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REGISTERED NUMBER: OC355047 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Osborn Leisure LLP

Osborn Leisure LLP (Registered number: OC355047)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Osborn Leisure LLP

General Information
for the Year Ended 31 October 2023







DESIGNATED MEMBERS: Mrs N J Osborn
Mr M L Osborn





REGISTERED OFFICE: Chestnut Meadow Park
Ninfield Road
Bexhill On Sea
East Sussex
TN39 5JG





REGISTERED NUMBER: OC355047 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Osborn Leisure LLP (Registered number: OC355047)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 87,500 105,000
Tangible assets 5 220,103 255,753
Investment property 6 21,817,218 22,339,450
22,124,821 22,700,203

CURRENT ASSETS
Debtors 7 1,095,118 1,091,702
Cash at bank and in hand 590,726 295,489
1,685,844 1,387,191
CREDITORS
Amounts falling due within one year 8 5,708,410 2,124,586
NET CURRENT LIABILITIES (4,022,566 ) (737,395 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,102,255

21,962,808

CREDITORS
Amounts falling due after more than
one year

9

17,500

3,594,707
NET ASSETS ATTRIBUTABLE TO
MEMBERS

18,084,755

18,368,101

Osborn Leisure LLP (Registered number: OC355047)

Balance Sheet - continued
31 October 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

1,859,911

1,679,129

MEMBERS' OTHER INTERESTS
Fair value reserve 12 16,224,844 16,688,972
18,084,755 18,368,101

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 1,859,911 1,679,129
Members' other interests 16,224,844 16,688,972
18,084,755 18,368,101

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 October 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29 July 2024 and were signed by:



Mr M L Osborn - Designated member

Osborn Leisure LLP (Registered number: OC355047)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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 is recognised to the extent it is probable that economic benefits will flow to the company and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably; and
- the costs incurred, or to be incurred, can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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.

Pension costs and other post-retirement benefits
The partnership contributes to employees' pension schemes. Contributions payable are charged to the income statement in the period to which they relate.

Osborn Leisure LLP (Registered number: OC355047)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Members
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.

Other operating income
Other operating income includes rent receivable from furnished holiday lets as well as campers and other holidaymakers and is recognised on an accruals basis.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 26 (2022 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 175,000
AMORTISATION
At 1 November 2022 70,000
Charge for year 17,500
At 31 October 2023 87,500
NET BOOK VALUE
At 31 October 2023 87,500
At 31 October 2022 105,000

Osborn Leisure LLP (Registered number: OC355047)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 47,458 104,788 366,265 23,158 541,669
Additions - - 5,524 - 5,524
At 31 October 2023 47,458 104,788 371,789 23,158 547,193
DEPRECIATION
At 1 November 2022 44,418 53,911 169,194 18,393 285,916
Charge for year 764 7,633 30,393 2,384 41,174
At 31 October 2023 45,182 61,544 199,587 20,777 327,090
NET BOOK VALUE
At 31 October 2023 2,276 43,244 172,202 2,381 220,103
At 31 October 2022 3,040 50,877 197,071 4,765 255,753

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 22,339,450
Additions 93,768
Disposals (616,000 )
At 31 October 2023 21,817,218
NET BOOK VALUE
At 31 October 2023 21,817,218
At 31 October 2022 22,339,450

The investment properties were valued at an open market value at the balance sheet date by the partners.

Osborn Leisure LLP (Registered number: OC355047)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2020 13,616,313
Valuation in 2021 3,196,838
Valuation in 2022 (124,179 )
Valuation in 2023 (464,127 )
Cost 5,592,373
21,817,218

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,417 12,929
Other debtors 1,069,701 1,078,773
1,095,118 1,091,702

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,410,000 884,476
Trade creditors 434,919 391,963
Taxation and social security 86,229 56,696
Other creditors 777,262 791,451
5,708,410 2,124,586

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 17,500 3,594,707

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans - 1,200,000

Repayable by instalments
Bank loans - 1,749,303

Osborn Leisure LLP (Registered number: OC355047)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,400,000 4,441,683

The bank loans are secured on the LLP's investment properties.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts to members are unsecured and would rank after other unsecured creditors in the event of a winding up.

12. RESERVES
Fair
value
reserve
£   
At 1 November 2022 16,688,972
Fair value movement in the year (464,128 )
At 31 October 2023 16,224,844

13. RELATED PARTY DISCLOSURES

At the balance sheet date the partnership was owed £1,042,062 (2022 - £1,042,062) by an LLP with the same members. The balance is unsecured, interest free and repayable on demand.

The partnership also owed amounts to a different LLP that shares the same members totalling £262,752 (2022 - £262,752) at the balance sheet date. The balance is unsecured, interest free and repayable on demand.

At the balance sheet date the partnership owed amounts totalling £419,657 (2022 - £501,657) to a company where the members are directors and shareholders. The balance is unsecured, interest free and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The LLP is under the control of its members.