REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Haine & Smith Partnership LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Haine & Smith Partnership LLP |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Haine & Smith Partnership LLP |
General Information |
for the Year Ended 28 February 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
30 Gay Street |
Bath |
BA1 2PA |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,828,081 |
3,047,046 |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Balance Sheet - continued |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
2,828,081 |
3,047,046 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 2,828,081 | 3,047,046 |
Amounts due from members | 6 | (541,792 | ) | (335,633 | ) |
2,286,289 | 2,711,413 |
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 |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Haine & Smith 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. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
The presentation currency of the financial statements is Pound Sterling (£). |
Going concern |
The members of the LLP are confident that the business will continue to trade profitably. |
The members have produced and reviewed forecasts for the next 12 months that are reliant on a significant upturn in turnover. From this review the members believe that the LLP will be able to continue to operate as a going concern and that they will be able to meet their liabilities as they fall due for a period of at least 12 months from the date of approving these financial statements. However, the members recognise the current economic climate in the UK has impacted the high street and, in particular, the cost structure of the business. This has influenced the profitability of the LLP in the year under review and subsequently. The members continue to review business activity whilst actively considering various plans to ensure cost management remains a key priority whilst simultaneously ensuring each practice continues to operate effectively, delivering the service expected of our customers. |
Having reviewed the forecasts prepared and through active, on-going management of costs, the members believe the going concern basis remains an appropriate basis on which to prepare the financial statements. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Useful economic life of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
Stock provisioning |
Goods sold are subject to changing customer demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock held and whether a provision is required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. |
Turnover |
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services, namely the sale of sight and hearing tests, glasses, contact lenses and accessories. |
Turnover is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer. |
Goodwill |
Goodwill relates to the acquisition of a business and is measured at cost less accumulated amortisation and any accumulated impairment losses. |
Amortisation is charged so as to allocate the cost of goodwill less residual value over its estimated useful life, using the straight-line method. Goodwill is amortised over 10 years. |
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding fair value of non-monetary assets acquired is recognised in the income statement in the periods expected to be benefitted. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
Cost includes the purchase price, including all costs directly attributable to bringing the stock to its present location and condition. |
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
In some cases the LLP has access to consignment stock. Where the nature of this arrangement transfers the risks and rewards to the LLP, which in substance gives the LLP control over the stock during the consignment period and liabilities in respect of holding costs, the LLP recognises this stock in the balance sheet together with an equivalent liability. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Lease are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the LLP. All other leases are classified as operating leases. |
Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. |
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
Employee benefits |
The LLP provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
Defined contribution pension plans |
The LLP operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in creditors in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds. |
Annual bonus plan |
The LLP operates a discretionary annual bonus plan for employees. An expense is recognised in the profit and loss account when a bonus becomes payable at the members' discretion. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. |
Members' drawings and the subscription and repayment of members' capital |
In accordance with the LLP agreement there are two classes of capital namely: |
- | Property Capital which carried the right to receive property capital profits or losses (in the proportions of Property Capital contributed) by way of prior charges to the exclusion of any other Partners who do not hold Property Capital; and |
- | Equity Capital |
HS Optical Limited alone holds Property Capital and is referred to as the 'Property Capital Partner'. |
The property capital profits and capital losses and liabilities for each accounting period belong to the Property Capital Partner in priority to all other profits of the LLP. |
All other profits and losses of an income nature for each accounting period belong to the LLP and are payable by the LLP to the Partners or by the Partners to the LLP (as the case may be):- |
- | firstly in payment to the Partners of their salary entitlement for the period concerned; and |
- | secondly in relation to any balance of trading profits in the proportions as determined by each individual Partner's percentage share of trading profit and equity capital as established in the LLP agreement. |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
The capital requirements of the partnership are determined by the members and are reviewed regularly. Each members is required to subscribe a proportion of this capital. Interest is paid on the outstanding capital amount. On leaving the partnership, a member's capital is repaid within a timescale set by the other members. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
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 the 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 end of the reporting period, taking in to account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the income statement in the period it arises. |
The LLP recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. |
Government grants |
Government grants are recognised at the fair value of the consideration received or receivable in the period in which the Company recognises the related costs for which the grants are intended to compensate. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
AMORTISATION |
At 1 March 2022 |
Amortisation for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Trade debtors |
Amounts due from members | 541,792 | 335,633 |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, loans and other debts due to members and members' other interests rank subordinate to other unsecured creditors. |
11. | RELATED PARTY DISCLOSURES |
During the financial year there were no transactions with related parties. |