REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WADDESDON ESTATES LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WADDESDON ESTATES LLP |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WADDESDON ESTATES LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Two Brewers House |
50 North Street |
Thame |
Oxfordshire |
OX9 3BH |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Herd basis | 6 | - | 50,436 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
37,334,242 |
36,818,039 |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
6,978,463 |
7,511,957 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 30,355,779 | 29,306,082 |
37,334,242 | 36,818,039 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 6,978,463 | 7,511,957 |
Members' other interests | 30,355,779 | 29,306,082 |
37,334,242 | 36,818,039 |
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. |
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 |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Waddesdon Estates LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Property improvements | - |
Plant and machinery | - |
Motor vehicles and tractors | - |
Computer equipment | - |
Stocks |
Grain stocks are stated at the actual sale price achieved, less any directly attributable costs. Other stocks are stated at the lower of cost and net realisable value. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 | ( |
) |
Charge for year |
Eliminated on disposal |
Reclassification/transfer |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Motor |
vehicles |
and | Computer |
tractors | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Thame Farmers Auction Mart Ltd | 1,000 | 1,000 |
6. | HERD BASIS |
Herd |
basis |
£ |
COST |
At 1st April 2022 | 67,343 |
Additions | 3,882 |
Disposals | (71,225 | ) |
At 31st March 2023 | - |
DEPRECIATION |
At 1st April 2022 | 16,907 |
Charge for year | 14,192 |
Eliminated on disposal | (31,099 | ) |
At 31st March 2023 | - |
NET BOOK VALUE |
At 31st March 2023 | - |
At 31st March 2022 | 50,436 |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Valuation | 1,215,320 | 917,863 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'. |
11. | RELATED PARTY DISCLOSURES |
Other debtors include an amount of £3,071 (2022: £36,348 included as an other creditor) in respect of amounts due from Lower Blackgrove Farm Limited, which is related through common ownership. This amount is unsecured, interest free and repayable on demand. |
12. | PROFIT SHARE - KINGSLAND FARM |
Kingsland farm is part of Waddesdon Estates LLP and is being farmed under a contract farming agreement by Naroques UK Limited. This agreement began on 1st September 2021 and has a first accounting date of 31st August 2022. |
An amount due of £225,916 to Naroques UK Limited has been included in the accounts for the year ended 31st March 2023 and is due to be paid after the year end date. |
Going forward, amounts will be due in arrears. For example, work done during the farming period 1st September 2022 to 31st August 2023, will be paid for, and included in the accounts of Waddesdon Estates LLP, for the year ended 31st March 2024. |
13. | PROFIT ON SALE OF COMBINE |
Profit on sale of plant and machinery totals £298,083 for the year. The majority of this balance relates to the part exchange of a Lexion Combine Harvester during the year. |