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Registered No. OC420894 (England and Wales)
Penllyn Estate LLP Unaudited accounts for the year ended 31 March 2024
Penllyn Estate LLP LLP Information for the year ended 31 March 2024
Designated members
M Homfray
T M R Homfray
Registered Number
OC420894 (England and Wales)
Registered Office
THE LODGE LLWYNHELIG COWBRIDGE VALE OF GLAMORGAN CF71 7FF UNITED KINGDOM
Accountants
STAS Ltd 253 Cowbridge Road West Cardiff CF5 5TD
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Penllyn Estate LLP Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
11,759,289 
10,891,769 
Current assets
Inventories
469,852 
687,389 
Debtors
314,104 
273,273 
Cash at bank and in hand
12,983 
678,575 
796,939 
1,639,237 
Creditors: amounts falling due within one year
(1,424,026)
(1,092,394)
Net current (liabilities)/assets
(627,087)
546,843 
Total assets less current liabilities
11,132,202 
11,438,612 
Creditors: amounts falling due after more than one year
(1,930,288)
(1,965,218)
Net assets attributable to members
9,201,914 
9,473,394 
Represented by:
Loans and other debts due to members
10,002,697 
10,190,653 
Members' other interests
Other reserves
(800,783)
(717,259)
9,201,914 
9,473,394 
Total members' interests
Loans and other debts due to members
10,002,697 
10,190,653 
Members' other interests
(800,783)
(717,259)
9,201,914 
9,473,394 
For the year ending 31 March 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 20 January 2025.
T M R Homfray Designated member Limited Liability Partnership Registration No. OC420894
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Penllyn Estate LLP Notes to the Accounts for the year ended 31 March 2024
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. They have all been applied consistently throughout the year and to the preceding period.
Presentation currency
The accounts are presented in £ sterling.
Going concern
In accordance with their responsibilities as members, the members have considered the appropriateness of the going concern basis for the preparation of the financial statements. The LLP expects to have sufficient cash resources to meet its day to day working capital requirements, with a combination of cash and anticipated capital introductions. The members have assessed the Balance Sheet and likely cash flows at the date of approving these financial statements, and have a reasonable expectation that the LLP will be provided with adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
4% straight line (except for land which is not depreciated)
Plant & machinery
4% - 33% straight line and reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Biological assets
The LLP recognises biological assets when and only when the LLP controls the assets as a result of past events, it is probable that future economic benefits associated with such assets will flow to the LLP and the cost of the assets can be measured reliably. Biological assets arc initially recognised at cost. For each class of biological asset, the LLP has a choice of subsequent measurement under either the cost model or the fair value model. Where the cost model has been chosen, the biological assets are stated at cost net of depredation and any provision for impairment. Depreciation commences when they are ready for their intended use. Where the fair value model has been chosen, the biological assets are remeasured to fair value at each year end with any change recognised in the Income Statement. The fair value method has been selected for the breeding ewes, herd and poultry and the cost method has been selected for the truffle trees.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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Penllyn Estate LLP Notes to the Accounts for the year ended 31 March 2024
Financial instruments
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument. 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 deducting all of its liabilities. Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Income Statement, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments 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 Income Statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. 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 Income Statement and are equity appropriations in the Balance Sheet. All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members'
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Penllyn Estate LLP Notes to the Accounts for the year ended 31 March 2024
Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Rental income are recognised evenly over the period to which the income relates. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Leased assets
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments. All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease. Rents receivable on the freehold investment property under the terms of the operating lease are included in the profit and loss account on a receivable basis.
Pension costs
The LLP operates a defined contribution scheme for the benefit of its employees. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
2
Statutory information
Penllyn Estate LLP is a limited liability partnership, incorporated in England and Wales, registration number OC420894. Its registered office is THE LODGE, LLWYNHELIG, COWBRIDGE, VALE OF GLAMORGAN, CF71 7FF, UNITED KINGDOM.
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Penllyn Estate LLP Notes to the Accounts for the year ended 31 March 2024
3
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
8,663,214 
4,459,606 
335,908 
116,648 
13,575,376 
Additions
1,082,517 
435,980 
41,953 
- 
1,560,450 
Disposals
(62,008)
(269,783)
(21,460)
- 
(353,251)
At 31 March 2024
9,683,723 
4,625,803 
356,401 
116,648 
14,782,575 
Depreciation
At 1 April 2023
981,437 
1,452,070 
185,497 
64,603 
2,683,607 
Charge for the year
166,756 
254,793 
41,178 
8,119 
470,846 
On disposals
- 
(128,932)
(2,235)
- 
(131,167)
At 31 March 2024
1,148,193 
1,577,931 
224,440 
72,722 
3,023,286 
Net book value
At 31 March 2024
8,535,530 
3,047,872 
131,961 
43,926 
11,759,289 
At 31 March 2023
7,681,777 
3,007,536 
150,411 
52,045 
10,891,769 
4
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
533,983 
451,225 
Obligations under finance leases and hire purchase contracts
78,819 
87,374 
Trade creditors
725,113 
480,558 
Taxes and social security costs
19,556 
22,678 
Other creditors
27,920 
20,967 
Accruals
11,697 
29,592 
Deferred income
26,938 
- 
1,424,026 
1,092,394 
5
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,640,947 
1,664,001 
Obligations under finance leases and hire purchase contracts
87,668 
99,544 
Deferred income
201,673 
201,673 
1,930,288 
1,965,218 
6
Loans and other debts due to members
2024 
2023 
£ 
£ 
Members' capital classified as a liability
9,622,191 
9,988,267 
Loans from members
380,506 
202,386 
10,002,697 
10,190,653 
Amounts falling due within one year
10,002,697 
10,190,653 
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
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Penllyn Estate LLP Notes to the Accounts for the year ended 31 March 2024
7
Controlling party
There is no ultimate controlling party.
8
Average number of employees
During the year the average number of employees was 49 (2023: 49).
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