REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Osborn Leisure LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
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 |
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 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 |
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 |
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 |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
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 |
Fair value movement in the year | (464,128 | ) |
At 31 October 2023 |
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. |