Limited Liability Partnership registration number OC354292 (England and Wales)
JDF FARMS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
JDF FARMS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JDF FARMS LLP
BALANCE SHEET
AS AT 5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,809,738
3,426,120
Investments
4
192,686
192,686
6,002,424
3,618,806
Current assets
Stocks
625,302
534,178
Debtors
5
211,077
273,065
Cash at bank and in hand
51,990
62,516
888,369
869,759
Creditors: amounts falling due within one year
6
(1,030,619)
(642,547)
Net current (liabilities)/assets
(142,250)
227,212
Total assets less current liabilities
5,860,174
3,846,018
Creditors: amounts falling due after more than one year
7
(2,639,392)
(754,387)
Net assets attributable to members
3,220,782
3,091,631
Represented by:
Loans and other debts due to members within one year
8
Other amounts
3,220,782
3,091,631
Total members' interests
8
Loans and other debts due to members
3,220,782
3,091,631
JDF FARMS LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2023
05 April 2023
- 2 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 5 April 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 17 November 2023 and are signed on their behalf by:
17 November 2023
J E Foers
Designated member
Limited Liability Partnership Registration No. OC354292
JDF FARMS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Limited liability partnership information

JDF Farms LLP is a limited liability partnership incorporated in England and Wales. The registered office is Unit A The Poplars Business Park, Poplar Way, Catcliffe, Rotherham, S60 5TR.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
at varying rates on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

JDF FARMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the limited liability partnership has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

JDF FARMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 6 April 2022
1,859,836
1,809,048
3,668,884
Additions
2,331,765
585,784
2,917,549
Disposals
-
(453,400)
(453,400)
At 5 April 2023
4,191,601
1,941,432
6,133,033
Depreciation and impairment
At 6 April 2022
21,767
220,997
242,764
Depreciation charged in the year
8,328
176,413
184,741
Eliminated in respect of disposals
-
(104,210)
(104,210)
At 5 April 2023
30,095
293,200
323,295
Carrying amount
At 5 April 2023
4,161,506
1,648,232
5,809,738
At 5 April 2022
1,838,069
1,588,051
3,426,120
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
192,686
192,686
JDF FARMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
158,524
108,436
Other debtors
-
12,554
Prepayments and accrued income
52,553
152,075
211,077
273,065
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
130,000
50,000
Obligations under finance leases
204,057
181,332
Trade creditors
263,044
81,766
Other taxation and social security
4,327
-
Other creditors
333,874
284,670
Accruals and deferred income
95,317
44,779
1,030,619
642,547

The aggregate amount of creditors for which security has been given amounted to £181,332 (2021 - £108,350).

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,406,197
376,197
Other creditors
233,195
378,190
2,639,392
754,387

The aggregate amount of creditors for which security has been given amounted to £378,190 (2021 - £163,423).

JDF FARMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
8
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
3,091,631
Members' interests at 6 April 2022
3,091,631
3,091,631
3,091,631
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
184,958
184,958
184,958
Members' interests after profit and remuneration for the year
3,276,589
3,276,589
3,276,589
Drawings
(55,807)
(55,807)
(55,807)
Members' interests at 5 April 2023
3,220,782
3,220,782
3,220,782
Amounts due to members
3,220,782
3,220,782
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
101,775
169,625
2023-04-052022-04-06false20 November 2023CCH SoftwareCCH Accounts Production 2023.300falseOC3542922022-04-062023-04-05OC3542922023-04-05OC354292bus:PartnerLLP12022-04-062023-04-05OC3542922021-04-062022-04-05OC354292bus:LimitedLiabilityPartnershipLLP2022-04-062023-04-05OC354292bus:SmallCompaniesRegimeForAccounts2022-04-062023-04-05OC354292bus:FRS1022022-04-062023-04-05OC354292bus:AuditExemptWithAccountantsReport2022-04-062023-04-05OC354292bus:FullAccounts2022-04-062023-04-05xbrli:purexbrli:shares