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Registration number: OC447043

Poplar Park Equestrian Centre LLP

Unaudited Filleted Financial Statements

for the period from 1 April 2024 to 30 April 2024

 

Poplar Park Equestrian Centre LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

3

 

Poplar Park Equestrian Centre LLP

Limited liability partnership information

Designated members

J I Hardwick

P M Hardwick

J D Hardwick

A S Taylor
 

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank Plc
Woodbridge Business Centre
Woodbridge
Suffolk
IP12 1DJ

Accountants

Lambert Chapman LLP
Chartered Accountants and Statutory Auditors
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Poplar Park Equestrian Centre LLP

(Registration number: OC447043)
Balance Sheet as at 30 April 2024

Note

2024
£

Fixed assets

 

Tangible assets

3

1,146,765

Current assets

 

Stocks

4

1,000

Debtors

5

89,559

Cash and short-term deposits

 

19,890

 

110,449

Creditors: Amounts falling due within one year

6

(45,517)

Net current assets

 

64,932

Total assets less current liabilities

 

1,211,697

Creditors: Amounts falling due after more than one year

7

(296,847)

Net assets attributable to members

 

914,850

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

914,850

   

914,850

Total members' interests

 

Loans and other debts due to members

 

914,850

   

914,850

For the period ended 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Poplar Park Equestrian Centre LLP (registered number OC447043) were approved by the Board and authorised for issue on 18 March 2025. They were signed on behalf of the limited liability partnership by:

.........................................
A S Taylor
Designated member

 

Poplar Park Equestrian Centre LLP

Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Revenue is recognised on the provision of livery services and riding lessons provided. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

Members' fixed shares of profits and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less and subsequent accumulated depreciation.

 

Poplar Park Equestrian Centre LLP

Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024

Depreciation

Depreciation is charged to write off the cost of assets over their useful economic lives as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

not depreciated

Long leasehold land and buildings

not depreciated

Short leasehold land and buildings

not depreciated

Horses

25% Reducing balance

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for livery services or lessons given in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs).

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 limited liability partnership intends either to setlle on a net basis, or to relaise the asset and setlle the liability simultaneously.

Impairment of financial assets

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 limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some 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.

 

Poplar Park Equestrian Centre LLP

Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 9.

 

Poplar Park Equestrian Centre LLP

Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024

3

Tangible fixed assets

Freehold land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Horses
£

Cost

At 1 April 2024

1,058,771

38,000

11,950

59,761

At 30 April 2024

1,058,771

38,000

11,950

59,761

Depreciation

At 1 April 2024

-

-

9,548

46,758

Charge for the year

-

-

-

271

At 30 April 2024

-

-

9,548

47,029

Net book value

At 30 April 2024

1,058,771

38,000

2,402

12,732

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2024

191,075

65,178

3,053

1,427,788

At 30 April 2024

191,075

65,178

3,053

1,427,788

Depreciation

At 1 April 2024

160,237

61,917

1,551

280,011

Charge for the year

642

68

31

1,012

At 30 April 2024

160,879

61,985

1,582

281,023

Net book value

At 30 April 2024

30,196

3,193

1,471

1,146,765

4

Stocks

2024
£

Stocks

1,000

5

Debtors

2024
£

Trade debtors

55,133

Other debtors

33,082

Prepayments and accrued income

1,344

89,559

 

Poplar Park Equestrian Centre LLP

Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024

6

Creditors: Amounts falling due within one year

2024
£

Bank loans and overdrafts

20,476

Other creditors

7,128

Taxation and social security

10,423

Accruals and deferred income

7,490

45,517

7

Creditors: Amounts falling due after more than one year

2024
£

Bank loans

296,847