REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Linden Bloodstock LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Linden Bloodstock LLP |
Linden Bloodstock LLP (Registered number: OC412473) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Accountants | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Linden Bloodstock LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
H Mashru |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
St James House |
9-15 St James Road |
Surbiton |
Surrey |
KT6 4QH |
Linden Bloodstock LLP (Registered number: OC412473) |
Report of the Members |
for the Year Ended 31 March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of commercial bloodstock breeding. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
H Mashru |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £117,638 (2022 - £64,038 loss). |
MEMBERS' INTERESTS |
ON BEHALF OF THE MEMBERS: |
Linden Bloodstock LLP |
Report of the Accountants to the Members of |
Linden Bloodstock LLP |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages four to nine and you consider that the LLP is exempt from an audit. |
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. |
St James House |
9-15 St James Road |
Surbiton |
Surrey |
KT6 4QH |
Linden Bloodstock LLP (Registered number: OC412473) |
Income Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS LOSS | ( |
) | ( |
) |
Distribution costs | ( |
) |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
Linden Bloodstock LLP (Registered number: OC412473) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
- |
1,166 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
- |
1,166 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | - | 1,166 |
Amounts due from members | 5 | (17,699 | ) | - |
(17,699 | ) | 1,166 |
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. |
Linden Bloodstock LLP (Registered number: OC412473) |
Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Linden Bloodstock LLP (Registered number: OC412473) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Biological assets |
Computer equipment | - |
Stallions and broodmares are classified as biological assets. |
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. |
Any movement in the value of the horse will be recognised through the statement of comprehensive income. |
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. |
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 value of stock in relation to foals born are recognised in the statement of comprehensive income through profit on bloodstock. |
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. |
3. | EMPLOYEE INFORMATION |
There were no staff costs for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
Linden Bloodstock LLP (Registered number: OC412473) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
Broodmares | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Disposals | ( |
) | ( |
) |
Impairments | (34,999 | ) | - | (34,999 | ) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Computer |
Broodmares | equipment | Totals |
£ | £ | £ |
Valuation in 2017 | 48,000 | - | 48,000 |
Valuation in 2019 | 27,000 | 3,598 | 30,598 |
Valuation in 2022 | (40,000 | ) | - | (40,000 | ) |
Valuation in 2023 | (35,000 | ) | - | (35,000 | ) |
- | 3,598 | 3,598 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts due from members | 17,699 | - |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
VAT | - | 645 |
Accrued expenses |
Linden Bloodstock LLP (Registered number: OC412473) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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. |