Silverfin false 31/07/2023 01/08/2022 31/07/2023 Mr P J Gaffney 26/07/2016 Mr R C H Gaffney 26/07/2016 30 July 2024 OC412961 2023-07-31 OC412961 bus:Director1 2023-07-31 OC412961 bus:Director2 2023-07-31 OC412961 2022-07-31 OC412961 core:CurrentFinancialInstruments 2023-07-31 OC412961 core:CurrentFinancialInstruments 2022-07-31 OC412961 core:Non-currentFinancialInstruments 2023-07-31 OC412961 core:Non-currentFinancialInstruments 2022-07-31 OC412961 core:LandBuildings 2022-07-31 OC412961 core:FurnitureFittings 2022-07-31 OC412961 core:OfficeEquipment 2022-07-31 OC412961 core:LandBuildings 2023-07-31 OC412961 core:FurnitureFittings 2023-07-31 OC412961 core:OfficeEquipment 2023-07-31 OC412961 core:CurrentFinancialInstruments core:Secured 2023-07-31 OC412961 2022-08-01 2023-07-31 OC412961 bus:FullAccounts 2022-08-01 2023-07-31 OC412961 bus:SmallEntities 2022-08-01 2023-07-31 OC412961 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 OC412961 bus:LimitedLiabilityPartnershipLLP 2022-08-01 2023-07-31 OC412961 bus:Director1 2022-08-01 2023-07-31 OC412961 bus:Director2 2022-08-01 2023-07-31 OC412961 core:FurnitureFittings 2022-08-01 2023-07-31 OC412961 core:OfficeEquipment core:TopRangeValue 2022-08-01 2023-07-31 OC412961 2021-08-01 2022-07-31 OC412961 core:LandBuildings 2022-08-01 2023-07-31 OC412961 core:OfficeEquipment 2022-08-01 2023-07-31 OC412961 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 OC412961 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: OC412961 (England and Wales)

YELVERTON CARE LLP

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

YELVERTON CARE LLP

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

YELVERTON CARE LLP

BALANCE SHEET

As at 31 July 2023
YELVERTON CARE LLP

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,704,067 1,704,110
1,704,067 1,704,110
Current assets
Stocks 2,000 2,000
Debtors 4 64,670 30,743
Cash at bank and in hand 97,844 40,004
164,514 72,747
Creditors: amounts falling due within one year 5 ( 78,730) ( 81,674)
Net current assets/(liabilities) 85,784 (8,927)
Total assets less current liabilities 1,789,851 1,695,183
Creditors: amounts falling due after more than one year 6 ( 184,725) ( 202,878)
Net assets attributable to members 1,605,126 1,492,305
Represented by
Loans and other debts due to members within one year
Other amounts 247,033 134,212
247,033 134,212
Members' other interests
Members' capital classified as equity 1,358,093 1,358,093
1,358,093 1,358,093
1,605,126 1,492,305
Total members' interests
Loans and other debts due to members 247,033 134,212
Members' other interests 1,358,093 1,358,093
1,605,126 1,492,305

For the financial year ending 31 July 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Yelverton Care LLP (registered number: OC412961) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Mr P J Gaffney
Designated member
YELVERTON CARE LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 July 2023
YELVERTON CARE LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 July 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 61,593
Balance at 01 August 2021 1,358,093 61,593 1,419,686
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 139,388 139,388
Members' interest after result for the financial year 1,358,093 200,981 1,559,074
Drawings 0 (112,237) (112,237)
Introduced by members 0 45,468 45,468
Amounts due to members 134,212
Balance at 31 July 2022 1,358,093 134,212 1,492,305
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 284,754 284,754
Members' interest after result for the financial year 1,358,093 418,966 1,777,059
Drawings 0 (179,486) (179,486)
Funds introduced 0 7,202 7,202
Amounts due to members 247,033
Balance at 31 July 2023 1,358,093 247,033 1,605,126

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

YELVERTON CARE LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
YELVERTON CARE LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Yelverton Care LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Yelverton Residential Home 2-4, Greenbank Terrace, Yelverton, PL20 6DR, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue from services for the provision of care is recognised as an when those services are delivered. Revenue is measured at the fair value of the consideration received, excluding discounts and rebates. Revenue is stated net of VAT.

Employee benefits

Defined contribution schemes
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 84 80

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 August 2022 1,476,418 371,448 22,752 1,870,618
Additions 18,511 15,176 18,963 52,650
At 31 July 2023 1,494,929 386,624 40,802 1,922,355
Accumulated depreciation
At 01 August 2022 0 149,058 17,450 166,508
Charge for the financial year 0 46,149 5,631 51,780
At 31 July 2023 0 195,207 23,081 218,288
Net book value
At 31 July 2023 1,494,929 191,417 17,721 1,704,067
At 31 July 2022 1,476,418 222,390 5,302 1,704,110

4. Debtors

2023 2022
£ £
Trade debtors 61,947 28,672
Other debtors 2,723 2,071
64,670 30,743

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 21,348 24,295
Trade creditors 19,323 27,964
Other taxation and social security 17,250 11,347
Other creditors 20,809 18,068
78,730 81,674

Security on bank loans has been provided against the assets to which they relate.

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 184,725 202,878

The bank loans are secured on the properties owned by the LLP to which they relate.