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Registered number: OC358742










Trevor Heathcote LLP










Financial statements

For the year ended 30 April 2024

 
Trevor Heathcote LLP
 

Information



Designated Members
FGS Plant Limited
FGS Agri Limited
T L Heathcote

LLP registered number
OC358742

Registered office
Stanford Bridge Farm
Station Road
Pluckley
Ashford
Kent
TN27 0RU

Independent auditor
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU


 
Trevor Heathcote LLP
 

Contents



Page
Members' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Reconciliation of members' interests
 
19
Notes to the financial statements
 
10 - 19


 
Trevor Heathcote LLP
 

Members' report
For the year ended 30 April 2024

The members present their annual report together with the audited financial statements of Trevor Heathcote LLP (the "LLP") for the period ended 30 April 2024
 

Principal activities
 
 
The principal activity of the LLP is that of investing in property for both development, sale and rental.
Branches outside the United Kingdom
No branches exist outside the United Kingdom. 
 
 
Designated Members
 
 
FGS Plant Limited 
FGS Agri Limited
 
T L Heathcote
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 30 April 2024 are set out in the Reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 
Page 1

 
Trevor Heathcote LLP
 

Members' report (continued)
For the year ended 30 April 2024

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditor
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

This report was approved by the members and signed on their behalf by: 






T L Heathcote  
Designated member

Date: 29 January 2025
Page 2

 
Trevor Heathcote LLP
 

 
Independent auditor's report to the members of Trevor Heathcote LLP
 

Opinion
 

We have audited the financial statements of Trevor Heathcote LLP (the 'LLP') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.

Page 3

 
Trevor Heathcote LLP
 

 
Independent auditor's report to the members of Trevor Heathcote LLP (continued)



Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override. Audit procedures performed by the engagement team:
 
Page 4

 
Trevor Heathcote LLP
 

 
Independent auditor's report to the members of Trevor Heathcote LLP (continued)


Discussions with management and assessment of known or suspected instances of non-compliance with
laws and regulations (including health and safety) and fraud;
Assessment of identified fraud risk factors;
Challenging assumptions and judgments made by management in its significant accounting estimates; 
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of
business;
Physical inspection of tangible fixed assets susceptible to fraud or irregularity;
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 
Identifying and testing journal entries, in particular any manual entries made at the year end for financial
statement preparation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the LLP's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.
Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the LLP to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Page 5

 
Trevor Heathcote LLP
 

 
Independent auditor's report to the members of Trevor Heathcote LLP (continued)


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tracey Becker (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
Canterbury

30 January 2025
Page 6

 
Trevor Heathcote LLP
 

Statement of comprehensive income
For the year ended 30 April 2024

2024
2023
£
£

  

Turnover
  
456,509
328,821

Cost of sales
  
(7,200)
(7,191)

Gross profit
  
 
449,309
 
321,630

Administrative expenses
  
(38,936)
(70,519)

Other operating income
  
269,000
136,000

Fair value movements
  
3,365,752
-

Operating profit
  
 
4,045,125
 
387,111

Income from participating interests
  
47,210
27,438

Interest payable and similar expenses
  
(20,678)
(11,457)

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
4,071,657
 
403,092

  

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Trevor Heathcote LLP
Registered number: OC358742

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,344
738,573

Fixed asset investments
 5 
1,284,751
1,247,541

Investment property
  
4,097,199
-

  
5,387,294
1,986,114

Current assets
  

Debtors due within 1 year
 7 
161,108
76,539

Cash at bank and in hand
  
575,833
574,466

  
736,941
651,005

Creditors: Amounts Falling Due Within One Year
 8 
(191,774)
(146,682)

Net current assets
  
 
 
545,167
 
 
504,323

Total assets less current liabilities
  
5,932,461
2,490,437

Creditors: amounts falling due after more than one year
 9 
(247,567)
(265,054)

  

Net assets
  
5,684,894
2,225,383


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
223,047
223,047

Other reserves classified as equity

  

5,461,847
2,002,336

  
 
5,684,894
 
2,225,383


Total members' interests
  

Statement Of Financial Position
  
5,684,894
2,225,383


The financial statements have been prepared 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 by: 




T L Heathcote
Designated member
Date: 29 January 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Trevor Heathcote LLP
 

Statement of changes in equity
For the year ended 30 April 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£


At 1 May 2022
223,047
2,001,247
2,224,294


Comprehensive income for the year

Profit for year for discretionary division among members
-
403,092
403,092


Contributions by and distributions to members

Distributions to members
-
(402,003)
(402,003)



At 1 May 2023
223,047
2,002,336
2,225,383


Comprehensive income for the year

Profit for year for discretionary division among members
-
4,071,657
4,071,657


Contributions by and distributions to members

Distributions to members
-
(612,146)
(612,146)


At 30 April 2024
223,047
5,461,847
5,684,894

The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Trevor Heathcote LLP is a limited liability partnership incorporated in England and Wales. The registered office is Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, TN27 0RU.
The limited liability partnership's principal activities are disclosed in the Members' Report. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 LLP. Monetary amounts in these financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on the continued support of the Partners and their expectation that income will continue to be generated from the rental of property to tenants, the Partners consider it appropriate to prepare the financial statements on a going concern.

 
2.3

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 10

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

  
2.4

Members' participating interest

Members' participating 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 members' 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. 
All amounts due to members that are classified as liabilities are presented  within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests. 
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

Land is not depreciated. Depreciation on other assets 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:

Land and buildings Freehold
-
Not depreciated
Plant and machinery
-
25% reducing balance

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.

Page 11

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

  
2.6

Impairment of fixed assets

Assets that are subject to depreciation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
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

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.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 12

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.



Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 13

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the LLP as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.12

Taxation

Income tax payable on the LLP's profits are accounted for within Members' interests on a payment only basis.

 
2.13

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of comprehensive income.

 
2.14

Investment property

Investment property is carried at fair value determined annually by the Directors of the company and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Associates and joint ventures

Investments in Associates and Joint Ventures are accounted for using the fair value method. 
The LLP's share of Associate and Joint Ventures' results are recognised within the Statement of Comprehensive Income.

Page 14

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

  
2.19

Allocation of profits and drawings

The designated members set the level of profits to be allocated to each designated member. This allocation is made subsequent to approving the accounts. To the extent that profit allocations exceed drawings then the excess profit is included in the balance sheet under 'Loans and other debts due to members'. Where drawings exceed the allocation of profits then the excess is included in debtors. The same treatment is used for members who retire during the year. 

  
2.20

Post retirement payments to members

On retirement a members' capital and current account are paid in accordance with an agreed payment schedule. 


3.


Employees




The LLP has no employees.

Page 15

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
731,447
18,285
749,732


Transfers between classes
(731,447)
-
(731,447)



At 30 April 2024

-
18,285
18,285



Depreciation


At 1 May 2023
-
11,159
11,159


Charge for the year
-
1,782
1,782



At 30 April 2024

-
12,941
12,941



Net book value



At 30 April 2024
-
5,344
5,344



At 30 April 2023
731,447
7,126
738,573


5.


Fixed asset investments





Investments in joint ventures
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 May 2023
237,540
1,010,001
1,247,541


Additions
37,210
-
37,210



At 30 April 2024
274,750
1,010,001
1,284,751






Net book value



At 30 April 2024
274,750
1,010,001
1,284,751

Page 16

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

6.


Investment property


Freehold investment property

£



Valuation


Surplus on revaluation
3,365,752


Transfers between classes
731,447



At 30 April 2024
4,097,199


Comprising


Cost
731,447

Annual revaluation surplus/(deficit):


2024
3,365,752

At 30 April 2024
4,097,199







7.


Debtors

2024
2023
£
£


Trade debtors
63,204
33,574

Other debtors
44,867
39,984

Prepayments and accrued income
53,037
2,981

161,108
76,539


Page 17

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
24,314
24,314

Trade creditors
26,641
17,092

Amounts owed to companies under common control
-
22,808

Other taxation and social security
4,889
9,041

Other creditors
135,930
73,427

191,774
146,682


Included within bank loans are amounts payable to National Westminster Bank Plc which are secured over part of the assets of the business and other guarantees. 
The members of the LLP have agreed that (a) loans and other debts dues to members, (b) members' other interest (including capital and reserves) and (c) any members' residual interests will rank behind all amounts due to non members in the administration or winding up of the LLP. This agreement cannot be revoked and may be enforced by creditors. 


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
247,567
265,054


Included within bank loans are amounts payable to National Westminster Bank Plc which are secured over part of the assets of the business and other guarantees. 


10.


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. 

Page 18

 
Trevor Heathcote LLP
 

 
Notes to the financial statements
For the year ended 30 April 2024

11.


Reconciliation of members' interests 





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Profit for the year available for discretionary division among members
 
-
4,071,657
4,071,657

Members' interests after profit for the year
223,047
6,073,993
6,297,040

Movement in reserves
-
(612,146)
(612,146)

Balance at 30 April 2024 
223,047
5,461,847
5,684,894

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.


12.


Related party transactions

All related party transactions during the current period were made under normal market conditions.

Page 19