REGISTERED NUMBER: |
AJ Hazard Farms LLP |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
AJ Hazard Farms LLP |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
AJ Hazard Farms LLP (Registered number: OC377164) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
General information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 9 |
AJ Hazard Farms LLP |
General Information |
for the Year Ended 30 April 2023 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
AJ Hazard Farms LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the members are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of AJ Hazard Farms LLP for the year ended 30 April 2023 which comprise the Income statement, Statement of financial position, Reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of AJ Hazard Farms LLP, as a body, in accordance with the terms of our engagement letter dated 8 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of AJ Hazard Farms LLP and state those matters that we have agreed to state to the members of AJ Hazard Farms LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AJ Hazard Farms LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that AJ Hazard Farms LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AJ Hazard Farms LLP. You consider that AJ Hazard Farms LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of AJ Hazard Farms LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
AJ Hazard Farms LLP (Registered number: OC377164) |
Statement of Financial Position |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets attributable to members | 341,309 | 322,623 |
Loans and other debts due to members |
9 |
341,309 |
322,623 |
Total members' interests |
Loans and other debts due to members | 9 | 341,309 | 322,623 |
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. |
AJ Hazard Farms LLP (Registered number: OC377164) |
Statement of Financial Position - continued |
30 April 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 |
AJ Hazard Farms LLP (Registered number: OC377164) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | Statutory information |
AJ Hazard 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. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2022 (SORP 2022). |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Farm support income |
Monies received and receivable from the Rural Payments Agency in respect of the Business Payment Scheme and the Environmental Stewardship Scheme are recognised as other operating income in the period to which they relate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
AJ Hazard Farms LLP (Registered number: OC377164) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | Accounting policies - continued |
Depreciation |
Freehold property | - |
Leasehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Stock |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Finance leases and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. |
AJ Hazard Farms LLP (Registered number: OC377164) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | Accounting policies - continued |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
Farm support income |
Monies received and receivable from the rural payments agency in respect of the basic payment scheme and the environmental stewardship scheme are recognised under other income in the period to which they relate |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the trading and profit and loss account on a straight line basis. |
4. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
AJ Hazard Farms LLP (Registered number: OC377164) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
5. | Tangible fixed assets |
Freehold | Leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 9,503 | 154,490 |
VAT |
Prepayments and accrued income |
AJ Hazard Farms LLP (Registered number: OC377164) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 72,560 | - |
Other creditors |
Accruals and deferred income |
Included above and below are amounts due in respect of bank loans and overdrafts which are secured by way of fixed and floating charges over the LLP's property and business undertakings. Also included above and below are amounts due in respect of hire purchase agreements which are secured against the asset financed. |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Included within creditors amounts falling due after more than one year is £56,038 (2021: £61,738) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
9. | Loans and other debts due to members |
Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. |