REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Rock Farm Pensax LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
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. |
Chartered Accountants |
Meryll House |
57 Worcester Road |
Bromsgrove |
Worcestershire |
B61 7DN |
Rock Farm Pensax LLP (Registered number: OC411561) |
Income Statement |
for the year ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
70,590 | 161,409 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Rock Farm Pensax LLP (Registered number: OC411561) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Freehold property | - |
Improvements to property | - |
Racehorse | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts |
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 |
Hire purchase contracts | 5,332 | 213,313 |
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. |