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Company No: OC430075 (England and Wales)

THE O'CONNELL WOODLAND PARTNERSHIP LLP

Unaudited Financial Statements
For the financial year ended 05 April 2023
Pages for filing with the registrar

THE O'CONNELL WOODLAND PARTNERSHIP LLP

Unaudited Financial Statements

For the financial year ended 05 April 2023

Contents

THE O'CONNELL WOODLAND PARTNERSHIP LLP

BALANCE SHEET

As at 05 April 2023
THE O'CONNELL WOODLAND PARTNERSHIP LLP

BALANCE SHEET (continued)

As at 05 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 421,052 421,052
421,052 421,052
Current assets
Debtors 4 733 4,526
Cash at bank and in hand 62,157 10,207
62,890 14,733
Creditors: amounts falling due within one year 5 ( 2,758) ( 15,607)
Net current assets/(liabilities) 60,132 (874)
Total assets less current liabilities 481,184 420,178
Net assets attributable to members 481,184 420,178
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 458,481 438,481
Other amounts 22,703 (18,303)
481,184 420,178
Members' other interests
0 0
481,184 420,178
Total members' interests
Loans and other debts due to members 481,184 420,178
481,184 420,178

For the financial year ending 05 April 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.

Members' responsibilities:

The O'Connell Woodland Partnership LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of The O'Connell Woodland Partnership LLP (registered number: OC430075) were approved and authorised for issue by the Board of Directors on 31 July 2023. They were signed on its behalf by:

Mrs A O'Connell
Designated member
THE O'CONNELL WOODLAND PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
THE O'CONNELL WOODLAND PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The O'Connell Woodland Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Farmery, Fore Street, Ivybridge, PL21 9AE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 3 3

3. Tangible assets

Land and buildings Total
£ £
Cost
At 06 April 2022 421,052 421,052
At 05 April 2023 421,052 421,052
Accumulated depreciation
At 06 April 2022 0 0
At 05 April 2023 0 0
Net book value
At 05 April 2023 421,052 421,052
At 05 April 2022 421,052 421,052

4. Debtors

2023 2022
£ £
Prepayments 733 668
VAT recoverable 0 3,858
733 4,526

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 14,607
Accruals 1,110 1,000
Other taxation and social security 1,648 0
2,758 15,607