Limited Liability Partnership registration number OC438328 (England and Wales)
BARN CHURCH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BARN CHURCH LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BARN CHURCH LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BARN CHURCH LLP FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barn Church LLP for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the limited liability partnership’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 at https://www.icaew.com/regulation.

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

It is your duty to ensure that Barn Church 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 loss of Barn Church LLP. You consider that Barn Church 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 Barn Church 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.

Carpenter Box
2 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BARN CHURCH LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
661,817
490,560
Current assets
Debtors
4
553,269
310,341
Cash at bank and in hand
7,644
65,367
560,913
375,708
Creditors: amounts falling due within one year
5
(238,417)
(813,080)
Net current assets/(liabilities)
322,496
(437,372)
Total assets less current liabilities
984,313
53,188
Creditors: amounts falling due after more than one year
6
(74,243)
(75,283)
Net assets/(liabilities) attributable to members
910,070
(22,095)
Represented by:
Loans and other debts due to/(from) members within one year
Members' capital classified as a liability
1,065,791
-
Members' other interests
Other reserves classified as equity
(155,721)
(22,095)
910,070
(22,095)
Total members' interests
Amounts due from members
(498,178)
(257,986)
Loans and other debts due to/(from) members
1,065,791
-
Members' other interests
(155,721)
(22,095)
411,892
(280,081)

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

BARN CHURCH LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

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 2 November 2024 and are signed on their behalf by:
02 November 2024
Mr M Jones
Designated member
Limited Liability Partnership Registration No. OC438328
BARN CHURCH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Barn Church LLP is a limited liability partnership incorporated in England and Wales. The registered office is Church House, The Street, Washington, Pulborough, England, RH20 4AS.

 

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BARN CHURCH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
See below
Plant and equipment
Enter depreciation rate via StatDB - cd76
Fixtures and fittings
20% diminishing balance per annum
Motor vehicles
25% diminishing balance per annum

Leasehold property and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
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.

1.7
Financial instruments

The company 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.

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.

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.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BARN CHURCH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was 0 (2023 - 0).

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
285,901
-
26,626
234,173
546,700
Additions
186,138
5,250
7,471
30,000
228,859
Disposals
-
-
(3,274)
-
(3,274)
At 31 March 2024
472,039
5,250
30,823
264,173
772,285
Depreciation and impairment
At 1 April 2023
-
-
1,939
54,202
56,141
Depreciation charged in the year
-
963
5,246
48,118
54,327
At 31 March 2024
-
963
7,185
102,320
110,468
Carrying amount
At 31 March 2024
472,039
4,287
23,638
161,853
661,817
At 31 March 2023
285,901
-
24,687
179,972
490,560
BARN CHURCH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
498,178
257,986
Other debtors
55,091
52,355
553,269
310,341
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,960
56,197
Taxation and social security
-
2,264
Other creditors
227,457
754,619
238,417
813,080
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
74,243
75,283

Other creditors in notes 5 and 6 include hire purchase liabilities which are secured on the related asset.

 

7
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.

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