IRIS Accounts Production v24.2.0.383 OC352044 designated member 1.4.23 31.3.24 31.3.24 11.10.24 false true false false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3520442023-03-31OC3520442024-03-31OC3520442023-04-012024-03-31OC3520442022-03-31OC3520442022-04-012023-03-31OC3520442023-03-31OC352044ns15:EnglandWales2023-04-012024-03-31OC352044ns14:PoundSterling2023-04-012024-03-31OC352044ns10:PartnerLLP12023-04-012024-03-31OC352044ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC352044ns10:SmallEntities2023-04-012024-03-31OC352044ns10:Audited2023-04-012024-03-31OC352044ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC352044ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC352044ns10:FullAccounts2023-04-012024-03-31OC35204412023-04-012024-03-31OC352044ns10:PartnerLLP22023-04-012024-03-31OC352044ns10:RegisteredOffice2023-04-012024-03-31OC352044ns5:CurrentFinancialInstruments2024-03-31OC352044ns5:CurrentFinancialInstruments2023-03-31OC352044ns5:Non-currentFinancialInstruments2024-03-31OC352044ns5:Non-currentFinancialInstruments2023-03-31OC352044ns5:CapitalRedemptionReserve2024-03-31OC352044ns5:CapitalRedemptionReserve2023-03-31OC35204412023-04-012024-03-31OC352044ns5:NetGoodwill2023-04-012024-03-31OC352044ns5:PlantMachinery2023-04-012024-03-31OC352044ns5:NetGoodwill2023-03-31OC352044ns5:NetGoodwill2024-03-31OC352044ns5:NetGoodwill2023-03-31OC352044ns5:LandBuildings2023-03-31OC352044ns5:PlantMachinery2023-03-31OC352044ns5:LandBuildings2023-04-012024-03-31OC352044ns5:LandBuildings2024-03-31OC352044ns5:PlantMachinery2024-03-31OC352044ns5:LandBuildings2023-03-31OC352044ns5:PlantMachinery2023-03-31OC352044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC352044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-31OC352044ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-31OC352044ns5:Secured2024-03-31OC352044ns5:Secured2023-03-31
REGISTERED NUMBER: OC352044 (England and Wales)



















Financial Statements

for the Year Ended 31 March 2024

for

Herbert Woods LLP

Herbert Woods LLP (Registered number: OC352044)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Herbert Woods LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Herbert Woods Enterprises Limited
J A Butler





REGISTERED OFFICE: Broads Haven
Potter Heigham
Norfolk
NR29 5JD





REGISTERED NUMBER: OC352044 (England and Wales)





AUDITORS: Lovewell Blake LLP
Statutory Auditors
Bankside 300
Peachman Way
Broadland Business Park
Norwich
Norfolk
NR7 0LB

Herbert Woods LLP (Registered number: OC352044)

Balance Sheet
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,018,319 9,809,790
Investment property 6 8,479,245 7,015,000
18,497,564 16,824,790

CURRENT ASSETS
Stocks 39,204 53,483
Debtors 7 293,863 547,141
Cash at bank and in hand 260,954 1,298,797
594,021 1,899,421
CREDITORS
Amounts falling due within one year 8 3,017,082 3,593,429
NET CURRENT LIABILITIES (2,423,061 ) (1,694,008 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,074,503

15,130,782

CREDITORS
Amounts falling due after more than one year 9 4,538,576 5,181,746
NET ASSETS ATTRIBUTABLE TO
MEMBERS

11,535,927

9,949,036

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Members capital classified as
equity 9,585,044 9,477,565
Members other interests - other reserves
classified as equity

1,950,883

471,471
11,535,927 9,949,036

TOTAL MEMBERS' INTERESTS
Members' other interests 11,535,927 9,949,036

Herbert Woods LLP (Registered number: OC352044)

Balance Sheet - continued
31 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 10 October 2024 and were signed by:





J A Butler - Designated member

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Herbert Woods 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 as modified by the revaluation of certain assets.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Amounts due to members
The rights of members to capital introduced and undrawn profits are governed by the members' agreement.

The precise terms of the members' agreement have been assessed so as to distinguish amounts falling to be treated as loans and other debts due to members and members' capital.

All amounts due to the members are considered to be capital and have been classified accordingly.

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

Turnover from boat hired is recognised fully in the period in which the hire period commences.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Goodwill is initially measured at cost and subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Depreciation of £nil has been charged on the land & buildings and boats held by the LLP as the members consider that the net realisable value is at least equal to the net book value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The designated members have prepared the accounts using the going concern basis, this despite the net current liabilities position at the period end. The members have indicated that they will continue to provide financial support to the LLP and financial forecasts prepared by the designated members show that the LLP will continue to trade within its banking facilities for the foreseeable future.

Based on discussions with the LLP's bankers continued support is expected to be provided, and all covenants continued to be met in the year.

Based on the above conclusions, the Going Concern principle is deemed to be appropriate for the LLP and the financial statements are prepared on this basis.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Distribution of profits
The rights of members to distributions of profits are governed by the members’ agreement.

The precise terms of the members’ agreement have been assessed so as to distinguish amounts falling due as members’ remuneration charged as an expense and those falling to be available for discretionary division among members.

Amounts in respect of distributions of profits are accounted for when the member becomes entitled to them, either as:

Amounts falling due as members’ remuneration are charged as an expense in the period to which they relate; and
Amounts available for discretionary division among members are accounted for when they are formally divided by the LLP.

Profits that do not fall due as members’ remuneration charged as an expense, or that have not been formally divided by the LLP at the accounting date, are accumulated in other reserves.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 100
AMORTISATION
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 3,397,842 7,250,149 10,647,991
Additions - 451,383 451,383
Disposals - (145,368 ) (145,368 )
At 31 March 2024 3,397,842 7,556,164 10,954,006
DEPRECIATION
At 1 April 2023 - 838,201 838,201
Charge for year - 97,486 97,486
At 31 March 2024 - 935,687 935,687
NET BOOK VALUE
At 31 March 2024 3,397,842 6,620,477 10,018,319
At 31 March 2023 3,397,842 6,411,948 9,809,790

Included in cost or valuation of land and buildings is freehold land of £ 1,990,250 (2023 - £ 1,990,250 ) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2019 1,989,709 - 1,989,709
Cost 1,408,133 7,556,164 8,964,297
3,397,842 7,556,164 10,954,006

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS - continued

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,787,426 1,787,426
Aggregate depreciation 209,634 209,634

Value of land in freehold land and buildings 345,500 345,500

Freehold land and buildings were valued on an open market basis on 31 March 2024 by the designated members .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 7,015,000
Additions 14,245
Disposals (30,000 )
Revaluations 1,480,000
At 31 March 2024 8,479,245
NET BOOK VALUE
At 31 March 2024 8,479,245
At 31 March 2023 7,015,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 2,417,993
Valuation in 2021 550,000
Valuation in 2022 2,843,750
Valuation in 2024 1,480,000
Cost 1,187,502
8,479,245

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,306,752 1,292,507

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 5,710 709
Other debtors 55,701 250
VAT 126,944 150,341
Prepayments and accrued income 105,508 395,841
293,863 547,141

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 896,703 825,065
Trade creditors 136,729 522,513
Other creditors 298,162 347,126
Accruals and deferred income 1,685,488 1,898,725
3,017,082 3,593,429

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans - 1-2 years 620,342 867,281
Bank loans - 2-5 years 1,435,929 1,527,005
Bank loans more 5 yr by instal 2,482,305 2,787,460
4,538,576 5,181,746

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
as restated
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,482,305 2,787,460

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 5,435,279 6,006,811

Security has been given by way of a debenture from HSBC comprising fixed and floating charges over all the assets and undertaking of Herbert Woods LLP including all present and future freehold and leasehold property, book and other debtors, chattels and goodwill, both present and future.

HSBC has a first legal mortgage over the freehold property of Herbert Woods LLP being part of Herbert Woods Boatyard on the South West Side of Bridge Road, Potter Heigham, Norfolk - Title Numbers NK80570, NK3822, NK137333, NK292633, NK11221, NK58078, NK93849 and NK1456.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The auditors report for the year ended 31 March 2024 was unqualified with no emphasis of matter.

The senior statutory auditor was Steven Scarlett FCA, for and on behalf of Lovewell Blake LLP.

12. CURRENCY

The company's presentational and functional currency is pounds sterling.