High Park Barns LLP OC394687 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is that of rental properties. Digita Accounts Production Advanced 6.30.9574.0 OC394687 2023-04-06 2024-04-05 OC394687 2024-04-05 OC394687 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-05 OC394687 bus:FRS102 2023-04-06 2024-04-05 OC394687 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC394687 bus:FullAccounts 2023-04-06 2024-04-05 OC394687 bus:PartnerLLP1 2023-04-06 2024-04-05 OC394687 bus:PartnerLLP2 2023-04-06 2024-04-05 OC394687 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC394687 core:FurnitureFittings 2023-04-06 2024-04-05 OC394687 core:OfficeEquipment 2023-04-06 2024-04-05 OC394687 core:PlantMachinery 2023-04-06 2024-04-05 OC394687 countries:AllCountries 2023-04-06 2024-04-05 OC394687 2022-04-06 2023-04-05 OC394687 2023-04-05 OC394687 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC394687

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

5

864,914

856,607

Current assets

 

Stocks

6

204

126

Debtors

7

10,764

7,766

Cash and short-term deposits

 

9,053

31,628

 

20,021

39,520

Creditors: Amounts falling due within one year

8

(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 Board and authorised for issue on 14 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Paul White
Designated member

.........................................
Mrs Anne-Louise White
Designated member

 

High Park Barns LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

1

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.

2

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

3

Interest payable and similar charges

2024
£

2023
£

Interest on bank borrowings and overdrafts

-

132

4

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

 

High Park Barns LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

5

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.

6

Stocks

2024
£

2023
£

Stocks

204

126

7

Debtors

2024
£

2023
£

Trade debtors

3,952

-

Other debtors

-

1,188

Prepayments and accrued income

6,812

6,578

10,764

7,766

 

High Park Barns LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

8

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

18,447

11,225

Other taxes and social security

3,105

-

Accruals and deferred income

44,153

51,824

65,705

63,049