Buffrock LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1	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 have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000.

The partnerships registered office and place of business is:

York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE


Registered number : OC343907

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 LLP 's functional and presentation currency is pound sterling.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually 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. Changes in fair value are recognised in profit or loss.

Buffrock LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2	Information in relation to members

The average number of persons employed by the limited liability partnership during the year was 2 (2024 - 2).

3	Investment property

	2025  £
At 1 April	2,285,000
At 31 March	2,285,000

The investment property is included in the accounts at the directors valuation.

Buffrock LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Debtors

	2025  £	2024  £
Trade debtors	17,600	50,451
Other debtors	-	1,392
Prepayments and accrued income	1,916	-
	19,516	51,843

5	Creditors: Amounts falling due within one year

	2025 £	2024 £
Trade creditors	624	-
Other creditors	190	50
Accruals and deferred income	20,709	46,243
Taxation and social security	6,817	8,251
	28,340	54,544

6	Creditors: Amounts falling due after more than one year

	2025  £	2024  £
Other loans	1,195,000	1,195,000

The amount included within other loans is secured by a legal charge over the property and assets of the LLP.

7	Analysis of other amounts

	2025  £	2024  £
Money advanced to the LLP by the members by way of loan	1,100,744	1,028,460
Money owed to members by the LLP in respect of profits	70,167	72,286
	1,170,911	1,100,746

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of winding up.

There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.