Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-01falseagriculture55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC397899 2022-03-01 2023-02-28 OC397899 2021-03-01 2022-02-28 OC397899 2023-02-28 OC397899 2022-02-28 OC397899 c:Director3 2022-03-01 2023-02-28 OC397899 c:Director4 2022-03-01 2023-02-28 OC397899 d:Buildings 2022-03-01 2023-02-28 OC397899 d:Buildings 2023-02-28 OC397899 d:Buildings 2022-02-28 OC397899 d:Buildings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:PlantMachinery 2022-03-01 2023-02-28 OC397899 d:PlantMachinery 2023-02-28 OC397899 d:PlantMachinery 2022-02-28 OC397899 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:MotorVehicles 2022-03-01 2023-02-28 OC397899 d:MotorVehicles 2023-02-28 OC397899 d:MotorVehicles 2022-02-28 OC397899 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:FurnitureFittings 2022-03-01 2023-02-28 OC397899 d:FurnitureFittings 2023-02-28 OC397899 d:FurnitureFittings 2022-02-28 OC397899 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:OfficeEquipment 2022-03-01 2023-02-28 OC397899 d:OfficeEquipment 2023-02-28 OC397899 d:OfficeEquipment 2022-02-28 OC397899 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC397899 d:CurrentFinancialInstruments 2023-02-28 OC397899 d:CurrentFinancialInstruments 2022-02-28 OC397899 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 OC397899 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 OC397899 c:FRS102 2022-03-01 2023-02-28 OC397899 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 OC397899 c:AbridgedAccounts 2022-03-01 2023-02-28 OC397899 c:LimitedLiabilityPartnershipLLP 2022-03-01 2023-02-28 OC397899 2 2022-03-01 2023-02-28 OC397899 c:PartnerLLP1 2022-03-01 2023-02-28 OC397899 c:PartnerLLP2 2022-03-01 2023-02-28 OC397899 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-02-28 OC397899 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-02-28 iso4217:GBP xbrli:pure

Registered number: OC397899










Charlton Abbotts LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 28 February 2023

 
Charlton Abbotts LLP
Registered number: OC397899

Balance sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,507,681
32,524,585

Current assets
  

Debtors: amounts falling due within one year
 5 
209,661
17,606

Cash at bank and in hand
 6 
316,366
546,582

  
526,027
564,188

Creditors: Amounts Falling Due Within One Year
 7 
(1,361,365)
(1,310,840)

Net current liabilities
  
 
 
(835,338)
 
 
(746,652)

Total assets less current liabilities
  
31,672,343
31,777,933

  

Net assets
  
31,672,343
31,777,933

Page 1

 
Charlton Abbotts LLP
Registered number: OC397899

Balance sheet (continued)
As at 28 February 2023

2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
31,672,343
31,777,933

  
 
31,672,343
 
31,777,933

  
31,672,343
31,777,933


Total members' interests
  

Members' other interests
  
31,672,343
31,777,933

  
31,672,343
31,777,933


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 September 2023.




Mr E M Bailey
Mr T W Bailey
Designated member
Designated member



New Quadrant Trust Corporation Limited, as trustee of the E W W Bailey Settlement



Mr P D Hudson, as trustee of the E W W Bailey Settlement

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
Charlton Abbotts LLP
 

Reconciliation of members' interests
For the Year Ended 28 February 2023





Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 28 February 2022
31,777,933
-
31,777,933

Profit for the year available for discretionary division among members
 
-
188,547
188,547

Members' interests after profit for the year
31,777,933
188,547
31,966,480

Other division of profits
188,547
(188,547)
-

Drawings
(294,137)
-
(294,137)

Balance at 28 February 2023 
31,672,343
-
31,672,343

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.


General information

The partnership is registered and domiciled in England & Wales. The partnership's registered office is at Charlton Abbotts Manor, Andoversford, Gloucestershire, GL54 5TF.
The principal activities of the partnership are in agriculture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised by the LLP in respect of goods and services supplied
during the period, exclusive of Value Added Tax and trade discounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the members, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the LLP's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the LLP's planning, the members have a resonable expectation that the LLP will continue in operational existences for the foreseeable future.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
0% reducing balance
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Tractors
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

Debtors

Short term debtors are measured at transaction price.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
Page 5

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the
Page 6

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

  
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 8

 


 
Charlton Abbotts LLP


 

 
Notes to the financial statements
For the Year Ended 28 February 2023


4.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Tractors

£
£
£
£
£



Cost or valuation


At 1 March 2022
32,391,991
86,104
92,475
984
118,394


Additions
-
-
-
-
18,667


Disposals
-
-
-
-
(11,110)



At 28 February 2023

32,391,991
86,104
92,475
984
125,951



Depreciation


At 1 March 2022
-
28,509
57,382
853
78,620


Charge for the year on owned assets
-
8,639
8,773
33
13,439


Disposals
-
-
-
-
(6,423)



At 28 February 2023

-
37,148
66,155
886
85,636



Net book value



At 28 February 2023
32,391,991
48,956
26,320
98
40,315



At 28 February 2022
32,391,991
57,595
35,094
131
39,774
Page 9

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 March 2022
32,689,948


Additions
18,667


Disposals
(11,110)



At 28 February 2023

32,697,505



Depreciation


At 1 March 2022
165,364


Charge for the year on owned assets
30,884


Disposals
(6,423)



At 28 February 2023

189,825



Net book value



At 28 February 2023
32,507,680



At 28 February 2022
32,524,585




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
32,391,991
32,391,991


Page 10

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

5.


Debtors

2023
2022
£
£


Trade debtors
157,044
-

Other debtors
41,599
13,734

Prepayments and accrued income
11,018
3,872

209,661
17,606



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
316,366
546,582



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
1,351,492
1,301,237

Accruals and deferred income
9,873
9,603

1,361,365
1,310,840



8.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £580 (2022 - £443) . Contributions totalling £316 (2022 - £691) were payable to the fund at the balance sheet date and are included in other creditors.


Page 11