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REGISTERED NUMBER: OC377164 (England and Wales)














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: Mr S J Hazard
Mrs S Hazard





Registered office: Garthorpe Lodge
Wymondham
Melton Mowbray
Leicestershire
LE14 2BS





Registered number: OC377164 (England and Wales)





Accountants: Moore Thompson
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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


3 November 2023

AJ Hazard Farms LLP (Registered number: OC377164)

Statement of Financial Position
30 April 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 408,115 420,633

Current assets
Stocks 339,466 330,420
Debtors 6 111,012 184,237
450,478 514,657
Creditors
Amounts falling due within one year 7 394,384 466,601
Net current assets 56,094 48,056
Total assets less current liabilities 464,209 468,689

Creditors
Amounts falling due after more than one
year

8

122,900

146,066
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 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 30 April 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.

AJ Hazard Farms LLP (Registered number: OC377164)

Statement of Financial Position - continued
30 April 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 3 November 2023 and were signed by:





Mr S J Hazard - Designated member

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not depreciated
Leasehold property - 5% on a straight line basis
Plant and machinery - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 25% on reducing balance

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 295,665 143,063 5,508
Additions - 2,830 -
Disposals - - (500 )
At 30 April 2023 295,665 145,893 5,008
Depreciation
At 1 May 2022 - 57,205 4,581
Charge for year - 7,195 187
Eliminated on disposal - - (324 )
At 30 April 2023 - 64,400 4,444
Net book value
At 30 April 2023 295,665 81,493 564
At 30 April 2022 295,665 85,858 927

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1 May 2022 69,299 6,743 520,278
Additions - - 2,830
Disposals - (237 ) (737 )
At 30 April 2023 69,299 6,506 522,371
Depreciation
At 1 May 2022 33,928 3,931 99,645
Charge for year 7,074 698 15,154
Eliminated on disposal - (219 ) (543 )
At 30 April 2023 41,002 4,410 114,256
Net book value
At 30 April 2023 28,297 2,096 408,115
At 30 April 2022 35,371 2,812 420,633

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 14,433 23,279
Amounts owed by participating interests 9,503 154,490
VAT 4,078 5,044
Prepayments and accrued income 82,998 1,424
111,012 184,237

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 232,614 388,705
Hire purchase contracts 4,486 10,001
Trade creditors 51,579 34,380
Amounts owed to participating interests 72,560 -
Other creditors 28,000 28,000
Accruals and deferred income 5,145 5,515
394,384 466,601

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 122,900 141,580
Hire purchase contracts - 4,486
122,900 146,066

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.