Limited Liability Partnership registration number OC418619 (England and Wales)
WAPSBOURNE MANOR FARM LLP
Annual Report And Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Contents
Page
Profit and loss account
Balance sheet
2
Notes to the financial statements
5 - 8
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Accountants' Report To The Members On The Preparation Of The Unaudited Statutory Financial Statements Of Wapsbourne Manor Farm LLP For The Year Ended 31 December 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wapsbourne Manor Farm LLP for the year ended 31 December 2023 which comprise, the balance sheet, the reconciliation of members' interests and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the limited liability partnership's members of Wapsbourne Manor Farm LLP, as a body, in accordance with the terms of our engagement letter dated 26 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Wapsbourne Manor Farm LLP and state those matters that we have agreed to state to the limited liability partnership's members of Wapsbourne Manor Farm LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wapsbourne Manor Farm LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Wapsbourne Manor Farm LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wapsbourne Manor Farm LLP. You consider that Wapsbourne Manor Farm LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wapsbourne Manor Farm LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
12 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Balance Sheet
As At 31 December 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,969,347
2,963,255
Current assets
Debtors
4
17,928
23,420
Cash at bank and in hand
22,530
138,421
40,458
161,841
Creditors: amounts falling due within one year
5
(119,109)
(70,266)
Net current (liabilities)/assets
(78,651)
91,575
Total assets less current liabilities
2,890,696
3,054,830
Creditors: amounts falling due after more than one year
6
(1,656,958)
(1,241,190)
Net assets attributable to members
1,233,738
1,813,640
Represented by:
Members' other interests
Members' capital classified as equity
1,233,738
1,813,640
1,233,738
1,813,640
For the financial year ended 31 December 2023 the limited liability partnership 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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 9 September 2024 and are signed on their behalf by:
09 September 2024
Mr SH Cragg
Designated member
Limited Liability Partnership registration number OC418619 (England and Wales)
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Reconciliation Of Members' Interests
For The Year Ended 31 December 2023
- 3 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 January 2023
1,813,640
-
1,813,640
Loss for the financial year available for discretionary division among members
-
(748,853)
(748,853)
Members' interests after loss for the year
1,813,640
(748,853)
1,064,787
Other divisions of losses
(748,853)
748,853
-
Introduced by members
382,352
-
382,352
Repayments of capital
(213,401)
-
(213,401)
Members' interests at 31 December 2023
1,233,738
-
1,233,738
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Reconciliation Of Members' Interests (Continued)
For The Year Ended 31 December 2023
- 4 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2022
£
£
£
Members' interests at 1 January 2022
1,812,787
-
1,812,787
Profit for the financial year available for discretionary division among members
-
46,963
46,963
Members' interests after profit for the year
1,812,787
46,963
1,859,750
Other divisions of profits
46,963
(46,963)
-
Introduced by members
153,733
-
153,733
Repayments of capital
(199,843)
-
(199,843)
Members' interests at 31 December 2022
1,813,640
-
1,813,640
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 5 -
1
Accounting policies
Limited liability partnership information
Wapsbourne Manor Farm LLP is a limited liability partnership incorporated in England and Wales. The registered office is Wapsbourne Manor Farm, Sheffield Park, Uckfield, East Sussex, England, TN22 3QT.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0-5% Straight line
Fixtures and fittings
10% Reducing balance
Motor vehicles
20% Reducing balance
Office equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 7 -
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
3
2
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
2,757,754
281,212
89,246
46,499
3,174,711
Additions
52,435
-
-
-
52,435
At 31 December 2023
2,810,189
281,212
89,246
46,499
3,227,146
Depreciation and impairment
At 1 January 2023
43,743
93,461
49,238
25,014
211,456
Depreciation charged in the year
13,888
19,082
8,002
5,371
46,343
At 31 December 2023
57,631
112,543
57,240
30,385
257,799
Carrying amount
At 31 December 2023
2,752,558
168,669
32,006
16,114
2,969,347
At 31 December 2022
2,714,011
187,751
40,008
21,485
2,963,255
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,657
1,625
Other debtors
15,608
21,217
Prepayments and accrued income
663
578
17,928
23,420
Wapsbourne Manor Farm LLP
WAPSBOURNE MANOR FARM LLP
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,836
29,629
Trade creditors
74,177
26,174
Other creditors
7,196
7,664
Accruals and deferred income
6,900
6,799
119,109
70,266
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,656,958
1,241,190
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,516,145
1,109,291