Limited Liability Partnership Registration No. OC427830 (England and Wales)
The Nest Glamping LLP
Annual report and unaudited financial statements
for the year ended 30 June 2023
Pages for filing with the registrar
The Nest Glamping LLP
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
The Nest Glamping LLP
Statement of financial position
As at 30 June 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
112,497
89,933
Current assets
Debtors
4
2,472
1,599
Cash at bank and in hand
31,212
86,926
33,684
88,525
Creditors: amounts falling due within one year
5
(127,312)
(172,439)
Net current liabilities
(93,628)
(83,914)
Total assets less current liabilities and net assets attributable to members
18,869
6,019
Represented by:
Members' other interests
Other reserves classified as equity
18,869
6,019
18,869
6,019

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 30 June 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 6 February 2024 and are signed on their behalf by:
06 February 2024
Archie Dennis
Designated member
Limited Liability Partnership Registration No. OC427830
The Nest Glamping LLP
Notes to the financial statements
For the year ended 30 June 2023
2
1
Accounting policies
Limited liability partnership information

The Nest Glamping LLP is a limited liability partnership incorporated in England and Wales. The registered office is Estate Office, Walcot Hall, Barnack, Stamford, Lincolnshire, PE9 3EU.

 

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents glamping rental receipts and recharges excluding VAT. Rental income is recognised on an accruals basis over the term of the let.

 

1.4
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.

The Nest Glamping LLP
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
3

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.

1.5
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:

Plant and equipment
10% straight line
Fixtures and fittings
20% straight line
Motor vehicles
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 income statement.

1.6
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.

1.7
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.

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.

The Nest Glamping LLP
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
4
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 creditors 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Leases

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.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
The Nest Glamping LLP
Notes to the financial statements (continued)
For the year ended 30 June 2023
5
3
Tangible fixed assets
Fixture and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022
160,291
-
160,291
Additions
8,832
49,361
58,193
At 30 June 2023
169,123
49,361
218,484
Depreciation and impairment
At 1 July 2022
70,358
-
70,358
Depreciation charged in the year
32,338
3,291
35,629
At 30 June 2023
102,696
3,291
105,987
Carrying amount
At 30 June 2023
66,427
46,070
112,497
At 30 June 2022
89,933
-
89,933
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,472
1,599
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
2,656
6,857
Other creditors
124,656
165,582
127,312
172,439
6
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.

7
Related party transactions

Included within other creditors are loans and recharged expenditure from a partnership in which the designated members are partners which amounted to £92,743 (2022: £133,174).

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