Registration number:
High Park Barns LLP
Unaudited
Financial Statements
for the
Year Ended 5 April 2024
High Park Barns LLP
(Registration number: OC394687)
Balance Sheet as at 5 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
864,914 |
856,607 |
|
Current assets |
|||
Stocks |
204 |
126 |
|
Debtors |
10,764 |
7,766 |
|
Cash and short-term deposits |
9,053 |
31,628 |
|
20,021 |
39,520 |
||
Creditors: Amounts falling due within one year |
(65,705) |
(63,049) |
|
Net current liabilities |
(45,684) |
(23,529) |
|
Net assets attributable to members |
819,230 |
833,078 |
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
819,230 |
833,078 |
|
819,230 |
833,078 |
||
Total members' interests |
|||
Loans and other debts due to members |
819,230 |
833,078 |
|
819,230 |
833,078 |
For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
High Park Barns LLP
(Registration number: OC394687)
Balance Sheet as at 5 April 2024
The financial statements of High Park Barns LLP (registered number OC394687) were approved by the
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High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of High Park Barns LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance.
High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Individual fixed assets additions are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
20% Reducing Balance |
Equipment |
25% Straight Line |
Plant and Machinery |
25% Straight Line |
No depreciation is provided on investment properties. This amounts to a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors this is necessary for the financial statements to give a true and fair view. Depreciation on investment properties is immaterial to the accounts. The accounting policy is in accordance with FRS102.
High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Investment properties
No depreciation is provided on investment properties. This amounts to a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors this is necessary for the financial statements to give a true and fair view. Depreciation on investment properties is immaterial to the accounts. The accounting policy is in accordance with FRS102.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised at the transaction price.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Financial instruments
Classification
All financial assets and liabilities are imeasured at transaction price (including transaction costs).
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Operating profit |
Operating profit is stated after charging /(crediting):
2024 |
2023 |
|
Profit on sale of tangible fixed assets |
222 |
2,068 |
Depreciation of owned assets |
49,015 |
54,763 |
Interest payable and similar charges |
2024 |
2023 |
|
Interest on bank borrowings and overdrafts |
- |
|
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Tangible fixed assets |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Office equipment |
Total |
|
Cost |
|||||
At 6 April 2023 |
650,939 |
93,659 |
564,596 |
10,952 |
1,320,146 |
Additions |
43,531 |
- |
11,473 |
2,539 |
57,543 |
Disposals |
- |
(263) |
(591) |
(521) |
(1,375) |
At 5 April 2024 |
694,470 |
93,396 |
575,478 |
12,970 |
1,376,314 |
Depreciation |
|||||
At 6 April 2023 |
- |
67,344 |
389,283 |
6,912 |
463,539 |
Charge for the year |
- |
13,666 |
33,092 |
2,257 |
49,015 |
Eliminated on disposals |
- |
(263) |
(484) |
(407) |
(1,154) |
At 5 April 2024 |
- |
80,747 |
421,891 |
8,762 |
511,400 |
Net book value |
|||||
At 5 April 2024 |
694,470 |
12,649 |
153,587 |
4,208 |
864,914 |
At 5 April 2023 |
650,939 |
26,315 |
175,313 |
4,040 |
856,607 |
Included within the net book value of land and buildings above is £650,939 (2022 - £612,825) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of leaseholds.
Stocks |
2024 |
2023 |
|
Stocks |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
- |
Other debtors |
- |
|
Prepayments and accrued income |
|
|
|
|
High Park Barns LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
|
|
Other taxes and social security |
|
- |
Accruals and deferred income |
|
|
|
|