Broughgammon Farm LLP NC001504 false 2020-12-01 2021-11-30 2021-11-30 The principal activity of the company is livestock farming. Digita Accounts Production Advanced 6.30.9574.0 NC001504 2020-12-01 2021-11-30 NC001504 2021-11-30 NC001504 core:CurrentFinancialInstruments 2021-11-30 NC001504 core:FurnitureFittings 2021-11-30 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2021-11-30 NC001504 core:PlantMachinery 2021-11-30 NC001504 bus:FRS102 2020-12-01 2021-11-30 NC001504 bus:AuditExemptWithAccountantsReport 2020-12-01 2021-11-30 NC001504 bus:FullAccounts 2020-12-01 2021-11-30 NC001504 bus:PartnerLLP1 2020-12-01 2021-11-30 NC001504 bus:LimitedLiabilityPartnershipLLP 2020-12-01 2021-11-30 NC001504 core:FurnitureFittings 2020-12-01 2021-11-30 NC001504 core:LandBuildings 2020-12-01 2021-11-30 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 NC001504 core:PlantMachinery 2020-12-01 2021-11-30 NC001504 core:OtherRelatedParties 2020-12-01 2021-11-30 NC001504 countries:AllCountries 2020-12-01 2021-11-30 NC001504 2020-11-30 NC001504 core:FurnitureFittings 2020-11-30 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2020-11-30 NC001504 core:PlantMachinery 2020-11-30 NC001504 2020-11-30 NC001504 core:CurrentFinancialInstruments 2020-11-30 NC001504 core:FurnitureFittings 2020-11-30 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2020-11-30 NC001504 core:PlantMachinery 2020-11-30 iso4217:GBP xbrli:pure

Registration number: NC001504

Broughgammon Farm LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Broughgammon Farm LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

2

 

Broughgammon Farm LLP

(Registration number: NC001504)
Balance Sheet as at 30 November 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

3

160,505

158,732

Current assets

 

Stocks

4

17,825

20,307

Debtors

5

12,110

7,589

Bank and cash

 

1,689

2,449

 

31,624

30,345

Creditors: Amounts falling due within one year

6

(91,755)

(87,859)

Net current liabilities

 

(60,131)

(57,514)

Net assets attributable to members

 

100,374

101,218

Represented by:

 

Loans and other debts due to members within one year
Other amounts

 

100,374

101,218

   

100,374

101,218

Total members' interests

 

Loans and other debts due to members

 

100,374

101,218

   

100,374

101,218

For the year ending 30 November 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These accounts of a small LLP have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The LLP members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements of Broughgammon Farm LLP (registered number NC001504) were approved by the Board and authorised for issue on 26 August 2022. They were signed on behalf of the limited liability partnership by:

.........................................
Camilla Jane Cole
Designated member

 

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 30 November 2021

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in Northern Ireland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Broughgammon Farm LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sales of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

 

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

1

Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold

Not depreciated

Plant & machinery

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

1

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Average number of employees

Average number of employees, including members, during the year was as follows: 2 (2020: 2)

 

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

3

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
£

Fixtures and fittings
£

Total
£

Cost

At 1 December 2020

129,889

60,055

3,823

193,767

Additions

-

9,800

-

9,800

At 30 November 2021

129,889

69,855

3,823

203,567

Depreciation

At 1 December 2020

-

34,629

406

35,035

Charge for the year

-

7,173

854

8,027

At 30 November 2021

-

41,802

1,260

43,062

Net book value

At 30 November 2021

129,889

28,053

2,563

160,505

At 30 November 2020

129,889

25,426

3,417

158,732

4

Stocks

2021
 £

2020
 £

Stocks

17,825

20,307

5

Debtors

2021
 £

2020
 £

Trade debtors

9,232

4,100

Other debtors

2,878

3,489

12,110

7,589

 

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

6

Creditors: Amounts falling due within one year

2021
 £

2020
 £

Trade creditors

18,675

16,360

Other creditors

71,800

70,284

Accruals and deferred income

1,280

1,215

91,755

87,859

7

Related party transactions

Summary of transactions with other related parties

Related party transactions with a limited company took place during the year. The partnership is a related party to the company by virtue of the fact the designated members, Camilla and Charles Cole, have joint control over the company. During the year, the partnership paid amounts on behalf of the company amounting to £5,618 (2020: £1,308), received amounts of £8,186 from the company. A balance of £15,595 was owed by the partnership to the company at the year end (2020: £13,028).