Related party transactions

The designated members of the LLP are considered to be key management responsible for planning, directing and controlling the activities of the LLP. Transactions with these individuals and balances at the year-end were as follows:

	2026		2025
	£		£
Profits allocated to designated members	2,195,817		2,036,306
Amounts withdrawn by designated members	2,323,771		2,326,929
Amounts introduced by designated members	6,500		56,208
Amounts due to designated members	939,960		1,061,414