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REGISTERED NUMBER: OC413499 (England and Wales)













Lower Hope Farms LLP

Unaudited Financial Statements

for the Year Ended 31 March 2024






Lower Hope Farms LLP (Registered number: OC413499)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Lower Hope Farms LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: SA Richards
Lower Hope Nominee LLP





REGISTERED OFFICE: Lower Hope
Ullingswick
Hereford
HR1 3JF





REGISTERED NUMBER: OC413499 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Lower Hope 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 Balance Sheet. Readers are cautioned that the Profit and Loss Account 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 Lower Hope Farms LLP for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet 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 Lower Hope Farms LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lower Hope Farms LLP and state those matters that we have agreed to state to the members of Lower Hope 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 Lower Hope Farms LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Lower Hope 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 loss of Lower Hope Farms LLP. You consider that Lower Hope 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 Lower Hope 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.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


8 August 2024

Lower Hope Farms LLP (Registered number: OC413499)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,603,426 8,501,675
Investment property 5 2,854,000 2,854,000
12,457,426 11,355,675

CURRENT ASSETS
Stocks 374,654 415,670
Debtors 6 358,905 494,850
Cash at bank and in hand 1,369 1,645
734,928 912,165
CREDITORS
Amounts falling due within one year 7 1,450,697 836,912
NET CURRENT (LIABILITIES)/ASSETS (715,769 ) 75,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,741,657

11,430,928

CREDITORS
Amounts falling due after more than one
year

8

933,121

1,411,338
NET ASSETS ATTRIBUTABLE TO
MEMBERS

10,808,536

10,019,590

Lower Hope Farms LLP (Registered number: OC413499)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

8,793,172

8,004,226

MEMBERS' OTHER INTERESTS
Capital accounts 2 2
Fair value reserve 13 2,015,362 2,015,362
10,808,536 10,019,590

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 8,793,172 8,004,226
Members' other interests 2,015,364 2,015,364
10,808,536 10,019,590

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 2024.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 7 August 2024 and were signed by:





SA Richards - Designated member

Lower Hope Farms LLP (Registered number: OC413499)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Lower Hope 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost, 4% on cost, 2% on cost and not provided
Plant and machinery - at varying rates on cost and at variable rates on reducing balance
Tractors and harvesters - 14% on cost and 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The LLP has the following biological assets which are valued as disclosed :-

Livestock - valued at their estimated cost with reference to current market values

Growing crop - valued at the cost of inputs and cultivations up to the period end

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Lower Hope Farms LLP (Registered number: OC413499)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Tractors
Freehold Plant and and
property machinery harvesters Totals
£    £    £    £   
COST
At 1 April 2023 7,685,212 1,409,510 1,278,897 10,373,619
Additions 1,310,396 37,287 12,496 1,360,179
Disposals - (18,000 ) (7,750 ) (25,750 )
At 31 March 2024 8,995,608 1,428,797 1,283,643 11,708,048
DEPRECIATION
At 1 April 2023 179,534 826,203 866,207 1,871,944
Charge for year 72,356 98,104 84,106 254,566
Eliminated on disposal - (18,000 ) (3,888 ) (21,888 )
At 31 March 2024 251,890 906,307 946,425 2,104,622
NET BOOK VALUE
At 31 March 2024 8,743,718 522,490 337,218 9,603,426
At 31 March 2023 7,505,678 583,307 412,690 8,501,675

There is a debenture over all of the fixed assets.

The net book value of tangible fixed assets includes £241,543 (2023: £318,024) in respect of assets held under hire purchase contracts.

Included in freehold property is land of £7,018,729 (2023: £5,806,845) which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,854,000
NET BOOK VALUE
At 31 March 2024 2,854,000
At 31 March 2023 2,854,000

There is a debenture over the investment property.

Lower Hope Farms LLP (Registered number: OC413499)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 761,699
Valuation in 2019 549,464
Valuation in 2020 291,800
Valuation in 2021 329,990
Valuation in 2022 82,409
Cost 838,638
2,854,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 836,838 836,838

Investment property was valued on an open market basis on 31 March 2022 by Barry Bufton .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,950 285,798
Prepayments and accrued income 283,469 154,699
Related party current accounts 26,009 54,353
VAT 21,477 -
358,905 494,850

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 683,018 35,192
Hire purchase contracts (see note 10) 46,026 69,598
Trade creditors 123,075 114,353
Social security and other taxes 9,035 8,161
VAT - 14,798
Other creditors - 11,239
Pension control 1,617 1,432
Credit card 6,377 397
Accruals and deferred income 69,260 81,742
Related party loans 512,289 500,000
1,450,697 836,912

Lower Hope Farms LLP (Registered number: OC413499)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 770,621 1,186,366
Hire purchase contracts (see note 10) 32,628 78,654
Accruals and deferred
income 129,872 146,318
933,121 1,411,338

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 283,621 301,366

9. LOANS

The principal terms of the loans are -

Year final repayment due byBalance Interest rateType

2025£425,0000.95% over baseInterest only
2041£285,2623.31% fixed rateRepayment
2041£75,8593.66% fixed rateRepayment

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 46,026 69,598
Between one and five years 32,628 78,654
78,654 148,252

Lower Hope Farms LLP (Registered number: OC413499)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 667,518 20,192
Bank loans 786,121 1,201,366
Hire purchase contracts 78,654 148,252
1,532,293 1,369,810

The AMC loans are secured by a first charge over land and property at Lower Hope Farm.

The bank borrowings with HSBC are secured by a second charge over land and property at Lower Hope Farm and a floating charge over all assets of Lower Hope Farms LLP.

Hire purchase liabilities are secured against the relevant asset.

12. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members (other than members' capital classified as debt) rank after other creditors on winding up.

Members are restricted to not reducing members' other interests below £2.

13. RESERVES
Fair
value
reserve
£   
At 1 April 2023 2,015,362
At 31 March 2024 2,015,362

14. RELATED PARTY DISCLOSURES

The members own land and property that is utilised by the LLP rent free. This land and property is also used as security against the LLP's bank loans.

Included in debtors are balances of £26,009 (2023: £54,353) due from companies under common control. These amounts are interest free and repayable on demand.

Included in creditors is a loan of £512,289 (2023: £500,000) due to a company under common control. Interest of £12,289 (2023: £NIL) at 2.0/2.25% has been charged on this loan and the loan is repayable on demand.