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REGISTERED NUMBER: OC305641
Highclere Enterprises LLP
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
Highclere Enterprises LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Sep 22
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,166,564
1,058,422
Current assets
Stocks
392,343
265,792
Debtors
6
506,727
377,312
Cash at bank and in hand
291,192
1,353,351
------------
------------
1,190,262
1,996,455
Creditors: amounts falling due within one year
7
1,990,652
1,792,683
------------
------------
Net current (liabilities)/assets
( 800,390)
203,772
------------
------------
Total assets less current liabilities
366,174
1,262,194
Creditors: amounts falling due after more than one year
8
29,021
---------
------------
Net assets
337,153
1,262,194
---------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
170,657
1,095,698
Members' other interests
Members' capital classified as equity
166,496
166,496
Other reserves
---------
------------
337,153
1,262,194
---------
------------
Total members' interests
Loans and other debts due to members
9
170,657
1,095,698
Members' other interests
166,496
166,496
---------
------------
337,153
1,262,194
---------
------------
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 income statement has not been delivered.
For the period ending 31 March 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 .
Highclere Enterprises LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 24 March 2025 , and are signed on their behalf by:
G. R. O. M. Earl of Carnarvon
Designated Member
Registered number: OC305641
Highclere Enterprises LLP
Notes to the Financial Statements
Period from 1 October 2022 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Estate Office, Highclere Park Highclere, Newbury, Berkshire, RG20 9RN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A 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' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover includes revenue earned from the sale of goods and recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 income statement 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 income statement 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 income statement 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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property
-
15% reducing balance
Plant and machinery
-
15 - 25% reducing balance
Other assets
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Depreciation is not provided on antiques used within the setting as their residual value is considered to be equal or in excess of original cost.
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.
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 financial cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 108 (2022: 87 ).
5.
Tangible assets
Long leasehold property
Plant and machinery
Other assets
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
520,562
1,095,220
695
135,458
1,751,935
Additions
352,493
15,000
367,493
---------
------------
----
---------
------------
At 31 March 2024
520,562
1,447,713
695
150,458
2,119,428
---------
------------
----
---------
------------
Depreciation
At 1 October 2022
242,297
369,074
196
81,946
693,513
Charge for the period
59,566
180,282
171
19,332
259,351
---------
------------
----
---------
------------
At 31 March 2024
301,863
549,356
367
101,278
952,864
---------
------------
----
---------
------------
Carrying amount
At 31 March 2024
218,699
898,357
328
49,180
1,166,564
---------
------------
----
---------
------------
At 30 September 2022
278,265
726,146
499
53,512
1,058,422
---------
------------
----
---------
------------
The amounts stated as cost above reflect the net book value of the assets as at 1 October 2018, together with additions and disposals since that date at cost. The amounts stated as depreciation above reflect the depreciation since 1 October 2018.
6.
Debtors
31 Mar 24
30 Sep 22
£
£
Trade debtors
279,679
111,066
Other debtors
227,048
266,246
---------
---------
506,727
377,312
---------
---------
7. Creditors: amounts falling due within one year
31 Mar 24
30 Sep 22
£
£
Trade creditors
166,779
231,580
Social security and other taxes
216,331
190,814
Other creditors
1,607,542
1,370,289
------------
------------
1,990,652
1,792,683
------------
------------
Included within the liabilities disclosed above under other creditors is an amount of £14,043 (2022: £0) for which security over the assets to which the liability relates has been given.
8. Creditors: amounts falling due after more than one year
31 Mar 24
30 Sep 22
£
£
Other creditors
29,021
--------
----
Included within the liabilities disclosed above under other creditors is an amount of £29,021 (2022: £0) for which security over the assets to which the liability relates has been given.
9.
Loans and other debts due to members
31 Mar 24
30 Sep 22
£
£
Amounts owed to members in respect of profits
170,657
1,095,698
---------
------------
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.