IRIS Accounts Production v24.3.0.553 OC324840 designated member designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3248402023-03-31OC3248402024-03-31OC3248402023-04-012024-03-31OC3248402022-03-31OC3248402022-04-012023-03-31OC3248402023-03-31OC324840ns15:EnglandWales2023-04-012024-03-31OC324840ns14:PoundSterling2023-04-012024-03-31OC324840ns10:PartnerLLP12023-04-012024-03-31OC324840ns10:PartnerLLP22023-04-012024-03-31OC324840ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC324840ns10:SmallEntities2023-04-012024-03-31OC324840ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31OC324840ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC324840ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC324840ns10:FullAccounts2023-04-012024-03-31OC324840ns10:PartnerLLP32023-04-012024-03-31OC324840ns10:RegisteredOffice2023-04-012024-03-31OC324840ns5:CurrentFinancialInstruments2024-03-31OC324840ns5:CurrentFinancialInstruments2023-03-31OC324840ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-31OC324840ns5:PlantMachinery2023-04-012024-03-31OC324840ns5:LandBuildings2023-03-31OC324840ns5:PlantMachinery2023-03-31OC324840ns5:LandBuildings2023-04-012024-03-31OC324840ns5:LandBuildings2024-03-31OC324840ns5:PlantMachinery2024-03-31OC324840ns5:LandBuildings2023-03-31OC324840ns5:PlantMachinery2023-03-31OC324840ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC324840ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: OC324840 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Holdingham Farms LLP

Holdingham Farms LLP (Registered number: OC324840)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Holdingham Farms LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Ms L R Dean
Ms A C A Kelly
N J Kelly





REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG





REGISTERED NUMBER: OC324840 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Holdingham Farms LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Holdingham Farms LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Holdingham Farms LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Holdingham Farms LLP and state those matters that we have agreed to state to the members of Holdingham Farms LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holdingham Farms LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Holdingham Farms LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Holdingham Farms LLP. You consider that Holdingham Farms LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Holdingham Farms LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


15 October 2024

Holdingham Farms LLP (Registered number: OC324840)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,205,061 2,205,315

CURRENT ASSETS
Stocks 17,311 38,702
Debtors 5 119,016 217,228
Cash at bank 201,177 91,928
337,504 347,858
CREDITORS
Amounts falling due within one year 6 34,054 43,411
NET CURRENT ASSETS 303,450 304,447
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,508,511

2,509,762

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

318,300

319,551

MEMBERS' OTHER INTERESTS
Capital accounts 2,190,211 2,190,211
2,508,511 2,509,762

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 318,300 319,551
Members' other interests 2,190,211 2,190,211
2,508,511 2,509,762

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Holdingham Farms LLP (Registered number: OC324840)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 15 October 2024 and were signed by:




Ms L R Dean - Designated member




Ms A C A Kelly - Designated member


Holdingham Farms LLP (Registered number: OC324840)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Holdingham Farms LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of crops sold during the year and the value of the Single Payment attributable to the year.

Turnover is recognised when goods are sold.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance

Freehold property represents land which is farmed by the partnership. It is not a depreciating asset and therefore no depreciation is charged on it. The land is held at fair value and is subject to regular revaluations.

Stocks
Stocks have been valued professionally in accordance with agricultural practice.

Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.

Holdingham Farms LLP (Registered number: OC324840)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Members' participation rights
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 FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed to members, for example members' capital are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after the decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 2,204,299 29,331 2,233,630
DEPRECIATION
At 1 April 2023 - 28,315 28,315
Charge for year - 254 254
At 31 March 2024 - 28,569 28,569
NET BOOK VALUE
At 31 March 2024 2,204,299 762 2,205,061
At 31 March 2023 2,204,299 1,016 2,205,315

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 108,914 216,739
Other debtors 10,102 489
119,016 217,228

Holdingham Farms LLP (Registered number: OC324840)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 28,246 31,537
Other creditors 5,808 11,874
34,054 43,411

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 318,300 319,551

Falling due within one year 318,300 319,551

Loans and other debts due to members and all unsecured other creditors rank equally in the event of a winding up.

8. RELATED PARTY DISCLOSURES

Contract work on the farm is carried out by AFS Dean, a business in which one of the former members, TFS Dean, has an interest. The costs charged to the LLP are governed by a contract between the LLP and AFS Dean.