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REGISTERED NUMBER: OC411561 (England and Wales)















Report of the Members and

Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Rock Farm Pensax LLP

Rock Farm Pensax LLP (Registered number: OC411561)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Rock Farm Pensax LLP

General Information
for the year ended 30 April 2024







DESIGNATED MEMBERS: S Mares
Mrs A M Mares





REGISTERED OFFICE: Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN





REGISTERED NUMBER: OC411561 (England and Wales)





ACCOUNTANTS: Pinfields Limited
Chartered Accountants
Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN

Rock Farm Pensax LLP (Registered number: OC411561)

Report of the Members
for the year ended 30 April 2024

The members present their report with the financial statements of the LLP for the year ended 30 April 2024.

DESIGNATED MEMBERS
The designated members during the year under review were:

S Mares
Mrs A M Mares

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £3,394 (2023 - £75,210 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





S Mares - Designated member


21 August 2024

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Rock Farm Pensax LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Rock Farm Pensax LLP for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Rock Farm Pensax LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rock Farm Pensax LLP and state those matters that we have agreed to state to the members of Rock Farm Pensax LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rock Farm Pensax LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Rock Farm Pensax LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rock Farm Pensax LLP. You consider that Rock Farm Pensax LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rock Farm Pensax LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Pinfields Limited
Chartered Accountants
Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN


21 August 2024

Rock Farm Pensax LLP (Registered number: OC411561)

Income Statement
for the year ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 396,308 487,144

Cost of sales 44,106 39,008
GROSS PROFIT 352,202 448,136

Administrative expenses 281,612 286,727
70,590 161,409

Other operating income 19,453 -
OPERATING PROFIT 4 90,043 161,409


Interest payable and similar expenses 86,649 86,199
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS





3,394





75,210

Rock Farm Pensax LLP (Registered number: OC411561)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 1,927,768 2,175,204

CURRENT ASSETS
Debtors 7 93,796 106,200
Cash at bank 7,869 5,983
101,665 112,183
CREDITORS
Amounts falling due within one year 8 85,591 151,514
NET CURRENT ASSETS/(LIABILITIES) 16,074 (39,331 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,943,842

2,135,873

CREDITORS
Amounts falling due after more than one
year

9

1,287,593

1,517,760
NET ASSETS ATTRIBUTABLE TO
MEMBERS

656,249

618,113

Rock Farm Pensax LLP (Registered number: OC411561)

Balance Sheet - continued
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE
TO MEMBERS

11

656,249

618,113

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 656,249 618,113

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 year ended 30 April 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 21 August 2024 and were signed by:




S Mares - Designated member




Mrs A M Mares - Designated member


Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Rock Farm Pensax 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Racehorse - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

30.4.24 30.4.23
£    £   
Depreciation - owned assets 187,644 178,052

5. INFORMATION IN RELATION TO MEMBERS

30.4.24 30.4.23

The average number of members during the year was 2 2

6. TANGIBLE FIXED ASSETS
Improvements
Freehold Freehold to
property land property Racehorse
£    £    £    £   
COST
At 1 May 2023 962,000 548,225 938,615 236,709
Additions 104,740 - - 31,088
Disposals - - - -
At 30 April 2024 1,066,740 548,225 938,615 267,797
DEPRECIATION
At 1 May 2023 134,680 - 594,836 96,685
Charge for year 23,314 - 93,862 44,696
Eliminated on disposal - - - -
At 30 April 2024 157,994 - 688,698 141,381
NET BOOK VALUE
At 30 April 2024 908,746 548,225 249,917 126,416
At 30 April 2023 827,320 548,225 343,779 140,024

Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

6. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 160,180 427,085 2,460 3,275,274
Additions 1,675 - - 137,503
Disposals - (322,815 ) - (322,815 )
At 30 April 2024 161,855 104,270 2,460 3,089,962
DEPRECIATION
At 1 May 2023 97,701 173,708 2,460 1,100,070
Charge for year 15,969 39,386 - 217,227
Eliminated on disposal - (155,103 ) - (155,103 )
At 30 April 2024 113,670 57,991 2,460 1,162,194
NET BOOK VALUE
At 30 April 2024 48,185 46,279 - 1,927,768
At 30 April 2023 62,479 253,377 - 2,175,204

Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 26,995 322,815 349,810
Disposals - (322,815 ) (322,815 )
At 30 April 2024 26,995 - 26,995
DEPRECIATION
At 1 May 2023 4,499 131,144 135,643
Charge for year 5,624 23,959 29,583
Eliminated on disposal - (155,103 ) (155,103 )
At 30 April 2024 10,123 - 10,123
NET BOOK VALUE
At 30 April 2024 16,872 - 16,872
At 30 April 2023 22,496 191,671 214,167

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 4,800 4,800
Other debtors 88,996 101,400
93,796 106,200

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 47,685 51,400
Hire purchase contracts 5,332 30,514
Trade creditors 3,265 741
Taxation and social security 24,088 32,239
Other creditors 5,221 36,620
85,591 151,514

Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 1,287,593 1,334,961
Hire purchase contracts - 182,799
1,287,593 1,517,760

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,035,051 1,102,929

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 1,335,278 1,386,361
Hire purchase contracts 5,332 213,313
1,340,610 1,599,674

Lloyds Bank PLC hold fixed and floating charges over the assets as the company as security for the bank loans.

Hire purchase finance is secured on the assets that they are financing.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS
30.4.24 30.4.23
£    £   
Amounts owed to members in respect of profits 656,249 618,113

Falling due within one year 656,249 618,113

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

Rock Farm Pensax LLP (Registered number: OC411561)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

12. CONTINGENT LIABILITIES AND GUARANTEES

There is a fixed and floating charge over the assets of the LLP in respect of loans included within the related company Trueline Expanded Products Ltd. At the balance sheet date the loans amounted to £478,602 (2023 £505,017).

13. RELATED PARTY DISCLOSURES

Included in sales are sales of £300,000 (2023 £385,000) received from a limited company under the control of the designated members of this LLP.

Included in creditors is an other creditor of £3,271 (2023 £34,926) due to limited companies under the control of the designated members of this LLP. This creditor is considered to be repayable on demand.

Included in debtors is an other debtor of £13,996 (2023 £nil) due from limited companies under the control of the designated members of this LLP. This debtor is considered to be repayable on demand.