Registered number
OC391416
Beaufort Cottage Stables LLP
Filleted Accounts
31 March 2025
Beaufort Cottage Stables LLP
Registered number: OC391416
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Investment property 3 1,950,000 1,950,000
Current assets
Debtors 4 1,163,137 1,655,011
Cash at bank and in hand 29,929 172,495
1,193,066 1,827,506
Creditors: amounts falling due within one year 5 (71,548) (57,942)
Net current assets 1,121,518 1,769,564
Total assets less current liabilities 3,071,518 3,719,564
Creditors: amounts falling due after more than one year 6 (868,238) (1,028,146)
Net assets attributable to members 2,203,280 2,691,418
Represented by:
Loans and other debts due to members 7 2,669,668 2,691,418
Total members' interests
2,669,668 2,691,418
Loans and other debts due to members 2,669,668 2,691,418
For the year ended 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The 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.
These accounts were approved by the members on 12 May 2025 and signed on their behalf by:
Oliver Pynn
Designated member
Beaufort Cottage Stables LLP
Notes to the Accounts
for the year ended 31 March 2025
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investment property
The value of the LLP's investment property is considered annually by the members based on the
market value and supported by periodic valuations by an independent valuer. Depreciation is not
provided in respect of the freehold investment property.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Judgements in applying accounting policies and key sources of estimation uncertainty
Judgements in applying accounting policies and key sources of estimation uncertainty
The valuation used for the investment property in Newmarket was carried out on 19th December 2022
externally by Cheffins, Cambridge. The valuation of £1,950,000 was reached by reference to local market
evidence and the RCIS Valuation Standards. The members consider this to be the most appropriate
valuation to use for the investment property as of 31st March 2025.
2 Employees 2025 2024
Number Number
Average number of persons employed by the LLP 0 0
3 Investment property
Land and buildings
£
Cost
At 1 April 2024 1,950,000
At 31 March 2025 1,950,000
Depreciation
At 31 March 2025 -
Net book value
At 31 March 2025 1,950,000
At 31 March 2024 1,950,000
The valuation of the investment property in Newmarket was carried out on 19th December 2022 externally
by a registered valuer with the firm Cheffins, Cambridge. The valuation was carried out in accordance with
the Royal Institute of Chartered Surveyors Professional Global Standards January 2021. The valuation of
£1,950,000 was reached by reference to local market evidence and the RCIS Valuation Standards.
The members believe that there was no change in the value of the property between the date of December 2022
and the balance sheet date.
If operating land and buildings had not been revalued, they would have been included at the following carrying values:
Net book value
At 31 March 2025 – £ 2,382,712
4 Debtors 2025 2024
£ £
Other debtors 1,163,137 1,655,011
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 59,760 51,420
Other taxes and social security costs 10,000 4,732
Other creditors 1,788 1,790
71,548 57,942
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 868,238 1,028,146
7 Loans and other debts due to members 2025 2024
£ £
Members capital classified as debt 972,000 972,000
Amounts due to members in respect of profits 1,697,668 1,719,418
2,669,668 2,691,418
Amounts falling due within one year 2,669,668 2,691,418
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Beaufort Cottage Stables LLP is a limited liability partnership incorporated in England. Its registered office is:
Beaufort Cottage Stables
High Street
Newmarket
CB8 8JS
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