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REGISTERED NUMBER: OC306042 (England and Wales)















BAXTER AND SHIPLEY LLP

Unaudited Financial Statements

for the Year Ended 31 March 2023






BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BAXTER AND SHIPLEY LLP

General Information
for the year ended 31 March 2023







DESIGNATED MEMBERS: H J Shipley Snr
D F Baxter Holdings Limited
D F Baxter (Engineering) Limited





REGISTERED OFFICE: National House
Etchell Road
Tamworth
Staffordshire
B78 3HF





REGISTERED NUMBER: OC306042 (England and Wales)






BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,114,865 6,114,865

CURRENT ASSETS
Debtors 5 3,032 5,392
Cash at bank 767,889 460,636
770,921 466,028
CREDITORS
Amounts falling due within one year 6 243,897 246,474
NET CURRENT ASSETS 527,024 219,554
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 6,641,889 6,334,419

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

6,641,889

6,334,419

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 6,641,889 6,334,419

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 September 2023 and were signed by:





H J Shipley Snr - Designated member

BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Baxter and Shipley LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Investment Properties

The value of the properties is assessed by the members at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The LLP's properties are held for long-term investment and depreciation is not provided in respect of such properties. At the balance sheet date, the investment properties are included at their fair value. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 6,114,865
NET BOOK VALUE
At 31 March 2023 6,114,865
At 31 March 2022 6,114,865

The members consider that at the balance sheet date, the value of investment property is not materially different to its original purchase price and therefore the property is included in these financial statements at that amount being an approximation of its fair value given reference to external factors such as current rental yields and similar properties in the local area.

Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period.

BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 3,032 5,392

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Taxation and social security 70,679 70,956
Other creditors 173,218 175,518
243,897 246,474

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members rank equally to other creditors who are unsecured in the event of a winding up. There is no protection afforded to other creditors in such an event. There are no restrictions or limitations in respect of the ability of the members to reduce the amount of members other interests.

8. RELATED PARTY DISCLOSURES

During the year the LLP paid management charges of £39,300 (2022: £38,000) to Shipley Estates Limited, a company of which H J Shipley is a director and £25,000 (2022: £25,000) to D F Baxter Holdings Limited.