REGISTERED NUMBER: OC433416 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

VERNON EQUESTRIAN LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Statement of Financial Position

4

Notes to the Financial Statements

5

to

6

DESIGNATED MEMBERS:

D J Vernon

J M Vernon

C J R Vernon

REGISTERED OFFICE:

Cairns House

Hall Lane

Burgh Le Marsh

Skegness

Lincolnshire

PE24 5AQ

REGISTERED NUMBER:

OC433416 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of breeding and training horses.

DESIGNATED MEMBERS

The designated members during the year under review were:

D J Vernon

J M Vernon

C J R Vernon

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £141,225 (2024 - £440,049 loss).

MEMBERS' INTERESTS

Members capital is subscribed to equally and will be repaid by the Limited Liability Partnership on the departure of a member from the Limited Liability Partnership.

Profits for the year are allocated in accordance with the members agreement.

It is the policy of the Limited Liability Partnership to only allow members to withdraw profits to the extent that the Limited Liability Partnership retains sufficient working capital to finance it's ongoing operation.

ON BEHALF OF THE MEMBERS:

D J Vernon - Designated member

29 November 2025

TURNOVER

706,120

339,830

Cost of sales

639,473

574,843

GROSS PROFIT/(LOSS)

66,647

(235,013

)

Administrative expenses

198,911

203,409

OPERATING LOSS

(132,264

)

(438,422

)

Interest payable and similar expenses

8,961

1,627

LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(141,225

)

(440,049

)

FIXED ASSETS

Tangible assets

4

510,466

490,548

CURRENT ASSETS

Stocks

904,315

725,061

Debtors

5

14,531

36,816

Cash at bank

32,860

21,641

951,706

783,518

CREDITORS

Amounts falling due within one year

6

29,158

16,736

NET CURRENT ASSETS

922,548

766,782

TOTAL ASSETS LESS CURRENT LIABILITIES

1,433,014

1,257,330

CREDITORS

Amounts falling due after more than one year

7

102,017

127,517

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,330,997

1,129,813

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

1,330,997

1,129,813

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,330,997

1,129,813

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 March 2025.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 29 November 2025 and were signed by:

D J Vernon - Designated member

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

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

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

45,522

622,926

668,448

Additions

59,968

61,195

121,163

At 31 March 2025

105,490

684,121

789,611

DEPRECIATION

At 1 April 2024

-

177,900

177,900

Charge for year

-

101,245

101,245

At 31 March 2025

-

279,145

279,145

NET BOOK VALUE

At 31 March 2025

105,490

404,976

510,466

At 31 March 2024

45,522

445,026

490,548

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

1,000

Other debtors

14,531

35,816

14,531

36,816

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

4,124

(349

)

Other creditors

25,034

17,085

29,158

16,736

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

102,017

127,517

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members would rank alongside ordinary unsecured creditors in the event of a winding up. There is no protection offered to unsecured creditors which is legally enforceable.