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Company No: OC422891 (England and Wales)

DROVE FARM LLP

Unaudited Financial Statements
For the financial period from 01 July 2023 to 31 March 2024
Pages for filing with the registrar

DROVE FARM LLP

Unaudited Financial Statements

For the financial period from 01 July 2023 to 31 March 2024

Contents

DROVE FARM LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial period from 01 July 2023 to 31 March 2024
DROVE FARM LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial period from 01 July 2023 to 31 March 2024
DESIGNATED MEMBERS Mrs C I Arney
Mr J A Arney
REGISTERED OFFICE Hitchcock House Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
BUSINESS ADDRESS Drove House
Drove Lane
Old Alresford
Hampshire
SO24 9TB
REGISTERED NUMBER OC422891 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
DROVE FARM LLP

BALANCE SHEET

As at 31 March 2024
DROVE FARM LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.06.2023
£ £
Restated
Fixed assets
Tangible assets 3 2,422,428 2,428,384
2,422,428 2,428,384
Current assets
Debtors 4 5,326 4,730
5,326 4,730
Creditors: amounts falling due within one year 5 ( 16,759) ( 2,000)
Net current (liabilities)/assets (11,433) 2,730
Total assets less current liabilities 2,410,995 2,431,114
Net assets attributable to members 2,410,995 2,431,114
Represented by
Loans and other debts due to members after more than one year
Other amounts 14,380 34,499
14,380 34,499
Members' other interests
Members' capital classified as equity 2,396,615 2,396,615
2,396,615 2,396,615
2,410,995 2,431,114
Total members' interests
Loans and other debts due to members 14,380 34,499
Members' other interests 2,396,615 2,396,615
2,410,995 2,431,114

For the financial period ending 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.

Members' responsibilities:

The financial statements of Drove Farm LLP (registered number: OC422891) were approved and authorised for issue by the Board of Directors on 02 September 2024. They were signed on its behalf by:

Mr J A Arney
Designated member
DROVE FARM LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
DROVE FARM LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Drove Farm LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principal place of business is Drove House, Drove Lane, Old Alresford, Hampshire, SO24 9TB.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The accounts of the LLP are prepared for a 9 month period up to 31 March 2024 to align with the tax year.

Prior period error

The prior period has been restated to correct the classification of the members capital classified as a liability.

Turnover

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Tangible fixed assets

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

2. Employees

Period from
01.07.2023 to
31.03.2024
Year ended
30.06.2023
Number Number
Monthly average number of persons employed by the LLP during the period 2 2

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 2,396,614 46,765 35,273 2,478,652
At 31 March 2024 2,396,614 46,765 35,273 2,478,652
Accumulated depreciation
At 01 July 2023 0 35,290 14,978 50,268
Charge for the financial period 0 2,151 3,805 5,956
At 31 March 2024 0 37,441 18,783 56,224
Net book value
At 31 March 2024 2,396,614 9,324 16,490 2,422,428
At 30 June 2023 2,396,614 11,475 20,295 2,428,384

4. Debtors

31.03.2024 30.06.2023
£ £
Prepayments 5,326 4,407
VAT recoverable 0 323
5,326 4,730

5. Creditors: amounts falling due within one year

31.03.2024 30.06.2023
£ £
Trade creditors 3,250 0
Accruals and deferred income 12,710 2,000
Other taxation and social security 799 0
16,759 2,000