ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
INFORMATION
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
CONTENTS
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The members present their annual report together with the audited financial statements of Hampshire & Kent Commercial Services LLP (the "LLP") for the year ended 31 March 2023.
PRINCIPAL ACTIVITIES
The principal object of the LLP is to provide temporary staff to customers including Hampshire County Council.
DESIGNATED MEMBERS
Hampshire County Council and Commercial Services Kent Limited were designated members of the LLP throughout the year.
MEMBERS' CAPITAL AND INTERESTS
Capital requirements are determined by the designated members and all members are required to subscribe a proportion of that capital.
Capital is repaid only by prior written approval of all members or on winding up of the LLP and hence is classified as equity.
Details of changes in members' capital in the year ended 31 March 2023 are set out in the financial statements.
Members do not receive drawings during the year.
Profits are determined, allocated and divided between members only after finalisation of the financial statements and a decision is made about whether to allocate such. Prior to the allocation of profits and their division between members, unallocated profits are included within equity as members' others interests.
RESULTS AND PERFORMANCE
The results of the LLP for the period are set out on page 7 and show a profit for the period of £802,000 (2022: £500,000). Total members' interests are £802,000 (2022: £500,000).
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the members at the time when this Members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
This report was approved by the members on 14 December 2023 and signed on their behalf by:
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
We have audited the financial statements of Hampshire & Kent Commercial Services LLP (the 'LLP') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSHIRE & KENT COMMERCIAL SERVICES LLP (CONTINUED)
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSHIRE & KENT COMMERCIAL SERVICES LLP (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance;
∙We have considered the results of our enquiries of management and members in relation to their own identification and assessment of the risks of irregularities within the LLP; and
∙We have considered any matters we identified having obtained and reviewed the LLP's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, Statement of Recommended Practice "Accounting by Limited Liability Partnerships" and UK tax legislation. In addition we considered the provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the LLP’s ability to operate or avoid a material penalty. These including health and safety regulations, employment legislation, and data protection laws.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes;
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the members that represented a risk of material misstatement due to fraud; and
∙Challenging assumptions and judgements made by management in the significant accounting estimates.
We also communicated identified laws and regulations and potential fraud risks to all members of the
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSHIRE & KENT COMMERCIAL SERVICES LLP (CONTINUED)
engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
REGISTERED NUMBER:OC424699
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 11 to 21 form part of these financial statements.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Hampshire & Kent Commercial Services LLP (“the LLP”) provides temporary recruitment services to customers including Hampshire County Council.
The LLP is incorporated in the United Kingdom and registered in England. The address of its registered office is 1 Abbey Wood Road, Kings Hill, West Malling, Kent, ME19 4YT.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
At 31 March 2023, the LLP had cash balance of £2,512,000 and net current assets of £780,000 together with long-term contracts with Hampshire County Council and Commercial Services Kent Limited. The LLP’s forecast and projections for 12 months after the signing of these accounts, taking account of reasonably possible changes in trading performance, show that the LLP should be able to continue to generate profits and cash, and operate without any borrowing facilities being required. As a consequence, the members believe that the LLP is well places to manage its business risk successfully.
Therefore, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members have therefore adopted the going concern basis in preparing the financial statements for the year ended 31 March 2023.
Functional and presentation currency
Transactions and balances
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
The LLP provide a range of benefits to employees, including commission and bonus arrangements and paid holiday arrangements
i. 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. ii. Commission and bonus plans The LLP operates a number of commission and bonus plans for employees. An expense is recognised in the statement of comprehensive income when the LLP has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.
Profits attributable to members are determined, allocated and divided between members after a decision is made about whether to allocate and until that time are included in equity within members' other interests.
The term of the members' agreement requires that capital is repaid by prior written approval of all members or on winding up of the LLP. Capital is accordingly accounted for as equity.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Amortisation is charged to administrative expenses in the statement of comprehensive income.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £74,000 (2022: £51,000). Contributions totalling £12,000 (2022: £11,000) were payable to the fund at the balance sheet date and were included within creditors.
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HAMPSHIRE & KENT COMMERCIAL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The LLP does not have a parent undertaking. The ultimate controlling party of the LLP is considered to be the members in aggregate.
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