1 false false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC304435 2023-05-01 2024-04-30 OC304435 2024-04-30 OC304435 2023-04-30 OC304435 2022-05-01 2023-04-30 OC304435 2023-04-30 OC304435 2022-04-30 OC304435 core:LandBuildings core:LongLeaseholdAssets 2023-05-01 2024-04-30 OC304435 core:PlantMachinery 2023-05-01 2024-04-30 OC304435 core:MotorVehicles 2023-05-01 2024-04-30 OC304435 bus:Director1 2023-05-01 2024-04-30 OC304435 core:LandBuildings 2023-04-30 OC304435 core:PlantMachinery 2023-04-30 OC304435 core:MotorVehicles 2023-04-30 OC304435 core:LandBuildings 2024-04-30 OC304435 core:PlantMachinery 2024-04-30 OC304435 core:MotorVehicles 2024-04-30 OC304435 core:LandBuildings 2023-05-01 2024-04-30 OC304435 core:WithinOneYear 2024-04-30 OC304435 core:WithinOneYear 2023-04-30 OC304435 core:AfterOneYear 2024-04-30 OC304435 core:AfterOneYear 2023-04-30 OC304435 core:LandBuildings 2023-04-30 OC304435 core:PlantMachinery 2023-04-30 OC304435 core:MotorVehicles 2023-04-30 OC304435 bus:SmallEntities 2023-05-01 2024-04-30 OC304435 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 OC304435 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 OC304435 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC304435 bus:FullAccounts 2023-05-01 2024-04-30 OC304435 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 OC304435 core:OtherPropertyPlantEquipment 2023-04-30 OC304435 core:OtherPropertyPlantEquipment 2024-04-30
REGISTERED NUMBER: OC304435
Woolley Park Farm LLP
Filleted Unaudited Financial Statements
30 April 2024
Woolley Park Farm LLP
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
64,961
68,803
Current assets
Stocks
57,000
35,750
Debtors
5
15,000
30,444
-------
-------
72,000
66,194
Prepayments and accrued income
4,463
7,090
Creditors: amounts falling due within one year
6
45,047
41,849
-------
-------
Net current assets
31,416
31,435
-------
--------
Total assets less current liabilities
96,377
100,238
Creditors: amounts falling due after more than one year
7
6,684
14,930
-------
--------
Net assets
89,693
85,308
-------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
89,693
85,308
-------
-------
Members' other interests
Other reserves
-------
-------
89,693
85,308
-------
-------
Total members' interests
Loans and other debts due to members
8
89,693
85,308
Members' other interests
-------
-------
89,693
85,308
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Woolley Park Farm LLP
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the members and authorised for issue on 16 January 2025 , and are signed on their behalf by:
N. Wyatt
Designated Member
Registered number: OC304435
Woolley Park Farm LLP
Notes to the Financial Statements
Year ended 30 April 2024
1.
General information
The LLP is registered and trading in England and Wales with company number OC304435 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW.
2.
Accounting policies
Basis of preparation
The financial statements have been prepare on historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
5% straight line
Plant & machinery
-
5% reducing balance
Motor Vehicles
-
25% reducing balance
Plant & Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The LLP only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2023: 1 ).
4.
Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
2,576
70,950
13,842
12,212
99,580
Additions
1,000
1,000
------
-------
-------
-------
--------
At 30 April 2024
2,576
70,950
13,842
13,212
100,580
------
-------
-------
-------
--------
Depreciation
At 1 May 2023
983
9,330
11,351
9,113
30,777
Charge for the year
318
3,081
623
820
4,842
------
-------
-------
-------
--------
At 30 April 2024
1,301
12,411
11,974
9,933
35,619
------
-------
-------
-------
--------
Carrying amount
At 30 April 2024
1,275
58,539
1,868
3,279
64,961
------
-------
-------
-------
--------
At 30 April 2023
1,593
61,620
2,491
3,099
68,803
------
-------
-------
-------
--------
5.
Debtors
2024
2023
£
£
Trade debtors
15,000
30,000
Other debtors
444
-------
-------
15,000
30,444
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,507
22,328
Social security and other taxes
2,276
946
Other creditors
13,264
18,575
-------
-------
45,047
41,849
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,684
14,930
------
-------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
89,693
85,308
-------
-------