Registered number
OC438773
Folland-Bowen Bloodstock LLP
Filleted Accounts
31 March 2023
Folland-Bowen Bloodstock LLP
Registered number: OC438773
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 71,995 51,369
Current assets
Stocks 1,500 1,500
Debtors 4 28,075 50,343
Cash at bank and in hand 39,637 40,928
69,212 92,771
Creditors: amounts falling due within one year 5 (32,134) (33,125)
Net current assets 37,078 59,646
Total assets less current liabilities 109,073 111,015
Creditors: amounts falling due after more than one year 6 (41,667) (41,667)
Net assets attributable to members 67,406 69,348
Represented by:
Members' other interests
Members' capital classified as equity (28,658) (11,225)
Other reserves 96,064 80,573
67,406 69,348
67,406 69,348
Total members' interests
Members' other interests 67,406 69,348
67,406 69,348
For the period ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 8 March 2024 and signed on their behalf by:
Matthew Bowen
Designated member
Folland-Bowen Bloodstock LLP
Notes to the Accounts
for the period from 1 September 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 0
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 2,495 58,962 8,000 69,457
Additions 23,319 820 1,500 25,639
At 31 March 2023 25,814 59,782 9,500 95,096
Depreciation
At 1 September 2022 650 15,355 2,083 18,088
Charge for the period 3,399 399 1,215 5,013
At 31 March 2023 4,049 15,754 3,298 23,101
Net book value
At 31 March 2023 21,765 44,028 6,202 71,995
At 31 August 2022 1,845 43,607 5,917 51,369
4 Debtors 2023 2022
£ £
Trade debtors 21,169 43,437
Other debtors 6,906 6,906
28,075 50,343
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (5,161) -
Trade creditors 7,569 367
Wages payable 3,512 -
PAYE payable 230 -
Other taxes and social security costs 22,507 22,507
Other creditors 3,477 10,251
32,134 33,125
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 41,667 41,667
7 Other information
Folland-Bowen Bloodstock LLP is a limited liability partnership incorporated in England. Its registered office is:
9 High Street
Wellington
England
TA21 8QT
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