Caseware UK (AP4) 2024.0.164 2024.0.164 true2023-03-01falseagriculture55trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC397899 2023-03-01 2024-03-31 OC397899 2022-03-01 2023-02-28 OC397899 2024-03-31 OC397899 2023-02-28 OC397899 c:Director3 2023-03-01 2024-03-31 OC397899 c:Director4 2023-03-01 2024-03-31 OC397899 d:Buildings 2023-03-01 2024-03-31 OC397899 d:Buildings 2024-03-31 OC397899 d:Buildings 2023-02-28 OC397899 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:PlantMachinery 2023-03-01 2024-03-31 OC397899 d:PlantMachinery 2024-03-31 OC397899 d:PlantMachinery 2023-02-28 OC397899 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:MotorVehicles 2023-03-01 2024-03-31 OC397899 d:MotorVehicles 2024-03-31 OC397899 d:MotorVehicles 2023-02-28 OC397899 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:FurnitureFittings 2023-03-01 2024-03-31 OC397899 d:FurnitureFittings 2024-03-31 OC397899 d:FurnitureFittings 2023-02-28 OC397899 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:OfficeEquipment 2023-03-01 2024-03-31 OC397899 d:OfficeEquipment 2024-03-31 OC397899 d:OfficeEquipment 2023-02-28 OC397899 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:OwnedOrFreeholdAssets 2023-03-01 2024-03-31 OC397899 d:CurrentFinancialInstruments 2024-03-31 OC397899 d:CurrentFinancialInstruments 2023-02-28 OC397899 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC397899 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 OC397899 c:FRS102 2023-03-01 2024-03-31 OC397899 c:AuditExemptWithAccountantsReport 2023-03-01 2024-03-31 OC397899 c:AbridgedAccounts 2023-03-01 2024-03-31 OC397899 c:LimitedLiabilityPartnershipLLP 2023-03-01 2024-03-31 OC397899 2 2023-03-01 2024-03-31 OC397899 c:PartnerLLP1 2023-03-01 2024-03-31 OC397899 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC397899 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-02-28 OC397899 e:PoundSterling 2023-03-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC397899










Charlton Abbotts LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2024

 
Charlton Abbotts LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Charlton Abbotts LLP for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Charlton Abbotts LLP for the period ended 31 March 2024 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 20 October 2020Our work has been undertaken solely to prepare for your approval the financial statements of Charlton Abbotts LLP  and state those matters that we have agreed to state to the Charlton Abbotts LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charlton Abbotts LLP and its members for our work or for this report. 

It is your duty to ensure that Charlton Abbotts LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charlton Abbotts LLP. You consider that Charlton Abbotts LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Charlton Abbotts LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
24 March 2025
Page 1

 
Charlton Abbotts LLP
Registered number: OC397899

Balance sheet
As at 31 March 2024

31 March
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,530,359
32,507,680

Current assets
  

Debtors
  
20,974
209,660

Cash at bank and in hand
 5 
494,523
316,367

  
515,497
526,027

Creditors: Amounts Falling Due Within One Year
 6 
(1,412,483)
(1,361,363)

Net current liabilities
  
 
 
(896,986)
 
 
(835,336)

Total assets less current liabilities
  
31,633,373
31,672,344

  

Net assets
  
31,633,373
31,672,344

Page 2

 
Charlton Abbotts LLP
Registered number: OC397899

Balance sheet (continued)
As at 31 March 2024

31 March
28 February
2024
2023
Note
£
£

Represented by:
  

Members' other interests
  

Members' capital classified as equity
  
31,633,373
31,672,344

  
 
31,633,373
 
31,672,344

  
31,633,373
31,672,344


Total members' interests
  

Members' other interests
  
31,633,373
31,672,344

  
31,633,373
31,672,344


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

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

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 March 2025.




Mr T W Bailey
Designated member



New Quadrant Trust Corporation Limited, 
as trustee of the E W W Bailey Settlement



Mr P D Hudson, as trustee of the 
E W W Bailey Settlement

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Charlton Abbotts LLP
 

Reconciliation of members' interests
For the Period Ended 31 March 2024





Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 28 February 2023
31,672,344
-
31,672,344

Profit for the period available for discretionary division among members
 
-
167,667
167,667

Members' interests after profit for the period
31,672,344
167,667
31,840,011

Other division of profits
167,667
(167,667)
-

Drawings
(206,638)
-
(206,638)

Balance at 31 March 2024 
31,633,373
-
31,633,373

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

1.


General information

The partnership is registered and domiciled in England & Wales. The partnership's registered office is at Charlton Abbotts Manor, Andoversford, Gloucestershire, GL54 5TF.
The principal activities of the partnership are in agriculture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property and land
-
land is not depreciated
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Tractors
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.4

Debtors

Short term debtors are measured at transaction price.

 
2.5

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 6

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

  
2.6

Creditors

Short term creditors are measured at the transaction price.

Page 7

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2023 - 5).

Page 8
 


 
Charlton Abbotts LLP


 

 
Notes to the financial statements
For the Period Ended 31 March 2024


4.


Tangible fixed assets









Freehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Tractors
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
32,391,991
86,104
92,475
984
125,951
32,697,505


Additions
-
17,557
37,560
-
-
55,117



At 31 March 2024

32,391,991
103,661
130,035
984
125,951
32,752,622



Depreciation


At 1 March 2023
-
37,148
66,155
886
85,636
189,825


Charge for the period on owned assets
-
9,976
12,358
25
10,079
32,438



At 31 March 2024

-
47,124
78,513
911
95,715
222,263



Net book value



At 31 March 2024
32,391,991
56,537
51,522
73
30,236
32,530,359



At 28 February 2023
32,391,991
48,956
26,320
98
40,315
32,507,680

Page 9
 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


31 March
28 February
2024
2023
£
£

Freehold
32,391,991
32,391,991


Page 10

 
Charlton Abbotts LLP
 

 
Notes to the financial statements
For the Period Ended 31 March 2024

5.


Cash and cash equivalents

31 March
28 February
2024
2023
£
£

Cash at bank and in hand
494,523
316,367



6.


Creditors: Amounts falling due within one year

31 March
28 February
2024
2023
£
£

Other taxation and social security
3,227
-

Other creditors
1,369,088
1,351,490

Accruals and deferred income
40,168
9,873

1,412,483
1,361,363



7.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £1,106 (2023 - £580) . Contributions totalling £NIL (2023 - £316) were payable to the fund at the balance sheet date and are included in other creditors.


Page 11