Registration number:
Good Harvest Second Partnership LLP
for the Year Ended 31 December 2024
Good Harvest Second Partnership LLP
Contents
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Limited liability partnership information |
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Members' Report |
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Statement of Members' Responsibilities |
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Independent Auditor's Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Good Harvest Second Partnership LLP
Limited liability partnership information
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Designated members |
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Members |
Good Harvest Group Limited |
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Registered office |
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Bankers |
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Auditors |
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Good Harvest Second Partnership LLP
Members' Report for the Year Ended 31 December 2024
The members present their report and the financial statements for the year ended 31 December 2024.
Firm structure
The LLP is a limited liability partnership registered in England. A list of designated members’ names is available for inspection at the LLP’s registered office.
Principal activity
The principal activity of the limited liability partnership is property investment
Designated members
The members who held office during the year were as follows:
Approved by the
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Good Harvest Second Partnership LLP
Statement of Members' Responsibilities for the Year Ended 31 December 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
Good Harvest Second Partnership LLP
Independent Auditor's Report to the Members of Good Harvest Second Partnership LLP
Opinion
We have audited the financial statements of Good Harvest Second Partnership LLP (the ‘limited liability partnership’) for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Good Harvest Second Partnership LLP
Independent Auditor's Report to the Members of Good Harvest Second Partnership LLP
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Members’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Members’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the limited liability partnership financial statements are not in agreement with the accounting records and returns; or |
• | we have not received all the information and explanations we require for our audit. |
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the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime. |
Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities [set out on page 3], the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Good Harvest Second Partnership LLP
Independent Auditor's Report to the Members of Good Harvest Second Partnership LLP
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the limited liability partnership through discussions with members and other management, and from our commercial knowledge and experience of the industry in which the limited liability partnership operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the limited liability partnership, including the Companies Act 2006 as applied to limited liability partnerships, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the limited liability partnership’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the limited liability partnership’s advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Good Harvest Second Partnership LLP
Independent Auditor's Report to the Members of Good Harvest Second Partnership LLP
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Unit 201, Second Floor
Metroline House
118-122 College Road
Middlesex
HA1 1BQ
Good Harvest Second Partnership LLP
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
Total |
Total |
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Turnover |
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Other operating expenses |
( |
( |
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Operating profit |
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Gain on financial assets at fair value through profit and loss |
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- |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) for the year before members' remuneration and profit shares |
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( |
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Profit/(loss) for the year available for discretionary division among members |
319,121 |
(63,873) |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Good Harvest Second Partnership LLP
(Registration number: OC316973)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
3,575,000 |
3,200,000 |
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Current assets |
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Debtors |
2,586 |
100,066 |
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Cash and short-term deposits |
1,242 |
57,467 |
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3,828 |
157,533 |
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Creditors: Amounts falling due within one year |
(3,330,029) |
(3,427,855) |
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Net current liabilities |
(3,326,201) |
(3,270,322) |
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Net assets/(liabilities) attributable to members |
248,799 |
(70,322) |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
1,000 |
1,000 |
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Revaluation reserve |
1,038,046 |
663,046 |
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Profit and loss account |
(790,247) |
(734,368) |
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248,799 |
(70,322) |
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248,799 |
(70,322) |
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Total members' interests |
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Equity |
248,799 |
(70,322) |
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248,799 |
(70,322) |
The financial statements of Good Harvest Second Partnership LLP (registered number OC316973) were approved by the
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Good Harvest Second Partnership LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Good Harvest Second Partnership LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Going concern
The financial statements have been prepared on a going concern basis as the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.
Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is derived from the principal activity of the business which comprises rental income including service charges and insurance recharged to the tenants. Turnover is shown net of sales / value added tax, returns, rebates and discounts.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Good Harvest Second Partnership LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Fixed asset investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Good Harvest Second Partnership LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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Interest payable and similar charges |
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2024 |
2023 |
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Interest on loans from group undertakings |
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Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:
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2024 |
2023 |
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Administration and support |
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Auditor's remuneration |
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2024 |
2023 |
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Audit of the financial statements |
1,275 |
950 |
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Investment property |
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Investment properties |
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Cost |
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At 1 January 2024 |
3,200,000 |
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Fair value adjustments |
375,000 |
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At 31 December 2024 |
3,575,000 |
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Net book value |
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At 31 December 2024 |
3,575,000 |
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At 31 December 2023 |
3,200,000 |
Revaluation
The investment property included above has been stated at fair value based on a valuation carried out by professional external valuers on 19 September 2024. The directors believe that the fair value at 31 December 2024 is not significantly different from that at the valuation date based on their knowledge and experience in the property sector.
Good Harvest Second Partnership LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
- |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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2024 |
2023 |
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Trade creditors |
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- |
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Amounts owed to group undertakings |
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Other taxes and social security |
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Other creditors |
- |
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Accruals and deferred income |
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Control |
The limited liability partnership is controlled by Good Harvest Group Limited whose registered office is The Old Barn House, High Road, Eastcote, Middlesex, HA5 2EW. The ultimate controlling party is