The Hookway Partnership LLP - Period Ending 2022-03-31

The Hookway Partnership LLP

Contents

Limited liability partnership information	1
Accountants' Report	2
Financial Statements	3 to 9
Balance Sheet	3
Notes to the Financial Statements	5

The Hookway Partnership LLP

Limited liability partnership information

Designated members

Mr M McGowan Mr G Smith

Registered office

The Dunstan Centre Pennywell Road Bristol BS5 0TJ

Accountants

Burton Sweet Chartered Certified Accountants Cornerstone House Midland Way Thornbury Bristol BS35 2BS

Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
The Hookway Partnership LLP
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of The Hookway Partnership LLP for the year ended 31 March 2022 set out on pages 3 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the members of The Hookway Partnership LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Hookway Partnership LLP and state those matters that we have agreed to state to the members of The Hookway Partnership LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Hookway Partnership LLP and its members as a body for our work or for this report.

It is your duty to ensure that The Hookway Partnership LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Hookway Partnership LLP. You consider that The Hookway Partnership LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Hookway Partnership LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

28 July 2022

The Hookway Partnership LLP

(Registration number: OC301631)
Balance Sheet as at 31 March 2022

	Note	2022  £	2021  £
Fixed assets
Tangible assets	3	15,110	19,739
Current assets
Debtors		43,668	211,086
Cash and short-term deposits		331,381	438,215
		375,049	649,301
Creditors: Amounts falling due within one year	5	(66,891)	(129,874)
Net current assets		308,158	519,427
Net assets attributable to members		323,268	539,166
Represented by:
Loans and other debts due to members
Members' capital classified as a liability		(181,150)	(186,949)
Members’ other interests
Other reserves		504,418	726,115
		323,268	539,166
Total members' interests
Loans and other debts due to members		(181,150)	(186,949)
Equity		504,418	726,115
		323,268	539,166

For the year ending 31 March 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The Hookway Partnership LLP

(Registration number: OC301631)
Balance Sheet as at 31 March 2022 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of The Hookway Partnership LLP (registered number OC301631) were approved by the Board and authorised for issue on 28 July 2022. They were signed on behalf of the limited liability partnership by:

.........................................
Mr M McGowan
Designated member

The Hookway Partnership LLP

Notes to the Financial Statements for the Year Ended 31 March 2022

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of The Hookway Partnership LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

The Hookway Partnership LLP

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

1	Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

The Hookway Partnership LLP

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

1	Accounting policies (continued)

Asset class	Depreciation method and rate
Fixtures and fittings	25% on reducing balance
Computer equipment	33% on reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 10 (2021 - 11).

The Hookway Partnership LLP

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

3	Tangible fixed assets

	Fixtures and fittings £	Office equipment £	Total £
Cost
At 1 April 2021	33,000	98,344	131,344
Additions	377	2,204	2,581
At 31 March 2022	33,377	100,548	133,925
Depreciation
At 1 April 2021	31,430	80,175	111,605
Charge for the year	487	6,723	7,210
At 31 March 2022	31,917	86,898	118,815
Net book value
At 31 March 2022	1,460	13,650	15,110
At 31 March 2021	1,570	18,169	19,739

4

Debtors

	2022  £	2021  £
Trade debtors	-	147,084
Other debtors	33,913	55,000
Prepayments and accrued income	9,755	9,002
Total current trade and other debtors	43,668	211,086

5	Creditors: Amounts falling due within one year

	2022  £	2021  £
Bank loans and overdrafts	63	77
Accruals and deferred income	45,960	74,997
Taxation and social security	20,868	54,800
	66,891	129,874

The Hookway Partnership LLP

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

6

Control

The ultimate controlling party is the same as the controlling party.