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REGISTERED NUMBER: OC431753 (England and Wales)





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: Lord N C J Rothschild
The Hon H M Rothschild
Mrs A K Austen





REGISTERED OFFICE: Estate Office
Queen Street
Waddesdon
Aylesbury
Buckinghamshire
HP18 0JW





REGISTERED NUMBER: OC431753 (England and Wales)





ACCOUNTANTS: Martin and Company
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 32,460,316 31,592,060
Investments 5 1,000 1,000
Herd basis 6 - 50,436
32,461,316 31,643,496

CURRENT ASSETS
Stocks 7 1,215,320 917,863
Debtors 8 2,006,322 1,373,380
Cash at bank 2,358,492 3,550,204
5,580,134 5,841,447
CREDITORS
Amounts falling due within one year 9 707,208 666,904
NET CURRENT ASSETS 4,872,926 5,174,543
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 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 31st March 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.

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 3rd November 2023 and were signed by:





Lord N C J Rothschild - Designated member

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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 20% on cost and 10% on cost
Property improvements - 20% on cost and 10% on cost
Plant and machinery - 20% on cost, 10% on cost and 5% on cost
Motor vehicles and tractors - 20% on cost, 15% on cost and 10% on cost
Computer equipment - 33% on cost, 20% on cost and 10% on cost

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 9 (2022 - 21 ) .

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 29,475,552 627,439 1,027,024
Additions 1,278,430 30,196 334,553
Disposals (125,460 ) - -
Reclassification/transfer - - 396,681
At 31st March 2023 30,628,522 657,635 1,758,258
DEPRECIATION
At 1st April 2022 169,470 22,503 (72,684 )
Charge for year 103,273 55,576 187,580
Eliminated on disposal - - -
Reclassification/transfer - - 667,393
At 31st March 2023 272,743 78,079 782,289
NET BOOK VALUE
At 31st March 2023 30,355,779 579,556 975,969
At 31st March 2022 29,306,082 604,936 1,099,708

Motor
vehicles
and Computer
tractors equipment Totals
£    £    £   
COST
At 1st April 2022 614,415 6,263 31,750,693
Additions 88,968 - 1,732,147
Disposals (47,535 ) - (172,995 )
Reclassification/transfer - - 396,681
At 31st March 2023 655,848 6,263 33,706,526
DEPRECIATION
At 1st April 2022 33,105 6,239 158,633
Charge for year 80,600 8 427,037
Eliminated on disposal (6,853 ) - (6,853 )
Reclassification/transfer - - 667,393
At 31st March 2023 106,852 6,247 1,246,210
NET BOOK VALUE
At 31st March 2023 548,996 16 32,460,316
At 31st March 2022 581,310 24 31,592,060

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 440,257 290,591
Other debtors 1,566,065 1,082,789
2,006,322 1,373,380

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 283,800 392,089
Taxation and social security 7,431 19,492
Other creditors 415,977 255,323
707,208 666,904

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.