Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseHoliday lodges22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC432625 2023-04-01 2024-03-31 OC432625 2022-04-01 2023-03-31 OC432625 2024-03-31 OC432625 2023-03-31 OC432625 c:PlantMachinery 2023-04-01 2024-03-31 OC432625 c:PlantMachinery 2024-03-31 OC432625 c:PlantMachinery 2023-03-31 OC432625 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC432625 c:CurrentFinancialInstruments 2024-03-31 OC432625 c:CurrentFinancialInstruments 2023-03-31 OC432625 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC432625 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC432625 d:FRS102 2023-04-01 2024-03-31 OC432625 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC432625 d:FullAccounts 2023-04-01 2024-03-31 OC432625 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC432625 d:PartnerLLP1 2023-04-01 2024-03-31 OC432625 d:PartnerLLP2 2023-04-01 2024-03-31 OC432625 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC432625 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC432625 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC432625 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC432625 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC432625










PENOFFA HOLIDAYS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PENOFFA HOLIDAYS LLP
REGISTERED NUMBER: OC432625

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
835
722

  
835
722

Current assets
  

Stocks
  
836
100

Debtors: amounts falling due within one year
 6 
69,769
54,688

Cash at bank and in hand
 7 
1,002
910

  
71,607
55,698

Creditors: Amounts Falling Due Within One Year
 8 
(6,483)
(8,484)

Net current assets
  
 
 
65,124
 
 
47,214

Total assets less current liabilities
  
65,959
47,936

  

Net assets
  
65,959
47,936


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
46,816
29,872

  
46,816
29,872

Members' other interests
  

Other reserves classified as equity
  
19,143
18,064

  
 
19,143
 
18,064

  
65,959
47,936


Total members' interests
  

Loans and other debts due to members
 9 
46,816
29,872

Members' other interests
  
19,143
18,064

  
65,959
47,936

Page 1

 
PENOFFA HOLIDAYS LLP
REGISTERED NUMBER: OC432625
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 21 August 2024.




................................................
Stuart Dopson
................................................
Miranda Roberts
Designated member
Designated member

The notes on pages 3 to 7 form part of these financial statements.

Penoffa Holidays LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2

 
PENOFFA HOLIDAYS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Penoffa Holidays LLP, OC432625, is a limited liability partnership, resgitered in Wales with its registered office and principal place of business at Penoffa Farm, Beggars Bush, Evenjobb, Presteigne, Powys. LD8 2PB. 
The principal activity is that of furnished holiday accommodation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PENOFFA HOLIDAYS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Balance sheet, pending a discretionary decision to divide the profits.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
PENOFFA HOLIDAYS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are contuinually evaluated and are based on historical evidence and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
PENOFFA HOLIDAYS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
1,127


Additions
350



At 31 March 2024

1,477



Depreciation


At 1 April 2023
405


Charge for the year on owned assets
237



At 31 March 2024

642



Net book value



At 31 March 2024
835



At 31 March 2023
722


6.


Debtors

2024
2023
£
£


Trade debtors
1,175
2,440

Other debtors
50,310
39,907

Prepayments and accrued income
18,282
12,342

69,767
54,689



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,002
910

1,002
910


Page 6

 
PENOFFA HOLIDAYS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
1,719
4,290

Trade creditors
2,010
1,728

Accruals and deferred income
2,754
2,466

6,483
8,484



9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
46,816
29,872

46,816
29,872

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
46,816
29,872

46,816
29,872

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


10.


Prior year adjustment

The members interest has been updated as the 2022 profit adjustment last year was incorrectly included a debit to the loans due to other members as opposed to a credit.  Some expenses have also been reallocated to cost of sales.
 
Page 7