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Report of the Members and |
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Financial Statements for the Year Ended 30 June 2018 |
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Linden Bloodstock Llp |
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REGISTERED NUMBER:
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Report of the Members and |
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Financial Statements for the Year Ended 30 June 2018 |
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for |
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Linden Bloodstock Llp |
Linden Bloodstock Llp (Registered number: OC412473) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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General Information | 1 |
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Report of the Members | 2 |
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Report of the Accountants | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Linden Bloodstock Llp |
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General Information |
for the Year Ended 30 June 2018 |
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DESIGNATED MEMBERS: |
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H Dykes |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Archway House |
81-82 Portsmouth Road |
Surbiton |
Surrey |
KT6 5PT |
Linden Bloodstock Llp (Registered number: OC412473) |
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Report of the Members |
for the Year Ended 30 June 2018 |
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The members present their report with the financial statements of the LLP for the year ended 30 June 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of commercial bloodstock breeding and racehorse |
ownership. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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H Dykes |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £26,792 (2017 - £1,854 loss). |
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MEMBERS' INTERESTS |
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STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with |
applicable law and regulations. |
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Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each |
financial year. Under that law the members have elected to prepare the financial statements in accordance with United |
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under |
legislation applicable to limited liability partnerships the members must not approve the financial statements unless they |
are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for |
that period. In preparing these financial statements, the members are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's |
transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to |
ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability |
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible |
for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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ON BEHALF OF THE MEMBERS: |
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Linden Bloodstock Llp |
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Report of the Accountants to the Members of |
Linden Bloodstock Llp |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 June 2018 set out on pages four to eight and you consider that the LLP is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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Archway House |
81-82 Portsmouth Road |
Surbiton |
Surrey |
KT6 5PT |
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Linden Bloodstock Llp (Registered number: OC412473) |
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Income Statement |
for the Year Ended 30 June 2018 |
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period |
23/6/16 |
year ended | to |
30/6/18 | 30/6/17 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS LOSS | ( |
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Administrative expenses |
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(26,792 | ) | (24,354 | ) |
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Gain/loss on revaluation of assets | - | 22,500 |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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Linden Bloodstock Llp (Registered number: OC412473) |
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Balance Sheet |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
97,439 |
78,757 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
7 |
97,439 |
78,757 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 97,439 | 78,757 |
Amounts due from members | 5 | - | (371 | ) |
97,439 | 78,386 |
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The members acknowledge their responsibilities for: |
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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 |
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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. |
Linden Bloodstock Llp (Registered number: OC412473) |
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Balance Sheet - continued |
30 June 2018 |
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The financial statements were approved by the members of the LLP on
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Linden Bloodstock Llp (Registered number: OC412473) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Linden Bloodstock Llp is registered in England and Wales. The LLP's registered number and registered office |
address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Biological assets |
Stallions and broodmares are classified as biological assets. |
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Stallions and broodmares are carried at their revalued amounts, being the fair value at the date of valuation. |
Revaluations are performed by the partners with sufficient regularity to ensure that the carrying amounts do not |
differ materially from those that would be determined using fair values at the end of each reporting period. |
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Any movement in the value of the horse will be recognised through the statement of comprehensive income. |
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Stocks |
Stocks consist of horses held for sale. All stocks are stated at the lower of cost and estimated selling price less |
costs to complete and sell. |
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Foals born are valued at their deemed cost of production being their nomination fee plus the costs to keep the |
broodmare for the first year prior to birth. Foals are deemed to be harvested from biological assets at the date of |
birth and transfer into inventory at this date at their deemed cost. Uplifts in the in the value of stock in relation to |
foals born are recognised in the statement of comprehensive income through profit on bloodstock. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over |
its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income |
statement. Reversals of impairment losses are also recognised in the statement of other comprehensive income. |
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3. | EMPLOYEE INFORMATION |
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There were no staff costs for the year ended 30 June 2018 nor for the period ended 30 June 2017. |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Broodmar- |
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COST |
At 1 July 2017 |
and 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Linden Bloodstock Llp (Registered number: OC412473) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts due from members | - | 371 |
VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Accrued expenses |
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7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a |
winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an |
event. |