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Company No: OC417416 (England and Wales)

BOSKENSOE BARNS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

BOSKENSOE BARNS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BOSKENSOE BARNS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2023
BOSKENSOE BARNS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2023
DESIGNATED MEMBERS Bridget Anne Tomlinson
Mark Richard Tomlinson
REGISTERED OFFICE Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX
United Kingdom
REGISTERED NUMBER OC417416 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
BOSKENSOE BARNS LLP

BALANCE SHEET

As at 31 March 2023
BOSKENSOE BARNS LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 2,422,760 2,394,989
2,422,760 2,394,989
Current assets
Debtors 5 34,995 35,649
Cash at bank and in hand 101,398 107,846
136,393 143,495
Creditors: amounts falling due within one year 6 ( 354,583) ( 379,420)
Net current liabilities (218,190) (235,925)
Total assets less current liabilities 2,204,570 2,159,064
Creditors: amounts falling due after more than one year 7 ( 984,466) ( 1,000,000)
Net assets attributable to members 1,220,104 1,159,064
Represented by
Members' other interests
Members' capital classified as equity 969,632 970,509
Other reserves 250,472 188,555
1,220,104 1,159,064
1,220,104 1,159,064
Total members' interests
Members' other interests 1,220,104 1,159,064
1,220,104 1,159,064

For the financial year ending 31 March 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 financial statements of Boskensoe Barns LLP (registered number: OC417416) were approved and authorised for issue by the Board of Directors on 06 November 2023. They were signed on its behalf by:

Mark Richard Tomlinson
Designated member
Bridget Anne Tomlinson
Designated member
BOSKENSOE BARNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BOSKENSOE BARNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Boskensoe Barns 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 recognised at the fair value of the consideration received or receivable for the sale of furnished holiday let accommodation, and is shown net of VAT and other sales related taxes.

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. 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
Plant and machinery 20 % reducing balance
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. 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.

Included within other creditors is a loan outstanding to the Boskensoe Farms partnership of £258,210 (2022: £281,787) and deferred income for sales relating to stays post year end of £86,653 (2022: £88,421).

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2023 2022
Number Number
Average number of members during the financial year 2 2

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2022 2,390,430 9,221 2,399,651
Additions 24,926 3,840 28,766
At 31 March 2023 2,415,356 13,061 2,428,417
Accumulated depreciation
At 01 April 2022 0 4,662 4,662
Charge for the financial year 0 995 995
At 31 March 2023 0 5,657 5,657
Net book value
At 31 March 2023 2,415,356 7,404 2,422,760
At 31 March 2022 2,390,430 4,559 2,394,989

5. Debtors

2023 2022
£ £
Other debtors 34,995 35,649

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,534 4,921
Other loans 258,210 281,787
Accruals and deferred income 89,105 90,872
Other taxation and social security 3,734 1,840
354,583 379,420

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 984,466 1,000,000

The bank loans are secured on the property of the LLP with a carrying value of £2,415,356 (2022: £2,390,430).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 906,799 847,407

8. Related party transactions

Other related party transactions

Included within creditors is a loan outstanding to the Boskensoe Farms partnership of £258,210 (2022: £281,787) this is interest free and repayable on demand. Mark Richard Tomlinson and Bridget Anne Tomlinson, designated members, are partners in Boskensoe Farms. All transactions were carried out at market value.