Registered number
OC326610
Peddar Farming LLP
Filleted Accounts
31 March 2024
Peddar Farming LLP
Registered number: OC326610
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 759,307 744,466
Current assets
Stocks 19,825 17,150
Debtors 4 175,055 99,228
Cash at bank and in hand - 28,310
194,880 144,688
Creditors: amounts falling due within one year 5 (242,605) (185,732)
Net current liabilities (47,725) (41,044)
Total assets less current liabilities 711,582 703,422
Creditors: amounts falling due after more than one year 6 (330,109) (281,740)
Net assets attributable to members 381,473 421,682
Represented by:
Loans and other debts due from members within one year
Members' current accounts classified as a liability 7 15,982 56,191
Loans and other debts due from members after one year
Members' capital classified as a liability 7 365,491 365,491
381,473 421,682
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 to 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.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 21 June 2024 and signed on their behalf by:
R B Stanton
Designated member
Peddar Farming LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are automatically divided in profit sharing ratios as agreed by the members and included under Members remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Property 25 year straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold or utilised is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP inlcuding members 3 2
3 Tangible fixed assets
Plant and machinery Motor vehicles Property Total
£ £ £ £
Cost
At 1 April 2023 1,239,674 30,599 49,610 1,319,883
Additions 250,857 - - 250,857
Disposals (175,686) - - (175,686)
At 31 March 2024 1,314,845 30,599 49,610 1,395,054
Depreciation
At 1 April 2023 558,062 13,387 3,968 575,417
Charge for the year 139,495 4,303 1,984 145,782
On disposals (85,452) - - (85,452)
At 31 March 2024 612,105 17,690 5,952 635,747
Net book value
At 31 March 2024 702,740 12,909 43,658 759,307
At 31 March 2023 681,612 17,212 45,642 744,466
4 Debtors 2024 2023
£ £
Trade debtors 160,914 65,667
Prepayments 14,141 14,460
VAT due - 19,101
175,055 99,228
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdraft 42,216 -
Obligations under finance lease and hire purchase contracts 110,612 114,449
Trade creditors 72,117 63,653
VAT and social security 15,333 -
Accruals 2,327 7,630
242,605 185,732
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 330,109 281,740
7 Loans and other debts due to members Less than More than Total Total
one year one year 2024 2023
£ £ £ £
Member capital accounts (Note 8) - 365,491 365,491 365,491
Member current accounts (Note 9) 56,191 - 56,191 73,454
Members capital (classified as debt) - - - -
56,191 365,491 421,682 438,945
Capital introduced - - - 50,000
Members remuneration charged as an expense (40,209) - (40,209) (67,263)
Members interests after profit for the year 15,982 365,491 381,473 421,682
Drawings - - - -
Balance at 31 March 15,982 365,491 381,473 421,682
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Capital accounts H C Buscall R B Stanton Total
£ £ £
At 1 April 2023 188,453 177,038 365,491
At 31 March 2024 188,453 177,038 365,491
9 Current accounts H C Buscall R B Stanton Total
£ £ £
At 1 April 2023 8,773 47,418 56,191
Share of partner interest - 1,430 1,430
Share of balance (20,820) (20,819) (41,639)
(12,047) 28,029 15,982
Capital introduced - - -
Drawings - - -
At 31 March 2024 (12,047) 28,029 15,982
10 Related party transactions
The partnership carries out farming services for its designated members farming businesses. All transactions are carried out on an arms length basis.
Total sales and purchases during the year, and the balances outstanding at the year end were as follows:
2024 2023
£ £
Ken Hill Farms
Sales 287,101 260,362
Debtor as at 31 March 53,510 (25,565)
Purchases 124,353 153,855
Creditor as at 31 March 4,624 12,326
Dersingham Manor Farms
Sales 281,180 204,178
Debtor as at 31 March 65,699 (18,411)
Purchases 101,401 95,121
Creditor as at 31 March 6,341 8,802
11 Other information
Peddar Farming LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 2 Fordham House
Newmarket Road
Fordham
Ely
Cambridgeshire
CB7 5LL
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