Farnley Estates (No 1) LLP - LLP accounts 22.3

REGISTERED NUMBER: OC398486 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 28 February 2022

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 28 February 2022.

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 profit for the year before members' remuneration and profit shares was £9,185 (2021 - £1,927 loss).

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

21 November 2022

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 28 February 2022 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 profit 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

21 November 2022

TURNOVER

50,831

12,278

Cost of sales

8,512

1,725

GROSS PROFIT

42,319

10,553

Administrative expenses

53,134

12,480

(10,815

)

(1,927

)

Other operating income

20,000

-

OPERATING PROFIT/(LOSS) and

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

9,185

(1,927

)

FIXED ASSETS

Tangible assets

5

207,483

CURRENT ASSETS

Stocks

-

3,952

Debtors

6

251,692

243,354

Cash at bank

24,744

1,123

276,436

248,429

CREDITORS

Amounts falling due within one year

7

20,464

7,642

NET CURRENT ASSETS

255,972

240,787

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

463,455

448,270

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

380,972

365,787

MEMBERS' OTHER INTERESTS

Capital accounts

82,483

463,455

448,270

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

380,972

365,787

Members' other interests

82,483

463,455

448,270

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 28 February 2022.

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 21 November 2022 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 2021

82,483

-

82,483

Profit for the financial year available for
discretionary division among members

-

9,185

Members' interests after profit for the year

82,483

9,185

91,668

Other divisions of profit

-

(9,185

)

(9,185

)

Introduced by members

-

Balance at 28 February 2022

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

365,787

Amount due from members

-

Balance at 1 March 2021

365,787

448,270

Profit for the financial year available for
discretionary division among members

-

9,185

Members' interests after profit for the year

365,787

457,455

Other divisions of profit

9,185

-

Introduced by members

6,000

Amount due to members

380,972

Amount due from members

-

Balance at 28 February 2022

380,972

463,455

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 March 2020

82,483

-

82,483

Loss for the financial year available for
discretionary division among members

-

(1,927

)

(1,927

)

Members' interests after loss for the year

82,483

(1,927

)

80,556

Other divisions of loss

-

1,927

Introduced by members

-

Balance at 28 February 2021

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

365,714

Amount due from members

-

Balance at 1 March 2020

365,714

448,197

Loss for the financial year available for
discretionary division among members

-

(1,927

)

Members' interests after loss for the year

365,714

446,270

Other divisions of loss

(1,927

)

-

Introduced by members

2,000

Amount due to members

365,787

Amount due from members

-

Balance at 28 February 2021

365,787

448,270

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 (2021 - NIL).

5.	TANGIBLE FIXED ASSETS

Freehold

land

£

COST

At 1 March 2021

and 28 February 2022

207,483

NET BOOK VALUE

At 28 February 2022

207,483

At 28 February 2021

207,483

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

81,505

Other debtors

170,187

161,849

251,692

243,354

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade creditors

13,678

4,742

Other creditors

6,786

2,900

20,464

7,642

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2022

2021

£

Amounts owed to members in respect of profits

380,972

365,787

Falling due within one year

380,972

365,787

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