REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
VERNON EQUESTRIAN LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
VERNON EQUESTRIAN LLP |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 | to | 6 |
VERNON EQUESTRIAN LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
REPORT OF THE MEMBERS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the period 1 October 2022 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of breeding and training horses. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The loss for the period before members' remuneration and profit shares was £440,049 (2022 - £220,283 loss). |
MEMBERS' INTERESTS |
Members capital is subscribed to equally and will be repaid by the Limited Liability Partnership on the departure of a member from the Limited Liability Partnership. |
Profits for the year are allocated in accordance with the members agreement. |
It is the policy of the Limited Liability Partnership to only allow members to withdraw profits to the extent that the Limited Liability Partnership retains sufficient working capital to finance it's ongoing operation. |
ON BEHALF OF THE MEMBERS: |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
Period |
1.10.22 |
to | Year Ended |
31.3.24 | 30.9.22 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS LOSS | ( |
) | ( |
) |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,129,813 | 1,122,050 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 1,129,813 | 1,122,050 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,129,813 | 1,122,050 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Vernon Equestrian LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property plant and equipment |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors | ( |
) |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Other creditors |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Amounts due to members would rank alongside ordinary unsecured creditors in the event of a winding up. There is no protection offered to unsecured creditors which is legally enforceable. |