Dumfries Estate LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC344226 (England and Wales)
Dumfries Estate LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 11
Dumfries Estate LLP
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
168,462
168,462
Investment properties
4
3,584,971
3,757,358
Investments
5
2,341,545
2,341,545
6,094,978
6,267,365
Current assets
Debtors
7
583,112
404,868
Cash and cash equivalents
1,012,289
263,903
1,595,401
668,771
Creditors: amounts falling due within one year
8
(216,397)
(128,245)
Net current assets
1,379,004
540,526
Total assets less current liabilities and net assets attributable to members
7,473,982
6,807,891
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(32,500)
(698,591)
Members' other interests
Members' capital classified as equity
7,506,482
7,506,482
7,473,982
6,807,891
Total members' interests
Loans and other debts due to members
(32,500)
(698,591)
Members' other interests
7,506,482
7,506,482
7,473,982
6,807,891

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Dumfries Estate LLP
Balance Sheet (Continued)
As at 31 March 2024
Page 2

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 8 November 2024 and are signed on their behalf by:
08 November 2024
S  Jenkins
Designated member
Limited Liability Partnership Registration No. OC344226
Dumfries Estate LLP
Reconciliation of Members' Interests
For the year ended 31 March 2024
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
7,506,482
(698,591)
(698,591)
6,807,891
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
746,091
746,091
746,091
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
7,506,482
47,500
47,500
7,553,982
Drawings on account and distributions of profit
-
(80,000)
(80,000)
(80,000)
Members' interests at 31 March 2024
7,506,482
(32,500)
(32,500)
7,473,982
Dumfries Estate LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2024
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
7,506,482
(718,724)
(718,724)
6,787,758
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
64,073
64,073
64,073
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
7,506,482
(654,651)
(654,651)
6,851,831
Drawings on account and distributions of profit
-
(43,940)
(43,940)
(43,940)
Members' interests at 31 March 2023
7,506,482
(698,591)
(698,591)
6,807,891
Dumfries Estate LLP
Notes to the Financial Statements
For the year ended 31 March 2024
Page 5
1
Accounting policies
Limited liability partnership information

Dumfries Estate LLP is a limited liability partnership incorporated in England and Wales. The registered office is 146-148 Clerkenwell Road, 2nd Floor, London, United Kingdom, EC1R 5DG.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets and rights to income are not amortised but are subject to an annual impairment review.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 7

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 8
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 9
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
£
Cost
At 1 April 2023 and 31 March 2024
298,462
Impairment
At 1 April 2023 and 31 March 2024
130,000
Carrying amount
At 31 March 2024
168,462
At 31 March 2023
168,462

The intangible fixed assets comprise mainly mineral royalties. The carrying value represents the fair value and has been determined by the members. They sought appropriate professional guidance in arriving at this valuation.

Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 10
4
Investment property
2024
£
Fair value
At 1 April 2023
3,757,358
Additions through external acquisition
17,613
Disposals
(190,000)
At 31 March 2024
3,584,971

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the members, having sought appropriate professional guidance.

 

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,668,469
1,668,469
Loans to group undertakings and participating interests
673,076
673,076
2,341,545
2,341,545
6
Subsidiaries

Details of the limited liability partnership's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of shares held
% Held
Direct
Dumfries Estate (Bankend)
Limited
The Estate Office, Ulzieside, Dumfriesshire, Scotland, DG4 6LA
Ordinary
100
Upper Wellwood Limited
The Estate Office, Ulzieside, Dumfriesshire, Scotland, DG4 6LA
Ordinary
100
Dumfries Estate LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 11
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
188,536
39,439
Amounts owed by group undertakings
5,329
5,329
Other debtors
333,610
346,691
Prepayments and accrued income
55,637
13,409
583,112
404,868
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50,841
74,495
Amounts owed to group undertakings
134,540
46,419
Taxation and social security
23,591
-
Accruals and deferred income
7,425
7,331
216,397
128,245
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Related party transactions

In accordance with section 33.1A of FRS 102 disclosure is not given in these financial statements of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

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