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Registration number: OC430031

Prepared for the registrar

Prestige Equestrian LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Prestige Equestrian LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Prestige Equestrian LLP

Limited liability partnership information

Designated members

Mrs S R Weston

Mrs H Gallop

R C Gallop
 

Registered office

Summerhouse Equestrian Centre
Bath Road
Hardwicke
Gloucestershire
GL2 2RG

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Prestige Equestrian LLP

(Registration number: OC430031)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

206,975

229,141

Current assets

 

Debtors

5

19,771

113,264

Cash and short-term deposits

 

96,762

137,701

 

116,533

250,965

Creditors: Amounts falling due within one year

6

(177,573)

(175,709)

Net current (liabilities)/assets

 

(61,040)

75,256

Total assets less current liabilities

 

145,935

304,397

Creditors: Amounts falling due after more than one year

7

(15,153)

(23,334)

Net assets attributable to members

 

130,782

281,063

Represented by:

 

Loans and other debts due to members

 

Other amounts

8

130,782

281,063

   

130,782

281,063

Total members' interests

 

Loans and other debts due to members

 

130,782

281,063

   

130,782

281,063

 

Prestige Equestrian LLP

(Registration number: OC430031)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Prestige Equestrian LLP (registered number OC430031) were approved by the members and authorised for issue on 1 November 2024. They were signed on behalf of the LLP by:

.........................................
Mrs H Gallop
Designated member

 

Prestige Equestrian LLP

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

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Summerhouse Equestrian Centre
Bath Road
Hardwicke
Gloucestershire
GL2 2RG

2

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.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Disbursements

Disbursements are not included in income or expenses but are netted against each other.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

 

Prestige Equestrian LLP

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

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost of valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Property improvements

Nil

Horses

Nil

Plant and machinery

10% reducing balance

Office equipment

20% reducing balance

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 LLP 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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 

Prestige Equestrian LLP

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

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 6 (2023 - 5).

 

Prestige Equestrian LLP

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

4

Tangible fixed assets

Property improvements
£

Horses
£

Plant and machinery
£

Office equipment
£

Total
£

Cost

At 1 April 2023

33,000

80,551

152,649

10,664

276,864

Disposals

-

(10,000)

-

-

(10,000)

At 31 March 2024

33,000

70,551

152,649

10,664

266,864

Depreciation

At 1 April 2023

-

-

43,113

4,610

47,723

Charge for the year

-

-

10,952

1,214

12,166

At 31 March 2024

-

-

54,065

5,824

59,889

Net book value

At 31 March 2024

33,000

70,551

98,584

4,840

206,975

At 31 March 2023

33,000

80,551

109,536

6,054

229,141

 

Prestige Equestrian LLP

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

5

Debtors

2024
 £

2023
 £

Trade debtors

12,000

-

Other debtors

636

106,484

Prepayments and accrued income

7,135

6,780

19,771

113,264

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans

10,000

10,000

Trade creditors

136,532

143,505

Other creditors

25,824

14,881

Accruals and deferred income

3,311

2,625

Taxation and social security

1,906

4,698

177,573

175,709

7

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans

15,153

23,334

8

Analysis of other amounts

2024
£

2023
£

Money advanced to the LLP by the members by way of loan

(224,228)

(342,578)

Money owed to members by the LLP in respect of profits

355,010

623,641

130,782

281,063

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.