George Hay Partnership LLP - Accounts to registrar (filleted) - small 18.2
George Hay Partnership LLP - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2021 |
| for |
| George Hay Partnership LLP |
| George Hay Partnership LLP (Registered number: OC373025) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| George Hay Partnership LLP |
| General Information |
| for the Year Ended 31 March 2021 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| George Hay Partnership LLP (Registered number: OC373025) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS/(LIABILITIES) ATTRIBUTABLE TO MEMBERS |
67,266 |
(117,446 |
) |
| George Hay Partnership LLP (Registered number: OC373025) |
| Balance Sheet - continued |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
1,628,090 |
1,538,371 |
| MEMBERS' OTHER INTERESTS |
| Obligations re Prior Partners | (639,788 | ) | (748,582 | ) |
| Other reserves | ( |
) | ( |
) |
| 67,266 | (117,446 | ) |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 12 | 1,628,090 | 1,538,371 |
| Members' other interests | (1,560,824 | ) | (1,655,817 | ) |
| 67,266 | (117,446 | ) |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| George Hay Partnership LLP (Registered number: OC373025) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| George Hay Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in GBP which is the functional currency of the LLP. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policies adopted for the recognition of turnover are as follows: |
| When the outcome of a transaction can be measured reliably turnover from services provided is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to recoverable time expended. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of businesses in 2013 and 2016, is being amortised evenly over its estimated useful life of five years. Provision is made for any impairment. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the partnership will comply with conditions attaching to them and the grants will be received using the accrual model. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are measured at cost less impairment. |
| Financial instruments |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
| Debtors and creditors falling due or payable in more than one year have not been discounted as the net affect to the accounts is deemed immaterial. |
| Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case these are stated at cost. |
| George Hay Partnership LLP (Registered number: OC373025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss as they become payable. |
| Members' remuneration |
| The allocation of profits to members is determined by reference to profit share rights as set out in the Members' Agreement. |
| Profits are automatically allocated to the members and therefore are included in members' remuneration charged as an expense along with fixed members' remuneration payable to the members. |
| Post-retirement payments |
| On leaving the LLP, a members share is repaid as per the terms of the members' agreement. Amounts due to prior partners of the former partnership or former members of the LLP are included in creditors. |
| 4. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| AMORTISATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| George Hay Partnership LLP (Registered number: OC373025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contracts |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| George Hay Partnership LLP (Registered number: OC373025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more than 5 years repayable by instalments |
392,651 |
311,328 |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. |