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REGISTERED NUMBER: OC377348 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

GM STEPHENSON FARM AND COMMERCIAL LLP

GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GM STEPHENSON FARM AND COMMERCIAL LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DESIGNATED MEMBERS: G M Stephenson
D Stephenson
G M Stephenson Ltd





REGISTERED OFFICE: Danebury Manor Farm
Flixton
Scarborough
North Yorkshire
YO11 3UJ





REGISTERED NUMBER: OC377348 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 105,813 124,486
Investment property 5 610,000 610,000
715,813 734,486

CURRENT ASSETS
Cash at bank and in hand 3,172 3,804

CREDITORS
Amounts falling due within one year 6 27,429 27,996
NET CURRENT LIABILITIES (24,257 ) (24,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

691,556

710,294

CREDITORS
Amounts falling due after more than one
year

7

28,724

52,893
NET ASSETS ATTRIBUTABLE TO
MEMBERS

662,832

657,401

GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)

BALANCE SHEET - continued
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

31,897

26,466

MEMBERS' OTHER INTERESTS
Capital accounts 161,935 161,935
Revaluation reserve 10 469,000 469,000
662,832 657,401

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 31,897 26,466
Members' other interests 630,935 630,935
662,832 657,401

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 January 2024.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 April 2024 and were signed by:




G M Stephenson - Designated member




D Stephenson - Designated member


GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

GM Stephenson Farm and Commercial 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 as modified by the revaluation of certain assets.

Turnover
Turnover relates to rent receivable, accounted for as it falls due, and is disclosed net of discounts, rebates, value added tax and other sales rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 15% on reducing balance

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 145,491
DEPRECIATION
At 1 February 2023 21,005
Charge for year 18,673
At 31 January 2024 39,678
NET BOOK VALUE
At 31 January 2024 105,813
At 31 January 2023 124,486

GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 105,813 (2023 - £ 124,486 ) in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 610,000
NET BOOK VALUE
At 31 January 2024 610,000
At 31 January 2023 610,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2019 319,000
Valuation in 2020 10,000
Valuation in 2021 30,000
Valuation in 2022 50,000
Valuation in 2023 60,000
Cost 141,000
610,000

If investment property had not been revalued it would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 141,000 141,000

Investment property was valued on an open market basis on 31 January 2024 by the members .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 24,172 22,739
Trade creditors 336 1,772
Other creditors 2,921 3,485
27,429 27,996

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 28,724 52,893

GM STEPHENSON FARM AND COMMERCIAL LLP (REGISTERED NUMBER: OC377348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Hire purchase contracts 52,896 75,632

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and debts due to members do not take priority over the limited liability partnership's other creditors.

10. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 469,000