REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
H W Martin (Farms) LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
H W Martin (Farms) LLP |
H W Martin (Farms) LLP (Registered number: OC369230) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
H W Martin (Farms) LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hine House |
25 Regent Street |
Nottingham |
NG1 5BS |
BANKERS: |
PO Box 493 |
Sir Frank Whittle Road |
Derby |
DE1 9UU |
H W Martin (Farms) LLP (Registered number: OC369230) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
28,500,814 |
24,235,423 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
28,500,814 |
24,235,423 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members |
8 |
28,500,814 |
24,235,423 |
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. |
H W Martin (Farms) LLP (Registered number: OC369230) |
Balance Sheet - continued |
31 March 2023 |
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 |
H W Martin (Farms) LLP (Registered number: OC369230) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
H W Martin (Farms) 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 |
The accounts have been prepared on a going concern basis. The members have assessed the position of the LLP and have no reason to believe that it will not continue as a going concern for the forseeable future. |
Revenue |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of livestock and crops is recognised when the significant risks and rewards of ownership have been passed to the buyer, and it is probably that the LLP will receive the consideration due. |
Revenue from the Rural Payments Agency is recognised at the time the right to receive the payment is established, usually upon receipt of funds. |
Other income is in respect of services supplied by the LLP and recognised upon performance of those services. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are represented by livestock, crops and other farming supplies. Stocks are stated at the lower of cost or net realisable value, being the estimated selling price after deduction of sale costs. |
Costs of livestock and other farming supplies includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition, |
Cost of crops represents the industry standard rate, which the majority of farmers use and is readily available, multiplied by the number of hecatares of land being worked. |
At the date of the statement of financial position, stocks are assessed for impairment, and the carrying amount reduced as appropriate to reflect the expected selling price, after deducting the direct costs of sale if this is less than the cost. Any impairment is recognised in the statement of financial position. |
H W Martin (Farms) LLP (Registered number: OC369230) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
The contributions are recognised as an expense when they fall due. Amounts due but not paid at the year end are accrued as liabilities in the Statement of financial position. The assets of the pension plan are entirely separate from the LLP and administered independently. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
H W Martin (Farms) LLP (Registered number: OC369230) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Loans from members | 28,500,814 | 24,235,423 |
Falling due within one year | 28,500,814 | 24,235,423 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. |