ACCOUNTS - Final Accounts preparation

Loans and other debts due to members

Company Registration Number: OC435966

DALEMAIN LLP

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

DALEMAIN LLP

REGISTERED NUMBER: OC435966

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		13,498,696		12,954,141
Investment property	5		6,377,500		6,377,500
			19,876,196		19,331,641
Current assets
Stocks		150,550		78,408
Debtors: amounts falling due within one year	6	333,812		242,224
Cash at bank and in hand	7	504,362		395,150
		988,724		715,782
Creditors: Amounts Falling Due Within One Year	8	(134,042)		(85,261)
Net current assets			854,682		630,521
Total assets less current liabilities			20,730,878		19,962,162

Net assets			20,730,878		19,962,162

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DALEMAIN LLP

REGISTERED NUMBER: OC435966

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability			20,505,960		19,822,982
Other amounts	9		100,910		-
			20,606,870		19,822,982
Members' other interests
Other reserves classified as equity		124,008		139,180
			124,008		139,180
			20,730,878		19,962,162

Total members' interests
Loans and other debts due to members	9	20,606,870	19,822,982
Members' other interests		124,008	139,180
		20,730,878	19,962,162

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 by:

G Hasell-McCosh

Designated member

Date: 4 November 2025

The notes on pages 4 to 9 form part of these financial statements.

Dalemain LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

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DALEMAIN LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2025


	EQUITY Members' other interests		DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£
Amounts due to members			20,020,171	(169,420)	19,850,751
Balance at 1 April 2023	127,961	127,961	20,020,171	(169,420)	19,850,751	19,978,712
Members' remuneration charged as an expense	-	-	-	170,000	170,000	170,000
Profit for the year available for discretionary division among members	34,812	34,812	-	-	-	34,812
Members' interests after profit for the year	162,773	162,773	20,020,171	580	20,020,751	20,183,524
Other division of profits	(23,593)	(23,593)	-	23,593	23,593	-
Reclassification of members' capital	-	-	(197,189)	197,189	-	-
Drawings on account and distribution of profit	-	-	-	(221,362)	(221,362)	(221,362)
Amounts due to members			19,822,982	-	19,822,982
Balance at 31 March 2024	139,180	139,180	19,822,982	-	19,822,982	19,962,162
Members' remuneration charged as an expense	-	-	-	240,000	240,000	240,000
Loss for the year available for discretionary division among members	(15,172)	(15,172)	-	-	-	(15,172)
Members' interests after profit for the year	124,008	124,008	19,822,982	240,000	20,062,982	20,186,990
Amounts introduced by members	-	-	682,978	169,839	852,817	852,817
Drawings on account and distribution of profit	-	-	-	(308,929)	(308,929)	(308,929)
Amounts due to members			20,505,960	100,910	20,606,870
Balance at 31 March 2025	124,008	124,008	20,505,960	100,910	20,606,870	20,730,878

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.

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Dalemain LLP is a limited liability partnership incorporated in England & Wales. The LLP's registration number is OC435966. The LLP's registered address and principal place of business is Dalemain Estate Office, Dalemain, Penrith, CA11 0HB.

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 LLP's functional and presentation currency is GBP.

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.

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.4

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.

2.5

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 the Statement of comprehensive income.

2.6

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.

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings	-	2%	straight line (land not depreciated)
Plant and machinery	-	20%	straight line & 10% straight line
Motor vehicles	-	20%	straight line
Fixtures and fittings	-	20%	straight line

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.

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Herd basis stock:
The animals comprised in the production herd are valued at cost, with replacements valued at the original cost of the animals they replace. Additional animals are valued at cost when transferred to the herd. Stock is valued at the lower of cost and net realisable value. Where the cost of home bred animals cannot be ascertained they are valued at 60% of market value for cattle and 75% of market value for other livestock.

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Judgements and estimates

In the application of the accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key estimate in these financial statements is investment property valuation.

Employees

The average monthly number of employees, including directors, during the year was 31 (2024 - 27).

4.	Tangible fixed assets

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	13,147,500	123,249	57,325	7,112	13,335,186
Additions	4,850	691,094	55,398	-	751,342
Disposals	-	(21,072)	(16,500)	-	(37,572)
At 31 March 2025	13,152,350	793,271	96,223	7,112	14,048,956
Depreciation
At 1 April 2024	271,461	78,659	25,591	5,334	381,045
Charge for the year on owned assets	90,487	84,933	18,837	1,778	196,035
Disposals	-	(20,220)	(6,600)	-	(26,820)
At 31 March 2025	361,948	143,372	37,828	7,112	550,260
Net book value
At 31 March 2025	12,790,402	649,899	58,395	-	13,498,696
At 31 March 2024	12,876,039	44,590	31,734	1,778	12,954,141

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	6,377,500
	At 31 March 2025	6,377,500

The valuations were made by a professional third party, on an open market value for existing use basis.


					2025	2024
					£	£

Historic cost	6,377,500	6,377,500
Accumulated depreciation and impairments	(458,512)	(343,884)
	5,918,988	6,033,616

Debtors

					2025	2024
					£	£


Trade debtors	47,759	16,093
Other debtors	50,624	17,895
Prepayments and accrued income	235,429	208,236
	333,812	242,224

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	504,362	395,150
	504,362	395,150

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DALEMAIN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Other creditors	45,651	42,191
Accruals and deferred income	88,391	43,070
	134,042	85,261


Members' capital treated as debt	20,505,960	19,822,982
Other amounts due to members	100,910	-
	20,606,870	19,822,982

Loans and other debts due to members may be further analysed as follows:

					2025	2024
					£	£


Falling due after more than one year	20,606,870	19,822,982
	20,606,870	19,822,982

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

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