Painesend Farm LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC316327 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PAINESEND FARM LLP

Page

General information

1

Balance sheet

2

Notes to the financial statements

4

DESIGNATED MEMBERS:

P S Vallis

K Vallis

REGISTERED OFFICE:

Painesend Farm

Tring

Hertfordshire

HP23 6JU

REGISTERED NUMBER:

OC316327 (England and Wales)

ACCOUNTANTS:

Johnsons, Chartered Accountants

1-2 Craven Road

Ealing

London

W5 2UA

FIXED ASSETS

Intangible assets

4

-

4,929

Tangible assets

5

19,676,758

19,755,756

Investments

6

6,145,629

2,048,466

25,822,387

21,809,151

CURRENT ASSETS

Stocks

229,799

114,271

Debtors

7

85,493

88,623

Cash at bank

296,031

320,531

611,323

523,425

CREDITORS

Amounts falling due within one year

8

(7,905,365

)

(3,794,842

)

NET CURRENT LIABILITIES

(7,294,042

)

(3,271,417

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

18,528,345

18,537,734

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

15,856,861

15,862,076

MEMBERS' OTHER INTERESTS

Revaluation reserve

10

3,773,332

3,773,332

Other reserves

(1,247,022

)

(1,145,685

)

Fair value reserve

10

145,174

48,011

18,528,345

18,537,734

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

15,856,861

15,862,076

Members' other interests

2,671,484

2,675,658

18,528,345

18,537,734

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 December 2021.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2022 and were signed by:

P S Vallis - Designated member

1.	STATUTORY INFORMATION

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

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 as modified by the revaluation of certain assets.

TURNOVER

Turnover comprises revenue recognised in respect of goods and services supplied during the year, excluding value added tax, and grant income. Rental income is recognised in accordance with the terms of the rental agreement.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

SPS entitlements are being amortised evenly over their estimated useful life of three years.

TANGIBLE FIXED ASSETS

Tangible assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property (excluding land)

- 2%/4%/5%10% on cost

Plant and machinery etc.

- 10%/20%/33% on cost

STOCKS

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

GRANT INCOME

The single payment is receivable on a calendar year basis. The annual payment only becomes receivable once the occupation and compliance periods are complete. Once the occupation period is complete, the grant is recognised in full.

A woodland creation grant received is being shown in the accounts over the life of the scheme.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

46,128

AMORTISATION

At 1 January 2021

41,199

Charge for year

4,929

At 31 December 2021

46,128

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

4,929

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2021

20,699,991

675,400

21,375,391

Additions

23,107

25,200

48,307

At 31 December 2021

20,723,098

700,600

21,423,698

DEPRECIATION

At 1 January 2021

982,659

636,976

1,619,635

Charge for year

95,441

31,864

127,305

At 31 December 2021

1,078,100

668,840

1,746,940

NET BOOK VALUE

At 31 December 2021

19,644,998

31,760

19,676,758

At 31 December 2020

19,717,332

38,424

19,755,756

Included in cost or valuation of land and buildings is freehold land of £ 13,181,785 (2020 - £ 13,181,785 ) which is not depreciated.

Cost or valuation at 31 December 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

2,853,332

-

2,853,332

Valuation in 2020

1,000,000

-

1,000,000

Cost

16,869,766

700,600

17,570,366

20,723,098

700,600

21,423,698

If the freehold land and property had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

16,869,766

16,846,659

Aggregate depreciation

941,600

902,659

Value of land in freehold land and buildings

11,328,453

11,328,453

The freehold land and property was valued on a fair value basis on 31 December 2021 by Mr R Alberto FRICS (Ret.) .

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1 January 2021

2,048,466

Additions

4,000,000

Revaluations

97,163

At 31 December 2021

6,145,629

NET BOOK VALUE

At 31 December 2021

6,145,629

At 31 December 2020

2,048,466

Cost or valuation at 31 December 2021 is represented by:

Unlisted

investments

£

Valuation in 2020

48,011

Valuation in 2021

97,163

Cost

6,000,455

6,145,629

If other investments had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

6,000,455

2,000,455

Other investments were valued on a fair value basis on 31 July 2020 by John Clegg & Co .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

12,514

21,869

Other debtors

72,979

66,754

85,493

88,623

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

42,746

44,058

Taxation and social security

2,423

2,428

Other creditors

7,860,196

3,748,356

7,905,365

3,794,842

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loans due to members have no preferential ranking in relation to any other unsecured creditor. There are no restrictions or limitations on the ability of the members to reduce the amounts of 'members' other interests'.

10.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 January 2021

3,773,332

48,011

3,821,343

Reserve transfer

-

97,163

97,163

At 31 December 2021

3,773,332

145,174

3,918,506

11.	ULTIMATE CONTROLLING PARTY

The Partnership is controlled jointly by P Vallis and K Vallis.