Registration number:
Poplar Park Equestrian Centre LLP
for the period from 1 April 2024 to 30 April 2024
Poplar Park Equestrian Centre LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Poplar Park Equestrian Centre LLP
Limited liability partnership information
Designated members |
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Registered office |
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Bankers |
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Accountants |
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Poplar Park Equestrian Centre LLP
(Registration number: OC447043)
Balance Sheet as at 30 April 2024
Note |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
914,850 |
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914,850 |
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Total members' interests |
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Loans and other debts due to members |
914,850 |
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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
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Poplar Park Equestrian Centre LLP
Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Poplar Park Equestrian Centre LLP
Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024
Tangible fixed assets |
Freehold land and buildings |
Long leasehold land and buildings |
Short leasehold land and buildings |
Horses |
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Cost |
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At 1 April 2024 |
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At 30 April 2024 |
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Depreciation |
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At 1 April 2024 |
- |
- |
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Charge for the year |
- |
- |
- |
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At 30 April 2024 |
- |
- |
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Net book value |
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At 30 April 2024 |
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Plant and machinery |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 April 2024 |
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At 30 April 2024 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 30 April 2024 |
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Net book value |
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At 30 April 2024 |
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Stocks |
2024 |
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Stocks |
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Debtors |
2024 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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89,559 |
Poplar Park Equestrian Centre LLP
Notes to the Financial Statements for the Period from 1 April 2024 to 30 April 2024
Creditors: Amounts falling due within one year |
2024 |
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Bank loans and overdrafts |
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Other creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: Amounts falling due after more than one year |
2024 |
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Bank loans |
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