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Company No: OC433409 (England and Wales)

DENNING/TREWITHEN LLP

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

DENNING/TREWITHEN LLP

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

DENNING/TREWITHEN LLP

BALANCE SHEET

As at 30 September 2023
DENNING/TREWITHEN LLP

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 879,724 545,092
Biological assets 1,108,700 1,087,400
1,988,424 1,632,492
Current assets
Stocks 5 2,309,375 2,008,653
Debtors 6 675,026 644,238
2,984,401 2,652,891
Creditors: amounts falling due within one year 7 ( 2,039,773) ( 1,771,025)
Net current assets 944,628 881,866
Total assets less current liabilities 2,933,052 2,514,358
Creditors: amounts falling due after more than one year 8 ( 460,000) ( 130,000)
Net assets attributable to members 2,473,052 2,384,358
Represented by
Members' other interests
Members' capital classified as equity 2,286,570 2,286,570
Other reserves 186,482 97,788
2,473,052 2,384,358
2,473,052 2,384,358
Total members' interests
Members' other interests 2,473,052 2,384,358
2,473,052 2,384,358

For the financial year ending 30 September 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 Denning/Trewithen LLP (registered number: OC433409) were approved and authorised for issue by the Director on 22 January 2024. They were signed on its behalf by:

R G Denning
Designated member
S T J Galsworthy
Designated member
DENNING/TREWITHEN LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
DENNING/TREWITHEN LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Denning/Trewithen 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 Trenithon Chancellor, Probus, Truro, TR2 4HQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 milk and livestock. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock.

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:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Biological assets

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the dairy herd.

Biological assets not held for continuing use within the business are included within stocks. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and fuel are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measured at the point of harvest. Included within stocks are current biological assets being dairy followers.

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.

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

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 October 2022 311,480 289,764 601,244
Additions 357,843 39,004 396,847
At 30 September 2023 669,323 328,768 998,091
Accumulated depreciation
At 01 October 2022 5,624 50,528 56,152
Charge for the financial year 23,362 38,853 62,215
At 30 September 2023 28,986 89,381 118,367
Net book value
At 30 September 2023 640,337 239,387 879,724
At 30 September 2022 305,856 239,236 545,092

5. Stocks

2023 2022
£ £
Livestock 1,079,000 849,950
Crops 1,230,375 1,158,703
2,309,375 2,008,653

Included within livestock is £1,079,000 (2022: £849,950) of current biological assets being dairy followers.

Included within crops is £35,680 (2022: £32,480) of current biological assets being tillages.

6. Debtors

2023 2022
£ £
Trade debtors 345,066 363,939
Other debtors 329,960 280,299
675,026 644,238

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts (secured) 848,374 413,422
Trade creditors 944,555 621,450
Other creditors 246,844 736,153
2,039,773 1,771,025

HSBC have in place a fixed and floating charge over all assets.

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

2023 2022
£ £
Bank loans 460,000 130,000

9. Related party transactions

Other related party transactions

During the year there have been transactions with R G Denning & Son. Income of £983,564 (2022: £599,869), expenses of £2,685,421 (2022: £1,937,291) and assets of £26,376 (2022: £260,013) have been recognised in the LLP at market value. Included within the expenses is a contractual charge of £1,185,870 (2022: £915,000) for farm management services provided by the partnership. At the year end, included within other creditors, is a balance owing to the partnership of £224,352 (2022: £682,076). This is interest free and repayable on demand. The assets recognised on the LLP's balance sheet of £327,804, which have been transferred from the partnership in the past three years, are held on hire purchases agreements in the partnership and the LLP reimburses them for the monthly repayments.