Limited Liability Partnership Registration No. OC369432 (England and Wales)
PENTON LODGE ESTATE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PENTON LODGE ESTATE LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
906
1,010
Tangible assets
4
1,269,209
1,286,112
Investment property
5
332,230
332,230
1,602,345
1,619,352
Current assets
Debtors
6
586,689
614,619
Cash at bank and in hand
31,126
40,141
617,815
654,760
Creditors: amounts falling due within one year
7
(229,128)
(265,733)
Net current assets
388,687
389,027
Total assets less current liabilities
1,991,032
2,008,379
Creditors: amounts falling due after more than one year
8
(667,468)
(684,815)
Net assets attributable to members
1,323,564
1,323,564
Represented by:
Loans and other debts due to members within one year
Other amounts
181,500
181,500
Members' other interests
Members' land capital
1,069,848
1,069,848
Members' capital
72,216
72,216
1,323,564
1,323,564
PENTON LODGE ESTATE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£
£
£
£
- 2 -
Total members' interests
Amounts due from members
(537,869)
(554,790)
Loans and other debts due to members
181,500
181,500
Members' other interests
1,142,064
1,142,064
785,695
768,774

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 21 November 2023 and are signed on their behalf by:
21 November 2023
Mr G W Rolfe
Designated member
Limited Liability Partnership Registration No. OC369432
PENTON LODGE ESTATE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' land capital
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
£
Amounts due to members
181,500
Amounts due from members
(554,790)
Members' interests at 1 April 2022
1,069,848
72,216
-
1,142,064
(373,290)
(373,290)
768,774
Profit for the financial year available for discretionary division among members
-
-
57,835
57,835
-
-
57,835
Members' interests after profit for the year
1,069,848
-
57,835
1,199,899
(373,290)
(373,290)
826,609
Other divisions of profits
-
-
(57,835)
(57,835)
57,835
57,835
-
Drawings
-
-
-
-
(40,914)
(40,914)
(40,914)
Members' interests at 31 March 2023
1,069,848
72,216
-
1,142,064
(356,369)
(356,369)
785,695
Amounts due to members
181,500
Amounts due from members, included in debtors
(537,869)
(356,369)
PENTON LODGE ESTATE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' land capital
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
£
Amounts due to members
181,500
Amounts due from members
(409,940)
Members' interests at 1 April 2021
1,069,848
69,785
-
1,139,633
(228,440)
(228,440)
911,193
Loss for the financial year available for discretionary division among members
-
-
(108,354)
(108,354)
-
-
(108,354)
Members' interests after loss for the year
1,069,848
69,785
(108,354)
1,031,279
(228,440)
(228,440)
802,839
Other divisions of losses
-
-
108,354
108,354
(108,354)
(108,354)
-
Introduced by members
-
2,431
-
2,431
-
-
-
Drawings
-
-
-
-
(36,496)
(36,496)
(36,496)
Other movements
-
-
-
-
-
-
2,431
Members' interests at 31 March 2022
1,069,848
72,216
-
1,142,064
(373,290)
(373,290)
768,774
Amounts due to members
181,500
Amounts due from members, included in debtors
(554,790)
(373,290)
PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Penton Lodge Estate LLP is a limited liability partnership incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, BH2 5QY.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable from the operation of a day care centre and venue hire for weddings and other events, shown net of VAT and other sales related taxes. Revenue, and associated costs, are recognised only when the event occurs.

1.3
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website design cost
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Website design cost
£
Cost
At 1 April 2022 and 31 March 2023
1,044
Amortisation and impairment
At 1 April 2022
34
Amortisation charged for the year
104
At 31 March 2023
138
Carrying amount
At 31 March 2023
906
At 31 March 2022
1,010
PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,411,202
47,261
1,458,463
Additions
-
2,355
2,355
Disposals
-
(40,639)
(40,639)
At 31 March 2023
1,411,202
8,977
1,420,179
Depreciation and impairment
At 1 April 2022
131,974
40,377
172,351
Depreciation charged in the year
15,667
1,531
17,198
Eliminated in respect of disposals
-
(38,579)
(38,579)
At 31 March 2023
147,641
3,329
150,970
Carrying amount
At 31 March 2023
1,263,561
5,648
1,269,209
At 31 March 2022
1,279,228
6,884
1,286,112
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
332,230

Investment property was valued by the designated members as at 31 March 2021 on an open market basis. No depreciation is provided in respect of this property.

 

On an historic basis this would have been included at its original cost of £332,230.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,337
32,674
Amounts owed by members
537,869
554,790
Other debtors
4,483
27,155
586,689
614,619
PENTON LODGE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,156
40,138
Trade creditors
4,523
2,149
Taxation and social security
24,493
19,721
Other creditors
170,956
203,725
229,128
265,733
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
666,426
683,005
Other creditors
1,042
1,810
667,468
684,815

The bank loan is secured against the properties to which they relate, a debenture of the limited liability partnership assets and a guarantee from the members of £100,000.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
505,930
527,859
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
5,101
8,927
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