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REGISTERED NUMBER: OC426402
COACH AND HORSES (CAERWENT) LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
COACH AND HORSES (CAERWENT) LLP
FINANCIAL STATEMENTS
Year ended 31 August 2023
Contents
PAGE
Statement of financial position
1
Notes to the financial statements
3
COACH AND HORSES (CAERWENT) LLP
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
739,847
732,842
CURRENT ASSETS
Stocks
17,270
20,093
Debtors
6
26,076
40,213
Cash at bank and in hand
9,382
43,541
--------
---------
52,728
103,847
CREDITORS: amounts falling due within one year
7
( 90,754)
( 108,615)
--------
---------
NET CURRENT LIABILITIES
( 38,026)
( 4,768)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
701,821
728,074
CREDITORS: amounts falling due after more than one year
8
( 237,278)
( 268,184)
---------
---------
NET ASSETS
464,543
459,890
---------
---------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
9
46,357
41,704
MEMBERS' OTHER INTERESTS
Members' capital classified as equity
418,186
418,186
Other reserves
---------
---------
464,543
459,890
---------
---------
TOTAL MEMBERS' INTERESTS
Amounts due from members
(16,289)
(24,295)
Loans and other debts due to members
9
46,357
41,704
Members' other interests
418,186
418,186
---------
---------
448,254
435,595
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 August 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
COACH AND HORSES (CAERWENT) LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the members and authorised for issue on 30 August 2024 , and are signed on their behalf by:
Mr C M Isaac
Mrs R Isaac
Designated Member
Designated Member
Registered number: OC426402
COACH AND HORSES (CAERWENT) LLP
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
1.
GENERAL INFORMATION
The LLP is registered in England and Wales.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account is derived from ordinary activities and represents the income due, exclusive of Value Added Tax. Room income is recognised at the end of the financial day. Food and drink takings are recognised at the point of sale.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
15% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 28 (2022: 11 ).
5.
TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
738,432
23,261
13,547
775,240
Additions
17,229
1,609
18,838
---------
--------
--------
---------
At 31 August 2023
738,432
40,490
15,156
794,078
---------
--------
--------
---------
Depreciation
At 1 September 2022
27,764
10,191
4,443
42,398
Charge for the year
4,934
4,163
2,736
11,833
---------
--------
--------
---------
At 31 August 2023
32,698
14,354
7,179
54,231
---------
--------
--------
---------
Carrying amount
At 31 August 2023
705,734
26,136
7,977
739,847
---------
--------
--------
---------
At 31 August 2022
710,668
13,070
9,104
732,842
---------
--------
--------
---------
6.
DEBTORS
2023
2022
£
£
Trade debtors
1,107
7,236
Other debtors
24,969
32,977
--------
--------
26,076
40,213
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,242
24,245
Trade creditors
22,329
32,801
Social security and other taxes
23,264
28,704
Other creditors
18,919
22,865
--------
---------
90,754
108,615
--------
---------
The above includes secured creditors of £18,909 (2022 - £21,037). These balances are secured over certain assets.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
237,278
264,944
Other creditors
3,240
---------
---------
237,278
268,184
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £157,676 (2022: £175,374) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above includes secured creditors of £220,351 (2022 - £237,146). These balances are secured over certain assets.
9.
LOANS AND OTHER DEBTS DUE TO MEMBERS
2023
2022
£
£
Amounts owed to members in respect of profits
46,357
41,704
--------
--------