J R Farming LLP Filleted Accounts Cover
J R Farming LLP
Registered No. OC385189
Information for Filing with the Registrar
31 March 2023
J R Farming LLP Balance Sheet Registrar
at
31 March 2023
Registered No.
OC385189
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
87,971
100,514
87,971
100,514
Current assets
Stocks
5
58,920
62,940
Debtors
6
10,415
858
Cash at bank and in hand
213
213
69,548
64,011
Creditors: Amounts falling due within one year
7
(168,344)
(147,477)
Net current liabilities
(98,796)
(83,466)
Total assets less current liabilities
(10,825)
17,048
Creditors: Amounts falling due after more than one year
8
(272,372)
(278,837)
Net liabilities attributable to members
(283,197)
(261,789)
Represented by:
Loans and other debts due to members
100,000
100,000
Members' other interests
Other reserves
(383,197)
(361,789)
(383,197)
(361,789)
(283,197)
(261,789)
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the LLP's profit and loss account.
Approved by the members on 30 October 2023
And signed on its behalf by designated member:
J. Rea
L. Rea
Designated member
Designated member
J R Farming LLP Notes to the Accounts Registrar
for the year ended 31 March 2023
1
General information
Its registered number is: OC385189
Its registered office is:
Ladlers
Little Canfield
Dunmow
Essex
CM6 1SP
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the LLP has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the LLP retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the LLP;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Tangible fixed assets and depreciation
Tangible fixed assets held for the LLP's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the LLP reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Leasehold land and buildings
5% Straight line
Plant and machinery
20% Reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Leased assets
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the LLP are classified as operating leases.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Employees
2023
2022
Number
Number
The average number of persons employed during the year was:
0
0
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022
65,355227,429292,784
Additions
-3,0623,062
At 31 March 2023
65,355230,491295,846
Depreciation
At 1 April 2022
23,461168,809192,270
Charge for the year
3,27112,33415,605
At 31 March 2023
26,732181,143207,875
Net book values
At 31 March 2023
38,62349,34887,971
At 31 March 2022
41,894
58,620
100,514
5
Stocks
2023
2022
£
£
Work in progress
18,42014,715
Finished goods
40,50048,225
58,92062,940
6
Debtors
2023
2022
£
£
Trade debtors
9,807498
VAT recoverable
608360
10,415858
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
76,66363,704
Other loans
71,50058,500
Obligations under finance lease and hire purchase contracts
-4,250
Trade creditors
5,9896,692
Other creditors
4,9805,260
Accruals and deferred income
9,2129,071
168,344147,477
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
272,372278,837
272,372278,837
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
204,210
210,550
204,210
210,550
The bank loan is secured against a private dwelling owned by a designated member.
9
Creditors: borrowings
2023
2022
£
£
The aggregate amount of secured liabilities included within creditors falling due within and after one year
330,392318,083
10
Loans and other debts due to members
2023
2022
£
£
Members' capital classified as a liability
100,000
100,000
100,000
100,000
Amounts falling due within one year
100,000
-
100,000
100,000
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