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REGISTERED NUMBER: OC433416 (England and Wales)















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: D J Vernon
J M Vernon
C J R Vernon





REGISTERED OFFICE: Cairns House
Hall Lane
Burgh Le Marsh
Skegness
Lincolnshire
PE24 5AQ





REGISTERED NUMBER: OC433416 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
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:

D J Vernon
J M Vernon
C J R Vernon

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:





D J Vernon - Designated member


31 October 2024

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 339,830 4,326

Cost of sales 574,843 116,889
GROSS LOSS (235,013 ) (112,563 )

Administrative expenses 203,409 107,720
OPERATING LOSS (438,422 ) (220,283 )


Interest payable and similar expenses 1,627 -
LOSS FOR THE FINANCIAL PERIOD BEFORE
MEMBERS' REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS



(440,049



)



(220,283



)

VERNON EQUESTRIAN LLP (REGISTERED NUMBER: OC433416)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 490,548 233,699

CURRENT ASSETS
Stocks 725,061 875,180
Debtors 5 36,816 9,474
Cash at bank 21,641 15,251
783,518 899,905
CREDITORS
Amounts falling due within one year 6 16,736 11,554
NET CURRENT ASSETS 766,782 888,351
TOTAL ASSETS LESS CURRENT LIABILITIES 1,257,330 1,122,050

CREDITORS
Amounts falling due after more than one year 7 127,517 -
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 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 period ended 31 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.

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

The financial statements were approved by the members of the LLP and authorised for issue on 31 October 2024 and were signed by:





D J Vernon - Designated member

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
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.

Property plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 43,600 299,160 342,760
Additions 1,922 323,766 325,688
At 31 March 2024 45,522 622,926 668,448
DEPRECIATION
At 1 October 2022 - 109,061 109,061
Charge for period - 68,839 68,839
At 31 March 2024 - 177,900 177,900
NET BOOK VALUE
At 31 March 2024 45,522 445,026 490,548
At 30 September 2022 43,600 190,099 233,699

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 1,000 -
Other debtors 35,816 9,474
36,816 9,474

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 (349 ) 9,904
Other creditors 17,085 1,650
16,736 11,554

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
£    £   
Other creditors 127,517 -

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.