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REGISTERED NUMBER: OC369230 (England and Wales)















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: H W Martin
K Martin



REGISTERED OFFICE: Fordbridge Lane
Blackwell
Alfreton
Derbyshire
DE55 5JY



REGISTERED NUMBER: OC369230 (England and Wales)



ACCOUNTANTS: Mellor Oxland LLP
Chartered Accountants
Hine House
25 Regent Street
Nottingham
NG1 5BS



BANKERS: Barclays Bank PLC
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 23,251,040 22,439,679

CURRENT ASSETS
Stocks 5 756,876 478,855
Debtors 6 393,278 157,991
Prepayments and accrued income 20,201 14,645
Cash at bank and in hand 4,509,974 1,542,497
5,680,329 2,193,988
CREDITORS
Amounts falling due within one year 7 430,555 398,244
NET CURRENT ASSETS 5,249,774 1,795,744
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 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 31 March 2023.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 17 October 2023 and were signed by:





H W Martin - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 10% - 20% straight line

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 21,691,149 1,726,855 23,418,004
Additions 1,931,421 318,850 2,250,271
Disposals (1,097,787 ) (217,680 ) (1,315,467 )
At 31 March 2023 22,524,783 1,828,025 24,352,808
DEPRECIATION
At 1 April 2022 - 978,325 978,325
Charge for year 13,796 198,693 212,489
Eliminated on disposal - (89,046 ) (89,046 )
At 31 March 2023 13,796 1,087,972 1,101,768
NET BOOK VALUE
At 31 March 2023 22,510,987 740,053 23,251,040
At 31 March 2022 21,691,149 748,530 22,439,679

5. STOCKS
2023 2022
£    £   
Stocks 756,876 478,855

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 327,263 15,023
Amounts owed by group undertakings - 4,725
Other debtors 66,015 138,243
393,278 157,991

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 378,613 371,722
Amounts owed to group undertakings 25,038 -
Taxation and social security 1,931 3,127
Other creditors 24,973 23,395
430,555 398,244

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.