Limited Liability Partnership registration number OC416376 (England and Wales)
BELSAY ESTATE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BELSAY ESTATE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
15,219
Tangible assets
5
2,346,974
2,367,207
Investment property
6
10,663,000
10,422,000
Investments
7
4,502
4,502
13,014,476
12,808,928
Current assets
Stocks
36,624
34,725
Debtors
8
209,220
187,612
Cash at bank and in hand
398,665
286,548
644,509
508,885
Creditors: amounts falling due within one year
9
(236,330)
(149,457)
Net current assets
408,179
359,428
Total assets less current liabilities
13,422,655
13,168,356
Creditors: amounts falling due after more than one year
10
(457,800)
(457,800)
Net assets attributable to members
12,964,855
12,710,556
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
113,921
100,622
Members' other interests
Members' capital classified as equity
12,850,934
12,609,934
12,964,855
12,710,556
BELSAY ESTATE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 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 members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 29 November 2024 and are signed on their behalf by:
29 November 2024
Mr P de Wesselow
Mrs L de Wesselow
Designated member
Designated Member
Limited Liability Partnership registration number OC416376 (England and Wales)
BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Belsay Estate LLP is a limited liability partnership incorporated in England and Wales (registration number OC416376). The registered office is Estate Office, Belsay, Newcastle upon Tyne, NE20 0DX.

 

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 investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for services net of VAT.

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.

1.4
Intangible fixed assets

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets were initially measured at valuation by Land Factor Ltd and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Course building
10% reducing balance
Motor vehicles
25% straight line
Machinery
25% straight line
Website
25% reducing balance
Burial ground pony
No depreciation
Land and buildings
No depreciation/10% straight line

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
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.

1.7
Fixed asset investments

Investments in subsidiaries and associates are all held at cost in the financial statements of the LLP.

1.8
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 includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
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.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price.

 

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.

1.11
Retirement benefits and post retirement payments to members

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

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
3
4
Intangible fixed assets
Entitlements
£
Cost
At 1 April 2023 and 31 March 2024
26,634
Amortisation and impairment
At 1 April 2023
11,415
Amortisation charged for the year
15,219
At 31 March 2024
26,634
Carrying amount
At 31 March 2024
-
At 31 March 2023
15,219
BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Burial ground pony
Total
£
£
£
£
Cost
At 1 April 2023
2,298,288
296,208
1,400
2,595,896
Additions
-
920
-
920
At 31 March 2024
2,298,288
297,128
1,400
2,596,816
Depreciation and impairment
At 1 April 2023
27,735
200,954
-
228,689
Depreciation charged in the year
5,547
15,606
-
21,153
At 31 March 2024
33,282
216,560
-
249,842
Carrying amount
At 31 March 2024
2,265,006
80,568
1,400
2,346,974
At 31 March 2023
2,270,553
95,254
1,400
2,367,207
BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Investment property
2024
£
Fair value
At 1 April 2023
10,422,000
Net gains through fair value adjustments
241,000
At 31 March 2024
10,663,000

The 2023 valuations were made by Galbraith LLP on an open market value for existing use basis.

7
Fixed asset investments
2024
2023
£
£
Investments at cost
4,502
4,502
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,880
26,600
Other debtors
111,340
161,012
209,220
187,612
BELSAY ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,362
26,684
Taxation and social security
13,403
-
Other creditors
175,565
122,773
236,330
149,457
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
400,000
400,000
Other creditors
57,800
57,800
457,800
457,800

The bank loans are secured by a fixed charge over land and buildings at North Trewick Farm.

11
Deferred income
2024
2023
£
£
Other deferred income
87,852
11,149
12
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.

2024-03-312023-04-01falsefalse29 November 2024CCH SoftwareCCH Accounts Production 2024.310falseOC4163762023-04-012024-03-31OC4163762024-03-31OC416376bus:PartnerLLP12023-04-012024-03-31OC416376bus:PartnerLLP22023-04-012024-03-31OC4163762022-04-012023-03-31OC416376bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC416376bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC416376bus:FRS1022023-04-012024-03-31OC416376bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC416376bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares