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LLP Registered number: OC377467 (England & Wales)
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2026
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Pages for Filing with Registrar
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CONTENTS
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Limited Liability Partnership Information
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Notes to the Financial Statements
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LIMITED LIABILITY PARTNERSHIP INFORMATION
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6th Floor
17a Curzon Street
London
W1J 5HS
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- 1 -
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LLP Registered number: OC377467 (England & Wales)
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BALANCE SHEET
AS AT 31 MARCH 2026
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Revaluation reserve classified as equity
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Other reserves classified as equity
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Amounts due to members (included in creditors)
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- 2 -
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LLP Registered number: OC377467 (England & Wales)
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
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, relating to small limited liability partnerships.
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 Profit and Loss Account 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:
The notes on pages 4 to 8 form part of these financial statements.
- 3 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Potanow Forestry LLP ('the LLP') is a limited liability partnership, incorporated in England and Wales, LLP registered number OC377467. The address of the registered office is 6th Floor, 17a Curzon Street, London W1J 5HS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention, as modified by the revaluation of woodland, on a going concern basis and in accordance with Section 1A - Small Entities of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover 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 turnover 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.
Government grants
Turnover from government grants is recognised in the period in which it is received, or:
∙When all conditions relating to the grant have been met;
∙It is probable that the grant will be received; and
∙The amount can be measured reliably.
- 4 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Tangible fixed assets comprise woodland, which is included in the Balance Sheet at the revalued amounts, being the fair value at the date of the revaluation, less any subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amounts do not differ materially from those that would be determined using fair values at the end of the reporting period.
Any revaluation increase arising on the revaluation of woodland is recognised in other comprehensive income and accumulated in equity, except to the extent that it reverses a revaluation decrease for the same asset previously recognised in the Profit and Loss Account, in which case the increase is credited to the Profit and Loss Account to the extent of the decrease being previously expensed. A decrease in the carrying amount arising on the revaluation of woodland is recognised in the Profit and Loss Account to the extent that it exceeds the balance, if any, held in the revaluation reserve relating to the previous revaluation of the asset.
Woodland is not depreciated.
Profit and losses are allocated amongst the members in accordance with their capital interests or according to any alternative arrangement as agreed by the members. Unallocated profits and losses are included within 'other reserves classified as equity'.
Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to or from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 5 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.
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Key sources of estimation uncertainty
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As noted above, the LLP's woodland is measured at fair value. The valuation is carried out having regard to the market value of woodland in the area and taking account of other factors including recent harvest of timber and accessibility.
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The LLP had no employees during 2026 or 2025. The number of designated members, during the year/period was 4 (2025 - 4).
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- 6 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
5.Tangible fixed assets (continued)
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The woodland is stated at the fair value at the year end. The valuation was determined by a member, Christopher Hill, based on current prices for land and trees. As at 31 March 2026 the woodland was valued at £50,841,361 (2025 - £84,566,668).
The woodland has a carrying amount at historical cost, before impairment, of £33,157,526 (2025 - £33,416,903). The impairment on historical cost is £5,405,304 (2025 - £nil).
Biological assets have been disclosed separately as 'trees' as set out in section 34 of FRS 102.
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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During the year, the LLP's revaluation reserve decreased by £28,060,626 due to the reduction in value of the woodland during the year. There was no change in the revaluation reserve during 2025.
- 7 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.Commitments under operating leases
At 31 March 2026, the LLP had commitments under non-cancellable leases totalling £142,061 (2025 - £175,251).
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Loans and other debts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
There are no existing restrictions or limitations that impact the ability of the members to reduce the amount of members' other interests.
- 8 -
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