Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity3029truetrue OC360161 2023-01-01 2023-12-31 OC360161 2022-01-01 2022-12-31 OC360161 2023-12-31 OC360161 2022-12-31 OC360161 c:Director3 2023-01-01 2023-12-31 OC360161 c:Director4 2023-01-01 2023-12-31 OC360161 d:PlantMachinery 2023-01-01 2023-12-31 OC360161 d:PlantMachinery 2023-12-31 OC360161 d:PlantMachinery 2022-12-31 OC360161 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:MotorVehicles 2023-01-01 2023-12-31 OC360161 d:MotorVehicles 2023-12-31 OC360161 d:MotorVehicles 2022-12-31 OC360161 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:FurnitureFittings 2023-01-01 2023-12-31 OC360161 d:FurnitureFittings 2023-12-31 OC360161 d:FurnitureFittings 2022-12-31 OC360161 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:OfficeEquipment 2023-01-01 2023-12-31 OC360161 d:OfficeEquipment 2023-12-31 OC360161 d:OfficeEquipment 2022-12-31 OC360161 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:ComputerEquipment 2023-01-01 2023-12-31 OC360161 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 OC360161 d:OtherPropertyPlantEquipment 2023-12-31 OC360161 d:OtherPropertyPlantEquipment 2022-12-31 OC360161 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC360161 d:Goodwill 2023-01-01 2023-12-31 OC360161 d:Goodwill 2023-12-31 OC360161 d:Goodwill 2022-12-31 OC360161 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 OC360161 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 OC360161 d:CurrentFinancialInstruments 2023-12-31 OC360161 d:CurrentFinancialInstruments 2022-12-31 OC360161 d:Non-currentFinancialInstruments 2023-12-31 OC360161 d:Non-currentFinancialInstruments 2022-12-31 OC360161 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 OC360161 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 OC360161 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 OC360161 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 OC360161 c:FRS102 2023-01-01 2023-12-31 OC360161 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC360161 c:FullAccounts 2023-01-01 2023-12-31 OC360161 c:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC360161 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 OC360161 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 OC360161 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 OC360161 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 OC360161 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 OC360161 c:PartnerLLP1 2023-01-01 2023-12-31 OC360161 c:PartnerLLP2 2023-01-01 2023-12-31 OC360161 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC360161 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC360161 d:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC360161 d:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC360161 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC360161










FARM & STABLE SUPPLIES LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FARM & STABLE SUPPLIES LLP
REGISTERED NUMBER: OC360161

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
205,214
213,672

Tangible assets
 5 
965,105
988,680

  
1,170,319
1,202,352

Current assets
  

Stocks
  
1,565,174
1,400,222

Debtors: amounts falling due within one year
 6 
1,356,726
1,278,224

Cash at bank and in hand
 7 
1,115,631
814,036

  
4,037,531
3,492,482

Creditors: Amounts Falling Due Within One Year
 8 
(1,768,732)
(1,674,644)

Net current assets
  
 
 
2,268,799
 
 
1,817,838

Total assets less current liabilities
  
3,439,118
3,020,190

Creditors: amounts falling due after more than one year
 9 
(578,731)
(510,008)

  
2,860,387
2,510,182

  

Net assets
  
2,860,387
2,510,182


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
2,079,637
1,413,450

Other reserves classified as equity
  
780,750
1,096,732

  
 
2,860,387
 
2,510,182

  
2,860,387
2,510,182


Total members' interests
  

Members' other interests
  
2,860,387
2,510,182

  
2,860,387
2,510,182


Page 1

 
FARM & STABLE SUPPLIES LLP
REGISTERED NUMBER: OC360161
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
Nelson Kilbey of Sutton Court Trading Limited
................................................
Malcolm Kilbey of Midhurst Trading Limited
Designated member
Designated member



................................................
John Newton of Stockfarm Limited
Designated member



................................................
Nelson Kilbey of The Dallan Hill Trust
Designated member


Date: 23 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Farm and Stable Supplies LLP is a limited liability partnership, OC360161, incorporated in England and Wales, with its registered office and principal place of business at Omega House, Hazleton Interchange,Lakesmere Road, Waterlooville, Hampshire, PO9 9JU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
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 LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Website
-
25% straight line
Fixed asset on finance lease
-
Over agreed lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 6

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 7

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2022 - 29).


4.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2023
83,229
406,000
489,229


Additions
25,260
-
25,260



At 31 December 2023

108,489
406,000
514,489



Amortisation


At 1 January 2023
31,957
243,600
275,557


Charge for the year on owned assets
13,418
20,300
33,718



At 31 December 2023

45,375
263,900
309,275



Net book value



At 31 December 2023
63,114
142,100
205,214



At 31 December 2022
51,272
162,400
213,672



Page 8

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
311,314
759,554
284,935
235,322
124,039
1,715,164


Additions
3,750
273,548
-
12,894
-
290,192


Disposals
-
(68,777)
-
-
-
(68,777)



At 31 December 2023

315,064
964,325
284,935
248,216
124,039
1,936,579



Depreciation


At 1 January 2023
104,404
211,315
167,221
150,437
93,105
726,482


Charge for the year on owned assets
52,196
160,394
29,428
24,445
17,236
283,699


Disposals
-
(38,707)
-
-
-
(38,707)



At 31 December 2023

156,600
333,002
196,649
174,882
110,341
971,474



Net book value



At 31 December 2023
158,464
631,323
88,286
73,334
13,698
965,105



At 31 December 2022
206,910
548,238
117,714
84,884
30,934
988,680


6.


Debtors

2023
2022
£
£


Trade debtors
1,229,019
1,145,765

Other debtors
9,000
-

Prepayments and accrued income
118,707
132,459

1,356,726
1,278,224


Page 9

 
FARM & STABLE SUPPLIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,115,631
814,036

Less: bank overdrafts
(87,047)
(10,013)

1,028,584
804,023



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
87,047
10,013

Bank loans
11,520
18,303

Other loans
140,000
-

Trade creditors
1,121,192
1,307,280

Other taxation and social security
37,010
34,935

Obligations under finance lease and hire purchase contracts
226,656
149,704

Other creditors
7,096
8,895

Accruals and deferred income
138,211
145,514

1,768,732
1,674,644



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
11,772
-

Other loans
249,000
249,000

Net obligations under finance leases and hire purchase contracts
317,960
261,008

578,732
510,008


 
Page 10