Griffin Davy Saffron Estates LLP
Registered number: OC364990
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,681,742 9,583,040
Current assets
Debtors 4 52,253 46,155
Cash at bank and in hand 8,836 23,708
61,089 69,863
Creditors: amounts falling due within one year 5 (81,122) (34,345)
Net current (liabilities)/assets (20,033) 35,518
Total assets less current liabilities 9,661,709 9,618,558
Net assets attributable to members 9,661,709 9,618,558
Represented by:
Loans and other debts due to members 6 660,709 617,558
Members' other interests
Members' capital classified as equity 9,001,000 9,001,000
9,661,709 9,618,558
Total members' interests
Amounts due from members included in debtors 4 (500) (500)
Loans and other debts due to members 6 660,709 617,558
660,209 617,058
Members' other interests 9,001,000 9,001,000
9,661,209 9,618,058
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 3 October 2024 and signed on their behalf by:
Mark Richer
Designated member
Griffin Davy Saffron Estates LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 9,622,928
Additions 158,946
At 31 March 2024 9,781,874
Depreciation
At 1 April 2023 39,888
Charge for the year 60,244
At 31 March 2024 100,132
Net book value
At 31 March 2024 9,681,742
At 31 March 2023 9,583,040
4 Debtors 2024 2023
£ £
Trade debtors 21,168 23,854
Amounts due from members 500 500
Other debtors 30,585 21,801
52,253 46,155
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 49,076 9,930
Other taxes and social security costs 70 1,356
Other creditors 5,222 5,222
Deferred income 26,754 17,837
81,122 34,345
6 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt (592,457) (511,566)
Amounts due to members in respect of profits 1,253,166 1,129,124
660,709 617,558
Amounts falling due within one year 660,709 617,558
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Griffin Davy Saffron Estates LLP is a limited liability partnership incorporated in England. Its registered office is:
10 Wellington Street
Cambridge
CB1 1HW
Griffin Davy Saffron Estates LLP OC364990 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Mark Richer No description of principal activity OC364990 2022-04-01 2023-03-31 OC364990 core:WithinOneYear 2023-03-31 OC364990 1 2023-03-31 OC364990 core:ShareCapital 2023-03-31 OC364990 2023-04-01 2024-03-31 OC364990 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC364990 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC364990 bus:PartnerLLP20 2023-04-01 2024-03-31 OC364990 3 2023-04-01 2024-03-31 OC364990 1 2023-04-01 2024-03-31 OC364990 2 2023-04-01 2024-03-31 OC364990 4 2023-04-01 2024-03-31 OC364990 core:LandBuildings 2023-04-01 2024-03-31 OC364990 countries:England 2023-04-01 2024-03-31 OC364990 bus:FRS102 2023-04-01 2024-03-31 OC364990 bus:FilletedAccounts 2023-04-01 2024-03-31 OC364990 2024-03-31 OC364990 core:WithinOneYear 2024-03-31 OC364990 1 2024-03-31 OC364990 core:ShareCapital 2024-03-31 OC364990 core:LandBuildings 2024-03-31 OC364990 2023-03-31 OC364990 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure