Bradley Road Stables LLP OC428739 false 2022-04-06 2023-04-05 2023-04-05 The principal activity of the company is equestrian livery services. Digita Accounts Production Advanced 6.30.9574.0 OC428739 2022-04-06 2023-04-05 OC428739 2023-04-05 OC428739 core:CurrentFinancialInstruments 2023-04-05 OC428739 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-05 OC428739 core:PlantMachinery 2023-04-05 OC428739 bus:SmallEntities 2022-04-06 2023-04-05 OC428739 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 OC428739 bus:FullAccounts 2022-04-06 2023-04-05 OC428739 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 OC428739 bus:RegisteredOffice 2022-04-06 2023-04-05 OC428739 bus:PartnerLLP1 2022-04-06 2023-04-05 OC428739 bus:PartnerLLP2 2022-04-06 2023-04-05 OC428739 bus:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC428739 core:LandBuildings 2022-04-06 2023-04-05 OC428739 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC428739 core:PlantMachinery 2022-04-06 2023-04-05 OC428739 countries:AllCountries 2022-04-06 2023-04-05 OC428739 2022-04-05 OC428739 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-05 OC428739 core:PlantMachinery 2022-04-05 OC428739 2022-04-05 OC428739 core:CurrentFinancialInstruments 2022-04-05 OC428739 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-05 OC428739 core:PlantMachinery 2022-04-05 iso4217:GBP xbrli:pure

Registration number: OC428739

Prepared for the registrar

Bradley Road Stables LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2023

 

Bradley Road Stables LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Bradley Road Stables LLP

Limited liability partnership information

Designated members

N E Gair

F L Gair

Registered office

98 Bradley Road
Warminster
Wiltshire
BA12 7JY

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Bradley Road Stables LLP

(Registration number: OC428739)
Balance Sheet as at 5 April 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

24,268

26,243

Current assets

 

Stocks

3,848

4,530

Debtors

2,196

2,141

Cash and short-term deposits

 

4,121

3,963

 

10,165

10,634

Creditors: Amounts falling due within one year

5

(7,543)

(2,630)

Net current assets

 

2,622

8,004

Net assets attributable to members

 

26,890

34,247

Represented by:

 

Loans and other debts due to members

 

Other amounts

6

31,793

35,556

Members’ other interest

 

(4,903)

(1,309)

 

26,890

34,247

   

26,890

34,247

Total members' interests

 

Loans and other debts due to members

 

26,890

34,247

   

26,890

34,247

 

Bradley Road Stables LLP

(Registration number: OC428739)
Balance Sheet as at 5 April 2023 (continued)

For the year ending 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Bradley Road Stables LLP (registered number OC428739) were approved by the members and authorised for issue on 23 October 2023. They were signed on behalf of the LLP by:

.........................................
N E Gair
Designated member

.........................................
F L Gair
Designated member

 

Bradley Road Stables LLP

Notes to the Financial Statements for the Year Ended 5 April 2023

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
98 Bradley Road
Warminster
Wiltshire
BA12 7JY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the partnership's activities.

The partnership recognises revenue when:
The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the partnership's activities.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bradley Road Stables LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Property improvements

10% straight line

Plant and equipment

15% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Bradley Road Stables LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

2

Accounting policies (continued)

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 2 (2022 - 2).

 

Bradley Road Stables LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

4

Tangible fixed assets

Property improvements
£

Plant and equipment
£

Total
£

Cost

At 6 April 2022

12,768

22,073

34,841

Additions

-

2,008

2,008

At 5 April 2023

12,768

24,081

36,849

Depreciation

At 6 April 2022

2,554

6,044

8,598

Charge for the year

1,277

2,706

3,983

At 5 April 2023

3,831

8,750

12,581

Net book value

At 5 April 2023

8,937

15,331

24,268

At 5 April 2022

10,214

16,029

26,243

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

240

-

Other creditors

2,607

-

Accruals and deferred income

4,696

2,630

7,543

2,630

6

Analysis of other amounts

2023
 £

2022
 £

Money owed to members by the LLP in respect of profits

31,793

35,556

7

Debtors

2023
 £

2022
 £

Trade debtors

1,737

1,610

Prepayments and accrued income

459

531

Total current trade and other debtors

2,196

2,141