REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
GM STEPHENSON FARM AND COMMERCIAL LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
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 |
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 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. |
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 |
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 |
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 |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Hire purchase contracts |
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 |