Limited Liability Partnership Registration No. OC381983 (England and Wales)
S & J Padfield Estates LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
S & J Padfield Estates LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
S & J Padfield Estates LLP
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
385,930
397,835
Investment properties
5
23,021,000
23,021,000
Investments
6
10
10
23,406,940
23,418,845
Current assets
Debtors
7
486,600
803,685
Cash at bank and in hand
569,409
1,047,325
1,056,009
1,851,010
Creditors: amounts falling due within one year
8
(4,800,071)
(5,031,881)
Net current liabilities
(3,744,062)
(3,180,871)
Total assets less current liabilities
19,662,878
20,237,974
Creditors: amounts falling due after more than one year
9
(5,374,112)
(5,824,300)
Net assets attributable to members
14,288,766
14,413,674
Represented by:
Members' other interests
Members' capital classified as equity
14,288,766
14,413,674
14,288,766
14,413,674
Total members' interests
Members' other interests
14,288,766
14,413,674

T he members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

S & J Padfield Estates LLP
Statement of financial position (continued)
As at 31 March 2025
2
The financial statements were approved by the members and authorised for issue on 10 September 2025 and are signed on their behalf by:
10 September 2025
C S Padfield
Designated member
Limited Liability Partnership Registration No. OC381983
S & J Padfield Estates LLP
Notes to the financial statements
For the year ended 31 March 2025
3
1
Accounting policies
Limited liability partnership information

S & J Padfield Estates LLP is a limited liability partnership incorporated in England and Wales. The registered office is Codham Hall, Codham Hall Lane, Great Warley, Brentwood, Essex, CM13 3JT.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental receipts and recharges excluding VAT. Rental income is recognised on an accruals basis over the term of the lease.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% straight line
Computers
15% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and a ny impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
9
8
S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
3
Other gains and losses
2025
2024
£
£
Profit on sale of investment properties
-
14,116
Changes in the fair value of investment properties
-
(2,165,509)
-
(2,151,393)
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
1,197,204
Additions
141,139
Disposals
(55,000)
At 31 March 2025
1,283,343
Depreciation and impairment
At 1 April 2024
799,369
Depreciation charged in the year
153,044
Eliminated in respect of disposals
(55,000)
At 31 March 2025
897,413
Carrying amount
At 31 March 2025
385,930
At 31 March 2024
397,835
5
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
23,021,000

The Investment Properties have been valued by the designated members, and are disclosed at their open market valuation.

6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
10
10
S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
352,372
375,772
Other debtors
134,228
427,913
486,600
803,685
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
30,000
30,000
Hire purchase contracts
64,525
93,317
Trade creditors
441,218
479,599
Taxation and social security
146,118
252,148
Other creditors
4,118,210
4,176,817
4,800,071
5,031,881
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
5,286,141
5,763,493
Other creditors
87,971
60,807
5,374,112
5,824,300
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
4,271,918
5,643,493
10
Secured debts

The following debts are included within creditors and secured by a fixed charge over property occupied by the partnership:

2025
2024
£
£
Bank loans
5,316,141
5,793,493
S & J Padfield Estates LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
9
11
Related party transactions

S & J Padfield Estates LLP is connected to S & J Padfield & Partners LLP, S & J Padfield (Farms) Limited, S & J Padfield (Contracts) Limited, S & J Padfield (Handling) Limited, S & J Padfield (Lands) LLP, Latchets LLP, Codham Hall Estates Limited and Codham Hall Holdings Limited through common designated members and directors.

Included within other debtors at the year end is a balance of £Nil (2024: £278,796) due from Codham Hall Holdings Limited, a balance of £9,446 (2024: £1,200) due from S & J Padfield (Lands) LLP and a balance of £Nil (2024: £15,628) due from Codham Hall Estates Limited.

Included within other creditors at the year end is a balance of £3,097,584 (2024: £3,190,995) due to S & J Padfield & Partners LLP, which is inclusive of a loan balance of £1,386,334 (2024: £1,386,334) on which interest is charged at a commercial rate.

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