Tew Farmhouse & Barns LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC397163 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Tew Farmhouse & Barns LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

Mrs T J Snell

P Snell

Mrs N M Gilkes

REGISTERED OFFICE:

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

REGISTERED NUMBER:

OC397163 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

2,593,036

2,592,763

CURRENT ASSETS

Debtors

5

5,489

11,969

CREDITORS

Amounts falling due within one year

6

3,974

1,500

NET CURRENT ASSETS

1,515

10,469

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,594,551

2,603,232

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

2,594,551

2,603,232

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

2,594,551

2,603,232

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 March 2023.

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 22 December 2023 and were signed by:

P Snell - Designated member

1.	STATUTORY INFORMATION

Tew Farmhouse & Barns 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.

Turnover

Turnover represents amounts invoiced for provision of holiday accommodation.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

No depreciation is provided on freehold buildings because in the members' opinion the real (inflation adjusted) estimated residual value is not less than the carrying value in the accounts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2022

2,563,516

15,756

26,743

2,606,015

Additions

-

-

7,653

7,653

At 31 March 2023

2,563,516

15,756

34,396

2,613,668

DEPRECIATION

At 1 April 2022

-

4,411

8,841

13,252

Charge for year

-

2,269

5,111

7,380

At 31 March 2023

-

6,680

13,952

20,632

NET BOOK VALUE

At 31 March 2023

2,563,516

9,076

20,444

2,593,036

At 31 March 2022

2,563,516

11,345

17,902

2,592,763

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

5,489

11,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

2,474

-

Other creditors

1,500

1,500

3,974

1,500

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

No protection is afforded to creditors in respect of Members capital and reserves.