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REGISTERED NUMBER: OC393001 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

FERNPATCH LLP

FERNPATCH LLP (REGISTERED NUMBER: OC393001)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

FERNPATCH LLP

GENERAL INFORMATION
for the year ended 31 May 2023







DESIGNATED MEMBERS: C Riley
Mrs R Riley
Miss A Riley



REGISTERED OFFICE: 1 Coulston
Coulston
Westbury
BA13 4NX



REGISTERED NUMBER: OC393001 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: Metro Bank
One Southampton Row
London
WC18 5HA

FERNPATCH LLP (REGISTERED NUMBER: OC393001)

BALANCE SHEET
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,573 17,843
Investment property 5 500,000 500,000
516,573 517,843

CURRENT ASSETS
Debtors 6 3,657 4,785
Cash at bank 14,263 17,611
17,920 22,396
CREDITORS
Amounts falling due within one year 7 19,807 28,950
NET CURRENT LIABILITIES (1,887 ) (6,554 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,686

511,289

CREDITORS
Amounts falling due after more than one
year

8

131,680

132,652
NET ASSETS ATTRIBUTABLE TO
MEMBERS

383,006

378,637

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

380,006

375,637

MEMBERS' OTHER INTERESTS
Capital accounts 3,000 3,000
383,006 378,637

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 380,006 375,637
Members' other interests 3,000 3,000
383,006 378,637

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2023.

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.

FERNPATCH LLP (REGISTERED NUMBER: OC393001)

BALANCE SHEET - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 18 September 2023 and were signed by:





C Riley - Designated member

FERNPATCH LLP (REGISTERED NUMBER: OC393001)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Fernpatch Llp is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for property rental.

Revenue is recognised as the rents fall due in accordance with the tenant's agreements, at which time the risks and rewards associated with the rents are transferred to the tenant.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

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.

Investment property
Investment property is shown at its most recent valuation. This valuation was undertaken by C Riley, a member of the LLP, who has an extensive knowledge of local property prices. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

FERNPATCH LLP (REGISTERED NUMBER: OC393001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 24,304
Additions 2,005
Disposals (848 )
At 31 May 2023 25,461
DEPRECIATION
At 1 June 2022 6,461
Charge for year 2,607
Eliminated on disposal (180 )
At 31 May 2023 8,888
NET BOOK VALUE
At 31 May 2023 16,573
At 31 May 2022 17,843

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 500,000
NET BOOK VALUE
At 31 May 2023 500,000
At 31 May 2022 500,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2016 42,500
Valuation in 2018 (20,000 )
Valuation in 2021 20,000
Valuation in 2022 100,000
Cost 357,500
500,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 3,234 3,743
Other debtors 423 1,042
3,657 4,785

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 5,391 9,809
Trade creditors 618 5,544
Other creditors 13,798 13,597
19,807 28,950

FERNPATCH LLP (REGISTERED NUMBER: OC393001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans 131,680 132,652

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 110,117 93,417

9. SECURED DEBTS

The loan is secured via a fixed charge over the property.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank above debts due to unsecured creditors in the event of a winding-up.

There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FERNPATCH LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Fernpatch Llp for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Fernpatch Llp, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fernpatch Llp and state those matters that we have agreed to state to the members of Fernpatch Llp, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fernpatch Llp and its members, as a body, for our work or for this report.

It is your duty to ensure that Fernpatch Llp has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fernpatch Llp. You consider that Fernpatch Llp is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fernpatch Llp. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


21 September 2023