Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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421,052 | 421,052 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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53,437 | 62,890 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 52,077 | 60,132 | ||
Total assets less current liabilities | 473,129 | 481,184 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 473,129 | 481,184 | ||
473,129 | 481,184 | |||
Members' other interests | ||||
0 | 0 | |||
473,129 | 481,184 | |||
Total members' interests | ||||
Loans and other debts due to members | 473,129 | 481,184 | ||
473,129 | 481,184 |
Members' responsibilities:
The O'Connell Woodland Partnership LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
The financial statements of The O'Connell Woodland Partnership LLP (registered number:
Mrs A O'Connell
Designated member |
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.
The O'Connell Woodland Partnership 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 Farmery, Fore Street, Ivybridge, PL21 9AE, 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 from the sale of goods is recognised when the goods are physically delivered to the customer.
Land and buildings | not depreciated |
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Land and buildings | Total | ||
£ | £ | ||
Cost | |||
At 06 April 2023 |
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At 05 April 2024 |
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Accumulated depreciation | |||
At 06 April 2023 |
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At 05 April 2024 |
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Net book value | |||
At 05 April 2024 |
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At 05 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other taxation and social security |
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