Rock Farm Pensax LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC411561 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2018

for

Rock Farm Pensax LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S Mares

Mrs A M Mares

REGISTERED OFFICE:

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

REGISTERED NUMBER:

OC411561 (England and Wales)

ACCOUNTANTS:

Pinfields Limited

Chartered Accountants

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

FIXED ASSETS

Tangible assets

4

2,518,349

2,477,183

CURRENT ASSETS

Debtors

5

317,653

50,960

Cash at bank

67,462

179,511

385,115

230,471

CREDITORS

Amounts falling due within one year

6

2,202,220

1,816,716

NET CURRENT LIABILITIES

(1,817,105

)

(1,586,245

)

TOTAL ASSETS LESS CURRENT LIABILITIES

701,244

890,938

CREDITORS

Amounts falling due after more than one year

7

701,244

713,818

NET ASSETS ATTRIBUTABLE TO MEMBERS

-

177,120

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

-

177,120

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

-

177,120

Amounts due from members

5

(317,653

)

-

(317,653

)

177,120

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 30 April 2018.

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 of Part 15 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 small LLPs.

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 on 18 January 2019 and were signed by:

S Mares - Designated member

Mrs A M Mares - Designated member

1.	STATUTORY INFORMATION

Rock Farm Pensax 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 currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Racehorse

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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

of the lease.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

property

property

Racehorse

£

£

£

COST

At 1 May 2017

1,512,000

921,427

-

Additions

-

13,910

102,600

Disposals

-

-

(4,762

)

At 30 April 2018

1,512,000

935,337

97,838

DEPRECIATION

At 1 May 2017

30,240

33,254

-

Charge for year

30,240

93,340

13,097

Eliminated on disposal

-

-

(476

)

At 30 April 2018

60,480

126,594

12,621

NET BOOK VALUE

At 30 April 2018

1,451,520

808,743

85,217

At 30 April 2017

1,481,760

888,173

-

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2017

-

143,000

-

2,576,427

Additions

72,500

40,500

2,460

231,970

Disposals

-

-

-

(4,762

)

At 30 April 2018

72,500

183,500

2,460

2,803,635

DEPRECIATION

At 1 May 2017

-

35,750

-

99,244

Charge for year

16,302

32,719

820

186,518

Eliminated on disposal

-

-

-

(476

)

At 30 April 2018

16,302

68,469

820

285,286

NET BOOK VALUE

At 30 April 2018

56,198

115,031

1,640

2,518,349

At 30 April 2017

-

107,250

-

2,477,183

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

40,500

At 30 April 2018

40,500

DEPRECIATION

Charge for year

5,906

At 30 April 2018

5,906

NET BOOK VALUE

At 30 April 2018

34,594

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

317,653

50,960

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

40,839

40,357

Hire purchase contracts

6,399

-

Trade creditors

6,039

41,636

Taxation and social security

224,328

-

Other creditors

1,924,615

1,734,723

2,202,220

1,816,716

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

673,334

713,818

Hire purchase contracts

27,910

-

701,244

713,818

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

495,380

539,560

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

714,173

754,175

Lloyds Bank PLC hold fixed and floating charges over the assets as the company as security for the

bank loans.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2018

2017

£

£

Amounts owed to members in respect of profits

-

177,120

Falling due within one year

-

177,120

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event

of a winding up.

10.	RELATED PARTY DISCLOSURES

Included in sales are sales of £500,000 (2017 £650,000) received from a limited company under the

control of the designated members of this LLP.

Included in creditors is an other creditor of £1,923,115 (2017 £1,730,323) due to a limited company

under the control of the designated members of this LLP. This creditor is considered to be repayable

on demand.