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REGISTERED NUMBER: OC431753 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

WADDESDON ESTATES LLP

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WADDESDON ESTATES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DESIGNATED MEMBERS: The Hon. Dame H M Rothschild
Mrs A K Austen





REGISTERED OFFICE: Estate Office
Queen Street
Waddesdon
Aylesbury
Buckinghamshire
HP18 0JW





REGISTERED NUMBER: OC431753 (England and Wales)





ACCOUNTANTS: Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 3BH

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,740,917 32,460,316
Investments 5 1,000 1,000
32,741,917 32,461,316

CURRENT ASSETS
Stocks 6 1,270,270 1,215,320
Debtors 7 1,038,719 2,006,322
Cash at bank 18,938,607 2,358,492
21,247,596 5,580,134
CREDITORS
Amounts falling due within one year 8 391,666 707,208
NET CURRENT ASSETS 20,855,930 4,872,926
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

53,597,847

37,334,242

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

23,270,922

6,978,463

MEMBERS' OTHER INTERESTS
Capital accounts 30,326,925 30,355,779
53,597,847 37,334,242

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 23,270,922 6,978,463
Members' other interests 30,326,925 30,355,779
53,597,847 37,334,242

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10th October 2024 and were signed by:





The Hon. Dame H M Rothschild - Designated member

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Waddesdon Estates LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 20% on cost and 10% on cost
Property improvements - 20% on cost and 10% on cost
Plant and machinery - 20% on cost, 10% on cost and 5% on cost
Motor vehicles and tractors - 20% on cost, 15% on cost and 10% on cost
Computer equipment - 33% on cost, 20% on cost and 10% on cost

Stocks
Grain stocks are stated at the actual sale price achieved, less any directly attributable costs. Other stocks are stated at the lower of cost and net realisable value. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Closing stocks are reported as follows:

Y.E. 31.03.2024 Y.E. 31.03.2023

Livestock 166,875 158,357
Crops In Store 554,030 434,405
Forage In Store 7,398 6,726
Goods In Store 255,577 206,577
Tillages 266,890 401,767
Consumables 19,500 7,488

Total 1,270,270 1,215,320

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2023 - 9 ) .

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. TANGIBLE FIXED ASSETS
Freehold Property Plant and
property improvements machinery
£    £    £   
COST
At 1st April 2023 30,628,522 657,635 1,758,258
Additions 112,790 66,520 50,052
Disposals - - -
At 31st March 2024 30,741,312 724,155 1,808,310
DEPRECIATION
At 1st April 2023 272,743 78,079 782,289
Charge for year 141,644 57,837 134,870
Eliminated on disposal - - -
At 31st March 2024 414,387 135,916 917,159
NET BOOK VALUE
At 31st March 2024 30,326,925 588,239 891,151
At 31st March 2023 30,355,779 579,556 975,969

Motor
vehicles
and Computer
tractors equipment Totals
£    £    £   
COST
At 1st April 2023 655,848 6,263 33,706,526
Additions 569,199 - 798,561
Disposals (32,430 ) - (32,430 )
At 31st March 2024 1,192,617 6,263 34,472,657
DEPRECIATION
At 1st April 2023 106,852 6,247 1,246,210
Charge for year 169,221 5 503,577
Eliminated on disposal (18,047 ) - (18,047 )
At 31st March 2024 258,026 6,252 1,731,740
NET BOOK VALUE
At 31st March 2024 934,591 11 32,740,917
At 31st March 2023 548,996 16 32,460,316

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Thame Farmers Auction Mart Ltd 1,000 1,000

6. STOCKS
2024 2023
£    £   
Valuation 1,270,270 1,215,320

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 313,121 440,257
Other debtors 725,598 1,566,065
1,038,719 2,006,322

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 155,055 283,800
Taxation and social security 7,550 7,431
Other creditors 229,061 415,977
391,666 707,208

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

10. RELATED PARTY DISCLOSURES

Other creditors include an amount of £3,175 (2023: £3,071 included as an other debtor) in respect of amounts due to Lower Blackgrove Farm Limited, which is related through common ownership. This amount is unsecured, interest free and repayable on demand.

WADDESDON ESTATES LLP (REGISTERED NUMBER: OC431753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


11. PROFIT SHARE - KINGSLAND FARM

Kingsland farm is part of Waddesdon Estates LLP and is being farmed under a contract farming agreement by Naroques UK Limited. This agreement began on 1st September 2021 and has a first accounting date of 31st August 2022.

An amount due of £113,719 (2023: £225,916) to Naroques UK Limited has been included in the accounts for the years ended 31st March 2024 and 2023, respectively. The balance is due to be paid annually, after the year end date.

Going forward, amounts will be due in arrears. For example, work done during the farming period 1st September 2023 to 31st August 2024, will be paid for, and included in the accounts of Waddesdon Estates LLP, for the year ended 31st March 2025.

12. PROFIT ON SALE OF COMBINE

During the previous year, profit on sale of plant and machinery totalled £298,083. The majority of this balance related to the part exchange of a Lexion Combine Harvester.

13. CHANGE OF OWNERSHIP

Lord N C J Rothschild died on 26th February 2024 and was entitled to 98.90% of the profits up to this date.

From this date, S.J.P. Trust Corporation Limited was appointed as a member of the LLP.

S.J.P. Trust Corporation Limited was entitled to a share of profits of 98.90%, from 26th February 2024.

Lord N C J Rothschild's capital account and current account balance, was transferred to S.J.P. Trust Corporation Limited, as at 26th February 2024.