Silverfin false 31/03/2024 01/04/2023 31/03/2024 Mr N Hawke 18/03/2022 Mrs K Hawke 18/03/2022 Mrs Katherine Hawke 03 October 2024 OC441522 2024-03-31 OC441522 bus:Director1 2024-03-31 OC441522 bus:Director2 2024-03-31 OC441522 2023-03-31 OC441522 core:CurrentFinancialInstruments 2024-03-31 OC441522 core:CurrentFinancialInstruments 2023-03-31 OC441522 core:LandBuildings 2023-03-31 OC441522 core:PlantMachinery 2023-03-31 OC441522 core:LandBuildings 2024-03-31 OC441522 core:PlantMachinery 2024-03-31 OC441522 2023-04-01 2024-03-31 OC441522 bus:FullAccounts 2023-04-01 2024-03-31 OC441522 bus:SmallEntities 2023-04-01 2024-03-31 OC441522 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC441522 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC441522 bus:Director1 2023-04-01 2024-03-31 OC441522 bus:Director2 2023-04-01 2024-03-31 OC441522 bus:Director3 2023-04-01 2024-03-31 OC441522 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 OC441522 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 OC441522 2022-04-01 2023-03-31 OC441522 core:LandBuildings 2023-04-01 2024-03-31 OC441522 core:PlantMachinery 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC441522 (England and Wales)

THORNE BARNS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THORNE BARNS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THORNE BARNS LLP

BALANCE SHEET

As at 31 March 2024
THORNE BARNS LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 19,932 4,029
19,932 4,029
Current assets
Debtors 4 19,518 11,320
Cash at bank and in hand 4,664 3,117
24,182 14,437
Creditors: amounts falling due within one year 5 ( 70,024) ( 26,205)
Net current liabilities (45,842) (11,768)
Total assets less current liabilities (25,910) (7,739)
Net liabilities attributable to members ( 25,910) ( 7,739)
Represented by
Members' other interests
Members' capital classified as equity 24,829 9,894
Other reserves (50,739) (17,633)
(25,910) (7,739)
(25,910) (7,739)
Total members' interests
Members' other interests (25,910) (7,739)
(25,910) (7,739)

For the financial year ending 31 March 2024 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 Thorne Barns LLP (registered number: OC441522) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mr N Hawke
Designated member
Mrs Katherine Hawke
Designated member
THORNE BARNS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
THORNE BARNS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
Total members' interests
Members' capital (classified as equity) Other reserves Total Total
£ £ £ £
Balance at 01 April 2022 0 (221) (221) (221)
Loss for the financial year available for discretionary division among members 0 (17,412) (17,412) (17,412)
Members' interest after loss for the financial year 0 (17,633) (17,633) (17,633)
Introduced by members 9,894 0 9,894 9,894
Balance at 31 March 2023 9,894 (17,633) (7,739) (7,739)
Loss for the financial year available for discretionary division among members 0 (33,327) (33,327) (33,327)
Members' interest after loss for the financial year 9,894 (50,960) (41,066) (41,066)
Introduced by members 34,445 0 34,445 34,445
Repayment of capital (19,289) 0 (19,289) (19,289)
Transfers (221) 221 0 0
Balance at 31 March 2024 24,829 (50,739) (25,910) (25,910)

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

THORNE BARNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THORNE BARNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Thorne Barns 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 Goodwood House, Blackbrook Park Avenue , Taunton, TA1 2PX, 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 £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members note that the business has net liabilities. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the rental income received in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 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.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 2 2

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 2,000 2,259 4,259
Additions 3,509 13,275 16,784
At 31 March 2024 5,509 15,534 21,043
Accumulated depreciation
At 01 April 2023 0 230 230
Charge for the financial year 86 795 881
At 31 March 2024 86 1,025 1,111
Net book value
At 31 March 2024 5,423 14,509 19,932
At 31 March 2023 2,000 2,029 4,029

4. Debtors

2024 2023
£ £
Trade debtors 16,288 11,320
Other debtors 3,230 0
19,518 11,320

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 27,299 1,984
Other creditors 42,725 24,221
70,024 26,205