Limited Liability Partnership Registration No. SO302160 (Scotland)
KINGDOM FARMING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
KINGDOM FARMING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
The Partnership of John MacDonald Drysdale & Co
Balgonie Estates Limited
Limited liability partnership number
SO302160
Registered office
Estates Office
Markinch
Glenrothes
Fife
KY7 6HH
Accountants
MHA
6 St Colme Street
Edinburgh
EH3 6AD
KINGDOM FARMING LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KINGDOM FARMING LLP
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,003,188
2,385,846
Investments
4
51
51
3,003,239
2,385,897
Current assets
Stocks
35,040
26,064
Debtors
5
342,136
224,851
Cash at bank and in hand
5,768
19,762
382,944
270,677
Creditors: amounts falling due within one year
6
(642,625)
(648,535)
Net current liabilities
(259,681)
(377,858)
Total assets less current liabilities
2,743,558
2,008,039
Creditors: amounts falling due after more than one year
7
(1,266,282)
(760,227)
Net assets attributable to members
1,477,276
1,247,812
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
857,276
627,812
Other amounts
620,000
620,000
1,477,276
1,247,812
Total members' interests
8
Loans and other debts due to members
1,477,276
1,247,812
KINGDOM FARMING LLP
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 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 29 February 2024 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 7 May 2024 and are signed on their behalf by:
07 May 2024
The Partnership of John MacDonald Drysdale & Co
Balgonie Estates Limited
Designated member
Designated member
Limited Liability Partnership Registration No. SO302160
KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Kingdom Farming LLP is a limited liability partnership incorporated in Scotland. The registered office is Estates Office, Markinch, Glenrothes, Fife, KY7 6HH.

 

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have reasonable expectation that the partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts invoiced in respect of the provision of services and sale of goods during the year.

1.4
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.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Tractors
10% - 20% per annum of cost
Farm vehicles
10% - 20% per annum of cost
Farm machinery
10% - 20% per annum of cost
Workshop equipment
10% per annum of cost
Motor vehicles
10% - 20% per annum of 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.

1.6
Fixed asset investments

Fixed asset investments are unlisted investments which 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.

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.

 

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments
Debtors
Debtors with no stated interest rate or are receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income 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:

2024
2023
Number
Number
Total
26
26
3
Tangible fixed assets
Tractors
Farm Vehicles
Farm Machinery
Workshop Equipment
Motor Vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
1,595,828
1,062,799
902,910
26,768
101,557
3,689,862
Additions
941,000
236,892
159,231
1,595
55,262
1,393,980
Disposals
(662,500)
(85,183)
(101,200)
-
-
(848,883)
At 29 February 2024
1,874,328
1,214,508
960,941
28,363
156,819
4,234,959
Depreciation and impairment
At 1 March 2023
465,324
448,589
347,231
10,106
32,766
1,304,016
Depreciation charged in the year
160,420
85,125
80,284
1,455
17,342
344,626
Eliminated in respect of disposals
(281,500)
(84,167)
(51,204)
-
-
(416,871)
At 29 February 2024
344,244
449,547
376,311
11,561
50,108
1,231,771
Carrying amount
At 29 February 2024
1,530,084
764,961
584,630
16,802
106,711
3,003,188
At 28 February 2023
1,130,504
614,210
555,679
16,662
68,791
2,385,846
KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
51
51
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,954
126,775
Other debtors
242,182
98,076
342,136
224,851
6
Creditors: amounts falling due within one year
2024
2023
£
£
Net obligations under finance lease and hire purchase contracts
479,958
477,470
Trade creditors
121,865
140,134
Other taxation and social security
19,269
17,398
Other creditors
13,361
3,476
Accruals and deferred income
8,172
10,057
642,625
648,535
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Net obligations under finance leases and hire purchase contracts
1,266,282
760,227
KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
1,247,812
Members' interests at 1 March 2023
-
1,247,812
1,247,812
1,247,812
Profit for the financial year available for discretionary division among members
229,464
-
-
229,464
Members' interests after profit for the year
229,464
1,247,812
1,247,812
1,477,276
Allocation of profit for the financial year
(229,464)
229,464
229,464
-
Members' interests at 29 February 2024
-
1,477,276
1,477,276
1,477,276
Amounts due to members
1,477,276
1,477,276
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.
KINGDOM FARMING LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
10
Members' transactions

During the year contracting services were carried out for both partners and charged at market value. The partners also paid expenses on behalf of Kingdom Farming LLP.

 

The totals invoiced and paid during the year and the balances outstanding at the year end are as follows:

 

2024
2023
Total Invoiced
Balance at Year End
Total Invoiced
Balance at Year End
£
£
£
£
Contracting services
The Partnership of John MacDonald Drysdale & Co
313,058
-
342,853
23,644
Balgonie Estates Limited
912,832
26,707
610,965
76,456
Expenses paid
The Partnership of John MacDonald Drysdale & Co
19,359
29,248
32,559
71,788
Balgonie Estates Limited
3,494
-
10,383
-
Haulage sales
The Partnership of John MacDonald Drysdale & Co
-
-
106
-
Balgonie Estates Limited
152
-
266
-
Seed dressing sales
The Partnership of John MacDonald Drysdale & Co
-
-
-
-
Balgonie Estates Limited
4,430
-
2,712
-
Diesel sales
The Partnership of John MacDonald Drysdale & Co
67,602
-
77,897
-
Balgonie Estates Limited
60,006
-
80,839
-
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