Notley Farming LLP Filleted Accounts Cover
Notley Farming LLP
Registered No. OC421371
Information for Filing with the Registrar
31 March 2024
Notley Farming LLP Balance Sheet Registrar
at
31 March 2024
Registered No.
OC421371
Notes
2024
2023
£
£
Fixed assets
Tangible assets
5
373,996
422,746
373,996
422,746
Current assets
Debtors
6
2,098
18,794
Cash at bank and in hand
27,843
5,299
29,941
24,093
Creditors: Amounts falling due within one year
7
(73,322)
(56,491)
Net current liabilities
(43,381)
(32,398)
Total assets less current liabilities
330,615
390,348
Creditors: Amounts falling due after more than one year
8
-
(41,344)
Net assets attributable to members
330,615
349,004
Represented by:
Loans and other debts due to members
307,015
325,404
Members' other interests
Members' capital
23,600
23,600
23,600
23,600
330,615
349,004
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 18 September 2024 and signed on its behalf by:
L. Humphreys
N. Cousins
Designated member
Designated member
Notley Farming LLP Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
Notley Farming LLP is a limited liability partnership and incorporated in England and Wales.
Its registered number is: OC421371
Its registered office is:
Webbs Farmhouse
Pole Lane
Witham
Essex
CM8 1RD
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Members' remuneration and division of profits
The LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Tangible fixed assets and depreciation
Tangible fixed assets held for the LLP's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the LLP reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery
15% Reducing balance
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Leased assets
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the LLP are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the LLP at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the LLP's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Defined contribution pensions
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the year :
4
4
2024
2023
£
£
Automatic division of profits
(3,123)
6,174
(3,123)
6,174
4
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
2
2
5
Tangible fixed assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023
514,600514,600
Additions
17,25017,250
At 31 March 2024
531,850531,850
Depreciation
At 1 April 2023
91,85491,854
Charge for the year
66,00066,000
At 31 March 2024
157,854157,854
Net book values
At 31 March 2024
373,996373,996
At 31 March 2023
422,746
422,746
6
Debtors
2024
2023
£
£
Trade debtors
2,09818,794
2,09818,794
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
--
Obligations under finance lease and hire purchase contracts
41,34447,073
Trade creditors
12,8022,381
Other taxes and social security
16,8024,878
Accruals and deferred income
2,3742,159
73,32256,491
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Obligations under finance lease and hire purchase contracts
-41,344
-41,344
9
Loans and other debts due to members
2024
2023
£
£
Members' capital classified as a liability
310,138
319,230
Amounts due to members in respect of profits
(3,123)
6,174
307,015
325,404
Amounts falling due within one year
307,015
-
307,015
325,404
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