Painesend Farm LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC316327 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

PAINESEND FARM LLP

Page

General Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

K Vallis

REGISTERED OFFICE:

Painesend Farm

Tring

Hertfordshire

HP23 6JU

REGISTERED NUMBER:

OC316327 (England and Wales)

ACCOUNTANTS:

Johnsons, Chartered Accountants

1-2 Craven Road

Ealing

London

W5 2UA

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 Painesend Farm LLP for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Painesend Farm LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Painesend Farm LLP and state those matters that we have agreed to state to the members of Painesend Farm LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Painesend Farm LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Painesend Farm 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 loss of Painesend Farm LLP. You consider that Painesend Farm LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Painesend Farm 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.

Johnsons, Chartered Accountants

1-2 Craven Road

Ealing

London

W5 2UA

30 September 2025

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

19,025,418

19,271,864

Investments

6

6,029,125

25,054,543

25,300,989

CURRENT ASSETS

Stocks

377,525

322,885

Debtors

7

1,192,809

1,053,876

Cash at bank

63,857

126,614

1,634,191

1,503,375

CREDITORS

Amounts falling due within one year

8

5,700,119

5,643,232

NET CURRENT LIABILITIES

(4,065,928

)

(4,139,857

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

20,988,615

21,161,132

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

18,853,809

18,854,409

MEMBERS' OTHER INTERESTS

Revaluation reserve

10

3,773,332

Other reserves

(1,783,700

)

(1,611,783

)

Fair value reserve

10

145,174

20,988,615

21,161,132

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

18,853,809

18,854,409

Members' other interests

2,134,806

2,306,723

20,988,615

21,161,132

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2024.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2025 and were signed by:

K Vallis - Designated member

1.	STATUTORY INFORMATION

Painesend Farm LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover comprises revenue recognised in respect of goods and services supplied during the year, excluding value added tax, and grant income. Rental income is recognised in accordance with the terms of the rental agreement.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

SPS entitlements are being amortised evenly over their estimated useful life of three years.

TANGIBLE FIXED ASSETS

Tangible assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property (excluding land)

- 2%/4%/5%10% on cost

Plant and machinery etc.

- 10%/20%/33% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

GRANT INCOME

The single payment is receivable on a calendar year basis. The annual payment only becomes receivable once the occupation and compliance periods are complete. Once the occupation period is complete, the grant is recognised in full.

A woodland creation grant received is being shown in the accounts over the life of the scheme.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

46,128

AMORTISATION

At 1 January 2024

and 31 December 2024

46,128

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

20,731,417

748,296

21,479,713

Additions

26,974

7,029

34,003

Disposals

(50,000

)

-

(50,000

)

At 31 December 2024

20,708,391

755,325

21,463,716

DEPRECIATION

At 1 January 2024

1,506,412

701,437

2,207,849

Charge for year

215,428

15,021

230,449

At 31 December 2024

1,721,840

716,458

2,438,298

NET BOOK VALUE

At 31 December 2024

18,986,551

38,867

19,025,418

At 31 December 2023

19,225,005

46,859

19,271,864

Included in cost or valuation of land and buildings is freehold land of £ 12,965,200 (2023 - £ 12,967,905 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2016

2,853,332

-

2,853,332

Valuation in 2020

1,000,000

-

1,000,000

Cost

16,855,059

755,325

17,610,384

20,708,391

755,325

21,463,716

If the freehold land and property had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

15,869,766

Aggregate depreciation

941,600

Value of land in freehold land and buildings

10,328,453

The freehold land and property was valued on a fair value basis on 31 December 2022 by Mr R Alberto FRICS (Ret.) .

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

6,029,125

NET BOOK VALUE

At 31 December 2024

6,029,125

At 31 December 2023

6,029,125

Cost or valuation at 31 December 2024 is represented by:

Unlisted

investments

£

Valuation in 2020

48,011

Valuation in 2021

97,163

Valuation in 2022

(56,252

)

Valuation in 2023

(60,252

)

Cost

6,000,455

6,029,125

If other investments had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

6,000,455

Other investments were valued on a fair value basis on 31 July 2020 by John Clegg & Co .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

155,445

11,929

Other debtors

1,037,364

1,041,947

1,192,809

1,053,876

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

70,249

34,914

Other creditors

5,629,870

5,608,318

5,700,119

5,643,232

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loans due to members have no preferential ranking in relation to any other unsecured creditor. There are no restrictions or limitations on the ability of the members to reduce the amounts of 'members' other interests'.

10.

RESERVES

Fair

Revaluation

value

reserve

Totals

£

At 1 January 2024

and 31 December 2024

3,773,332

145,174

3,918,506

11.	ULTIMATE CONTROLLING PARTY

At the balance sheet date the Partnership was controlled jointly by P Vallis and K Vallis.After the year end but before the accounts were signed P Vallis passed away and control of the Partnership is now with K Vallis.