Limited Liability Partnership Registration No. SO301041 (Scotland)
Gosford Organics LLP
Annual report and unaudited financial statements
for the year ended 5 April 2023
Pages for filing with the registrar
Gosford Organics LLP
Balance sheet
As at 5 April 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
951,907
961,323
Investment properties
5
18,370
24,496
970,277
985,819
Current assets
Stocks
107,996
103,361
Debtors
6
340,115
292,135
Cash at bank and in hand
7
7
448,118
395,503
Creditors: amounts falling due within one year
7
(1,264,826)
(922,214)
Net current liabilities
(816,708)
(526,711)
Total assets less current liabilities
153,569
459,108
Creditors: amounts falling due after more than one year
8
(75,076)
(161,991)
Net assets attributable to members
78,493
297,117
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
135,000
135,000
Other amounts
98,986
98,986
233,986
233,986
Members' other interests
Other reserves classified as equity
(155,493)
63,131
78,493
297,117
Total members' interests
Loans and other debts due to members
233,986
233,986
Members' other interests
(155,493)
63,131
78,493
297,117

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

Gosford Organics LLP
Balance sheet (continued)
As at 5 April 2023
2

For the financial year ended 5 April 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 20 October 2023 and are signed on their behalf by:
20 October 2023
Lord Wemyss
Douglas Currie
Designated member
Designated Member
Limited Liability Partnership Registration No. SO301041
Gosford Organics LLP
Notes to the financial statements
For the year ended 5 April 2023
3
1
Accounting policies
Limited liability partnership information

Gosford Organics LLP is a limited liability partnership incorporated in Scotland. The registered office is Wemyss and March Estates, Estate Office, Longniddry, East Lothian, EH32 0PY.

 

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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.

1.4
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:

Heritable property
Nil - 10% straight line
Plant and machinery
20% straight line
Gosford Organics LLP
Notes to the financial statements (continued)
For the year ended 5 April 2023
1
Accounting policies (continued)
4

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.

1.5
Investment properties

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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, other short-term liquid investments with original maturities of three months or less, 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 debtors, 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. Financial assets classified as receivable within one year are not amortised.

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.

Gosford Organics LLP
Notes to the financial statements (continued)
For the year ended 5 April 2023
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Gosford Organics LLP
Notes to the financial statements (continued)
For the year ended 5 April 2023
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
7
7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 6 April 2022
969,976
104,147
1,074,123
Additions
7,126
320
7,446
At 5 April 2023
977,102
104,467
1,081,569
Depreciation and impairment
At 6 April 2022
31,743
81,057
112,800
Depreciation charged in the year
7,119
9,743
16,862
At 5 April 2023
38,862
90,800
129,662
Carrying amount
At 5 April 2023
938,240
13,667
951,907
At 5 April 2022
938,233
23,090
961,323
Gosford Organics LLP
Notes to the financial statements (continued)
For the year ended 5 April 2023
7
5
Investment property
2023
£
Fair value
At 6 April 2022
24,495
Net losses through fair value adjustments
(6,125)
At 5 April 2023
18,370

Investment property comprises a commercial building. The fair value of the investment property has been arrived at on the basis of a valuation carried by Martin Andrews, MRICS, who is not connected with the limited liability partnership.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,802
67,370
Other debtors
330,313
224,765
340,115
292,135
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
172,144
105,954
Trade creditors
215,012
5,780
Taxation and social security
1,573
1,986
Other creditors
876,097
808,494
1,264,826
922,214

Each member provides a joint and several guarantee for the bank overdraft.

 

The bank loan is secured with a guarantee and indemnity for £400,000 and interest by Lord Wemyss supported by land at Cutsdean Farm, and existing guarantee and indemnity for £200,000 and interest by Douglas Currie and Lord Wemyss and an unlimited debenture dated 14 January 2014 from Gosford Organics LLP.

 

Gosford Organics LLP
Notes to the financial statements (continued)
For the year ended 5 April 2023
8
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,859
155,574
Other creditors
4,217
6,417
75,076
161,991
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.

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