Farnley Estates (No 1) LLP - LLP accounts 20.1

REGISTERED NUMBER: OC398486 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 29 February 2020

for

Farnley Estates (No 1) LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Reconciliation of Members' Interests

7

Notes to the Financial Statements

9

DESIGNATED MEMBERS:

Mr T P Sykes

Mr J D Sykes

REGISTERED OFFICE:

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

REGISTERED NUMBER:

OC398486 (England and Wales)

ACCOUNTANTS:

Harris & Co Limited

Chartered Accountants

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

The members present their report with the financial statements of the Llp for the year ended 29 February 2020.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of farming.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr T P Sykes

Mr J D Sykes

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £14,624 (2019 - £13,093 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them taking into account the anticipated cash needs of the LLP. Members' capital will be repaid to members on retirement of a member or on cessation of the LLP's business.

ON BEHALF OF THE MEMBERS:

Mr T P Sykes - Designated member

20 November 2020

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Farnley Estates (No 1) LLP for the year ended 29 February 2020 which comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Members' Interests and the related notes from the Llp's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Farnley Estates (No 1) LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Farnley Estates (No 1) LLP and state those matters that we have agreed to state to the members of Farnley Estates (No 1) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Farnley Estates (No 1) LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Farnley Estates (No 1) LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Farnley Estates (No 1) LLP. You consider that Farnley Estates (No 1) LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Farnley Estates (No 1) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Harris & Co Limited

Chartered Accountants

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

20 November 2020

TURNOVER

45,987

92,774

Cost of sales

4,844

17,429

GROSS PROFIT

41,143

75,345

Administrative expenses

55,767

62,252

OPERATING (LOSS)/PROFIT and

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

(14,624

)

13,093

FIXED ASSETS

Tangible assets

5

207,483

CURRENT ASSETS

Stocks

-

1,760

Debtors

6

242,415

81,505

Cash at bank

1,199

4,473

243,614

87,738

CREDITORS

Amounts falling due within one year

7

(2,900

)

(132,400

)

NET CURRENT ASSETS/(LIABILITIES)

240,714

(44,662

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

448,197

162,821

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

365,714

80,338

MEMBERS' OTHER INTERESTS

Capital accounts

82,483

448,197

162,821

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

365,714

80,338

Members' other interests

82,483

448,197

162,821

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 29 February 2020.

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 20 November 2020 and were signed by:

Mr T P Sykes - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 March 2019

82,483

-

82,483

Loss for the financial year available for
discretionary division among members

-

(14,624

)

(14,624

)

Members' interests after loss for the year

82,483

(14,624

)

67,859

Other divisions of loss

-

14,624

Introduced by members

-

Balance at 29 February 2020

82,483

-

82,483

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

80,338

Amount due from members

-

Balance at 1 March 2019

80,338

162,821

Loss for the financial year available for
discretionary division among members

-

(14,624

)

Members' interests after loss for the year

80,338

148,197

Other divisions of loss

(14,624

)

-

Introduced by members

300,000

Amount due to members

365,714

Amount due from members

-

Balance at 29 February 2020

365,714

448,197

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 March 2018

63,778

-

63,778

Profit for the financial year available for
discretionary division among members

-

13,093

Members' interests after profit for the year

63,778

13,093

76,871

Other divisions of profit

-

(13,093

)

(13,093

)

Introduced by members

18,705

-

18,705

Balance at 28 February 2019

82,483

-

82,483

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

16,245

Amount due from members

-

Balance at 1 March 2018

16,245

80,023

Profit for the financial year available for
discretionary division among members

-

13,093

Members' interests after profit for the year

16,245

93,116

Other divisions of profit

13,093

-

Introduced by members

51,000

69,705

Amount due to members

80,338

Amount due from members

-

Balance at 28 February 2019

80,338

162,821

1.	STATUTORY INFORMATION

Farnley Estates (No 1) 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 and functional currency of the financial statements is the Pound Sterling (£).

2.	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 provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

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

Freehold land - land is not depreciated

Stocks

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

4.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Freehold

land

£

COST

At 1 March 2019

and 29 February 2020

207,483

NET BOOK VALUE

At 29 February 2020

207,483

At 28 February 2019

207,483

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade debtors

81,505

Other debtors

160,910

-

242,415

81,505

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade creditors

-

3,084

Taxation and social security

-

1,041

Other creditors

2,900

128,275

2,900

132,400

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2020

2019

£

Amounts owed to members in respect of profits

365,714

80,338

Falling due within one year

365,714

80,338

The loans and other debts due to members' (other than members' capital classified as debt) rank equal in relation to other creditors.