Horton Hills LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC420935

Horton Hills LLP

Filleted Unaudited Financial Statements

31 March 2023

Horton Hills LLP

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Horton Hills LLP

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	3,412,308	3,412,308

Current assets

Debtors	6	6,600	5,662
Cash at bank and in hand		180,529	181,888
		---------	---------
		187,129	187,550

Creditors: amounts falling due within one year	7	174,990	174,390
		---------	---------
Net current assets		12,139	13,160
		------------	------------
Total assets less current liabilities		3,424,447	3,425,468
		------------	------------
Net assets		3,424,447	3,425,468
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8	24,447	25,468

Members' other interests

Members' capital classified as equity	3,400,000	3,400,000
Other reserves	–	–
	------------	------------
	3,424,447	3,425,468
	------------	------------

Total members' interests

Loans and other debts due to members	8	24,447	25,468
Members' other interests		3,400,000	3,400,000
		------------	------------
		3,424,447	3,425,468
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Horton Hills LLP

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the members and authorised for issue on 12 December 2023 , and are signed on their behalf by:

Mr A Sparshatt

Designated Member

Registered number: OC420935

Horton Hills LLP

Notes to the Financial Statements

Year ended 31 March 2023

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbry, Kent, CT1 3DN, United Kingdom.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Included in tangible assets is investment property which is recorded at cost

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Employee numbers

The average number of persons employed by the LLP, excluding members, during the period amounted to 0 (2021: 0).

4.	Cash at bank and in hand

Within the cash at bank figure of £181,888 is £88,835 held in a deposit account which relates to the £88,500 rental deposit which is held on behalf of the tenants.

5.	Tangible assets

	Investment property
	£
Cost
At 1 April 2022 and 31 March 2023	3,412,308
	------------
Depreciation
At 1 April 2022 and 31 March 2023	–
	------------
Carrying amount
At 31 March 2023	3,412,308
	------------
At 31 March 2022	3,412,308
	------------

6.	Debtors

	2023	2022
	£	£
Trade debtors	6,600	5,662
	-------	-------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Social security and other taxes	14,750	14,150
Other creditors	160,240	160,240
	---------	---------
	174,990	174,390
	---------	---------

8.	Loans and other debts due to members

	2023	2022
	£	£
Amounts owed to members in respect of profits	24,447	25,468
	--------	--------