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Registered number: OC331566










J R HOLLAND PRODUCE LLP










REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 27 MARCH 2024

 
J R HOLLAND PRODUCE LLP
 

CONTENTS



Page
Members' Report
1 - 2
Members' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Reconciliation of Members' Interests
11
Statement of Cash Flows
12 - 13
Notes to the Financial Statements
14 - 28


 
J R HOLLAND PRODUCE LLP
 
  
MEMBERS' REPORT
FOR THE PERIOD ENDED 27 MARCH 2024

The members present their annual report together with the audited financial statements of J R Holland Produce LLP (the "LLP") for the period ended 27 March 2024
 

Principal activities
 
 
The principal activity of the LLP is the wholesale of fruit and vegetables.
Going concern
The members have considered the LLP's current and future prospects and its availability of financing, and are satisfied that the LLP can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. For this reason the members continue to adopt the going concern basis of preparation for these financial statements.
 
 
Designated Members
 
 
J Holland and H2H (Produce) Limited were designated members of the LLP throughout the period.
 

 
Transactions with Members
 
 
The designated members participate fully in the profits and share the risks of the business. All members subscribe to the LLP's capital.
 
 
An individual member's capital requirement is linked to their membership status and the financing requirements of the LLP. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so retiring members are repaid their capital at "par". Details of changes in members' capital in the period ended 27 March 2024 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. The drawings policy is to allow a member to draw a proportion of their profit share in twelve monthly instalments with the balance of their profits being paid once the financial statements for the period have been formally adopted by the members. All payments are made subject to the cash requirements of the LLP.
 

Page 1

 
J R HOLLAND PRODUCE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditors during the period were Ryecroft Glenton.
Auditors will be proposed for appointment at the Members Annual Meeting.
 

This report was approved by the members on 24 October 2024 and signed on their behalf by:
 
 




................................................
J Holland
Designated member

Page 2

 
J R HOLLAND PRODUCE LLP
 
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 27 MARCH 2024

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

 In preparing these financial statements, the members are required to:

select suitable accounting policies for the LLP's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
J R HOLLAND PRODUCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R HOLLAND PRODUCE LLP
 

Opinion
 

We have audited the financial statements of J R Holland Produce LLP (the 'LLP') for the period ended 27 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 27 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 4

 
J R HOLLAND PRODUCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R HOLLAND PRODUCE LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 5

 
J R HOLLAND PRODUCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R HOLLAND PRODUCE LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.



The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the responsible individual ensured that the engagement team collectively had the appropriate                                competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the LLP through discussions with the members    and other management, and from our commercial knowledge and experience of the sector in which    the LLP operates; 
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the LLP, including the Companies Act 2006, the           Statement of Recommended Practice “Accounting by Limited Liability Partnerships” and The Producer   Responsibility Obligations (Packaging Waste) (Amendment) (England and Wales) Regulations 2022;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit. 
We  assessed  the  susceptibility  of  the  LLP’s  financial  statements to material misstatement, including obtaining an understanding of how fraud might occur, by:  
• making enquiries of management as to where they considered there was susceptibility to fraud and      their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:  
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias. 
 
Page 6

 
J R HOLLAND PRODUCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R HOLLAND PRODUCE LLP (CONTINUED)


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:  
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC and the LLP’s legal advisers where appropriate.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
 
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP
  

24 October 2024
Page 7

 
J R HOLLAND PRODUCE LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 MARCH 2024

Period ended
27 March
12 months ended
26 April
2024
2023
Note
£
£

  

Turnover
 4 
19,435,938
20,297,494

Cost of sales
  
(17,155,672)
(17,945,953)

Gross profit
  
 
2,280,266
 
2,351,541

Distribution costs
  
(610,830)
(658,539)

Administrative expenses
  
(1,426,689)
(1,369,921)

Other operating income
 5 
142,541
143,661

Operating profit
 6 
 
385,288
 
466,742

Interest receivable and similar income
 9 
19,087
3,360

Interest payable and similar expenses
 10 
(4,346)
(3,299)

Profit before tax
  
 
400,029
 
466,803

Profit for the period before members' remuneration and profit shares available for discretionary division among members
  
 
400,029
 
466,803

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 8

 
J R HOLLAND PRODUCE LLP
REGISTERED NUMBER: OC331566

BALANCE SHEET
AS AT 27 MARCH 2024

27 March
27 March
26 April
26 April
2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 11 
101,060
135,226

Tangible assets
 12 
306,880
259,389

Investment property
 13 
255,000
255,000

  
662,940
649,615

Current assets
  

Stocks
 14 
197,219
190,938

Debtors: amounts falling due within one year
 15 
3,992,236
3,027,980

Cash at bank and in hand
 16 
654,130
1,460,496

  
4,843,585
4,679,414

Creditors: amounts falling due within one year
 17 
(3,451,652)
(3,325,912)

Net current assets
  
 
 
1,391,933
 
 
1,353,502

Total assets less current liabilities
  
2,054,873
2,003,117

Creditors: amounts falling due after more than one year
 18 
(16,347)
(41,209)

  
2,038,526
1,961,908

  

Net assets
  
2,038,526
1,961,908

Page 9

 
J R HOLLAND PRODUCE LLP
REGISTERED NUMBER: OC331566
    
BALANCE SHEET (CONTINUED)
AS AT 27 MARCH 2024

27 March
27 March
26 April
26 April
2024
2024
2023
2023
Note
£
£
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
297,000
297,000

Other reserves classified as equity

  

1,741,526
1,664,908

  
 
2,038,526
 
1,961,908

  
2,038,526
1,961,908


Total members' interests
  

Amounts due from members (included in debtors)
 15 
(2,108,223)
(1,024,198)

Members' other interests
  
2,038,526
1,961,908

  
(69,697)
937,710


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 October 2024.




................................................
J Holland
Designated member

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
J R HOLLAND PRODUCE LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 27 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital and other reserves
Other amounts
Total loans and other debts due to members
Amounts due from members
Total
Total

£
£
£
£
£
£

Amounts due from members 

(943,722)
(943,722)


Balance at 28 April 2022 
297,000
1,516,908
1,813,908
(943,722)
(943,722)
870,186

Profit for the period available for discretionary division among members
 
-
466,803
466,803
-
-
466,803

Members' interests after profit for the period
297,000
1,983,711
2,280,711
(943,722)
(943,722)
1,336,989

Other division of profits
-
(318,803)
(318,803)
318,803
318,803
-

Amounts introduced by members
-
-
-
414,419
414,419
414,419

Drawings on account and distribution of profit
-
-
-
(813,698)
(813,698)
(813,698)

Amounts due from members
 



(1,024,198)
(1,024,198)


Balance at 26 April 2023
297,000
1,664,908
1,961,908
(1,024,198)
(1,024,198)
937,710

Profit for the period available for discretionary division among members
 
-
400,029
400,029
-
-
400,029

Members' interests after profit for the period
297,000
2,064,937
2,361,937
(1,024,198)
(1,024,198)
1,337,739

Other division of profits
-
(264,362)
(264,362)
264,362
264,362
-

Other drawings
-
(59,049)
(59,049)
-
-
(59,049)

Drawings on account and distribution of profit
-
-
-
(1,348,387)
(1,348,387)
(1,348,387)

Amounts due from members
 



(2,108,223)
(2,108,223)


Balance at 27 March 2024 
297,000
1,741,526
2,038,526
(2,108,223)
(2,108,223)
(69,697)

The notes on pages 14 to 28 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 11

 
J R HOLLAND PRODUCE LLP
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 MARCH 2024

Period ended
27 March
12 months ended
26 April
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
400,029
466,803

Adjustments for:

Amortisation of intangible assets
34,166
39,167

Depreciation of tangible assets
101,838
120,500

Profit on disposal of tangible assets
(34,130)
(36,000)

Interest paid
4,346
3,299

Interest received
(19,087)
(3,360)

(Increase) in stocks
(6,281)
(21,603)

Decrease in debtors
119,770
1,126,309

Increase/(decrease) in creditors
145,257
(471,191)

Net cash generated from operating activities before transactions with members

745,908
1,223,924


Cash flows from investing activities

Purchase of tangible fixed assets
(241,599)
(173,126)

Sale of tangible fixed assets
126,400
82,000

Interest received
19,087
3,360

HP interest paid
(4,339)
(3,299)

Net cash from investing activities

(100,451)
(91,065)
Page 12

 
J R HOLLAND PRODUCE LLP
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2024

Period ended
27 March
12 months ended
26 April

2024
2023

£
£



Cash flows from financing activities

Movement in finance lease arrangements
(44,380)
(57,421)

Interest paid
(7)
-

Amounts introduced by members
-
414,419

Distributions to members
(1,407,436)
(813,698)

Net cash used in financing activities
(1,451,823)
(456,700)

Net (decrease)/increase in cash and cash equivalents
(806,366)
676,159

Cash and cash equivalents at beginning of period
1,460,496
784,337

Cash and cash equivalents at the end of period
654,130
1,460,496


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
654,130
1,460,496

654,130
1,460,496


Page 13

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

1.


General information

J R Holland Produce LLP is a Limited Liability Partnership incorporated in England and Wales (no. OC331566). The Registered Office is 78-84 North East Wholesale Fruit and Vegetable Market, Team Valley Trading Estate, Gateshead, Tyne & Wear, NE11 0RF, United Kingdom. The principal activity of the LLP is the wholesale of fruit and vegetables.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The financial statements have been prepared in accordance with applicable accounting standards. The financial statements are drawn up to the nearest Wednesday to 31 March each year.
The period of accounts has changed this year and was previously drawn up to the nearest Wednesday to 30 April. The comparatives shown in the accounts therefore are not entirely comparable.
The financial statements are prepared in GBP sterling, rounded to the nearest £, which is the functional currency of the LLP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The members have considered the LLP's current and future prospects and its availability of financing, and are satisfied that the LLP can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. For this reason the members continue to adopt the going concern basis of preparation for these financial statements.

Page 14

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Leasing and hire purchase commitments

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 15

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
Over 20 years
Computer software
-
Over 3 years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Over 2 to 5 years
Motor vehicles
-
Over 4 to 5 years
Fixtures and fittings
-
Over 4 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment properties are carried at fair value reviewed annually by the members, with reference to external valuers if necessary and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.12

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.

 
2.13

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 and loans to related parties. 

  
2.14

Tax provisions

The taxation payable on profits is the personal liability of the members and is not provided for in these financial statements.

Page 17

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the period. The following judgements and estimates can have a significant effect on the financial statements: -
Investment property valuation
Investment properties are carried at fair value reviewed annually by the members, with reference to external valuers if necessary and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.


4.


Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties, usually on delivery of the goods, in the United Kingdom, and is attributable to the continuing principal activity of the LLP.

All turnover arose within the United Kingdom.


5.


Other operating income

Period ended
27 March
12 months ended
26 April
2024
2023
£
£

Net rental income from investment property
142,541
143,661

142,541
143,661


Page 18

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

6.


Operating profit

The operating profit is stated after charging/(crediting):

Period ended
27 March
12 months ended
26 April
2024
2023
£
£

Auditor's remuneration - audit services
12,500
12,000

Auditor's remuneration - non-audit services
6,500
6,000

Operating lease payments - land and buildings
102,960
100,692

Amortisation of intangible assets
34,166
39,167

Depreciation of owned assets
57,189
65,030

Depreciation of assets held under hire purchase agreements
44,649
55,470

Profit on sale of tangible assets
34,130
36,000


7.


Auditors' remuneration

During the period, the LLP obtained the following services from the LLP's auditors:


Period ended
27 March
12 months ended
26 April
2024
2023
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
12,500
12,000

8.


Employees

Staff costs, including members' remuneration, were as follows:


Period ended
27 March
12 months ended
26 April
2024
2023
£
£

Wages and salaries
991,688
999,689

Social security costs
122,813
86,521

Cost of defined contribution scheme
32,612
24,237

1,147,113
1,110,447


The average monthly number of employees during the period was 35 (2023 - 37).

Page 19

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

9.


Interest receivable

Period ended
27 March
12 months ended
26 April
2024
2023
£
£


Other interest receivable
19,087
3,360

19,087
3,360


10.


Interest payable and similar expenses

Period ended
27 March
12 months ended
26 April
2024
2023
£
£


Bank interest payable
5
-

Finance leases and hire purchase contracts
4,339
3,299

Other interest payable
2
-

4,346
3,299

Page 20

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

11.


Intangible assets






Computer software
Goodwill
Total

£
£
£



Cost


At 27 April 2023
31,250
575,000
606,250



At 27 March 2024

31,250
575,000
606,250



Amortisation


At 27 April 2023
23,004
448,020
471,024


Charge for the period on owned assets
7,812
26,354
34,166



At 27 March 2024

30,816
474,374
505,190



Net book value



At 27 March 2024
434
100,626
101,060



At 26 April 2023
8,246
126,980
135,226



Page 21

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

12.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 27 April 2023
253,117
592,216
180,027
1,025,360


Additions
5,271
156,900
79,428
241,599


Disposals
-
(191,905)
-
(191,905)



At 27 March 2024

258,388
557,211
259,455
1,075,054



Depreciation


At 27 April 2023
233,265
383,463
149,243
765,971


Charge for the period on owned assets
14,321
29,129
13,739
57,189


Charge for the period on financed assets
-
44,649
-
44,649


Disposals
-
(99,635)
-
(99,635)



At 27 March 2024

247,586
357,606
162,982
768,174



Net book value



At 27 March 2024
10,802
199,605
96,473
306,880



At 26 April 2023
19,852
208,753
30,784
259,389

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


27 March
26 April
2024
2023
£
£



Motor vehicles
59,003
103,651

59,003
103,651

Page 22

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

13.


Investment property





Freehold investment property

£



Valuation


At 27 April 2023
255,000



At 27 March 2024
255,000

The 2024 valuations were made by the designated members, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

27 March
26 April
2024
2023
£
£


Historic cost
255,000
255,000

255,000
255,000


14.


Stocks

27 March
26 April
2024
2023
£
£

Finished goods and goods for resale
197,219
190,938

197,219
190,938


Page 23

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

15.


Debtors

27 March
26 April
2024
2023
£
£


Trade debtors
1,379,792
1,413,568

Other debtors
371,052
470,297

Prepayments and accrued income
133,169
119,918

Amounts due from members
2,108,223
1,024,198

3,992,236
3,027,981



16.


Cash and cash equivalents

27 March
26 April
2024
2023
£
£

Cash at bank and in hand
654,130
1,460,496

654,130
1,460,496


Page 24

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

17.


Creditors: Amounts falling due within one year

27 March
26 April
2024
2023
£
£

Trade creditors
1,861,968
1,967,605

Amounts owed to related parties
1,357,337
1,241,058

Other taxation and social security
20,908
-

Obligations under finance lease and hire purchase contracts
30,107
49,625

Other creditors
490
-

Accruals and deferred income
180,842
67,624

3,451,652
3,325,912


The following liabilities were secured:

27 March
26 April
2024
2023
£
£



Obligations under finance lease and hire purchase contracts
30,107
49,625

30,107
49,625

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 25

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

18.


Creditors: Amounts falling due after more than one year

27 March
26 April
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
16,347
41,209

16,347
41,209


The following liabilities were secured:

27 March
26 April
2024
2023
£
£



Net obligations under finance leases and hire purchase contracts
16,347
41,209

16,347
41,209

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


19.


Hire purchase and finance leases


27 March
26 April
2024
2023
£
£


Within one year
30,107
49,625

Between 1-5 years
16,347
41,209

46,454
90,834

Page 26

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

20.


Loans and other debts due to members


27 March
26 April
2024
2023
£
£



Members' capital treated as debt
1,267,000
1,267,000

Other amounts due to members
1,741,526
1,664,908

Other reserves
(970,000)
(970,000)

2,038,526
1,961,908

All amounts fall due within one year.

The profits are divided and allocated retrospectively by agreement amongst the members. Accordingly, there is no automatic allocation of profits amongst designated members at the balance sheet date. As a result, profits available for allocation amongst the designated members at the balance sheet date is included in members' other interests. Allocated profits in excess of members' drawings are classified as amounts due to members. 
Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. The amount of capital each member is required to subscribe is determined by the membership agreement. A member may only withdraw capital when they cease to be a member.
One of the members of the LLP, H2H (Produce) Limited has contributed its business at fair value in return for an income and capital interest.


21.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £32,612 (2023 - £24,237). Contributions totalling £2,753 (2023 - £9,237) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 27 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

27 March
26 April
2024
2023
£
£


Not later than 1 year
-
65,520

-
65,520

Page 27

 
J R HOLLAND PRODUCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2024

23.


Related party transactions

During the period the LLP made sales, net of value added tax, of £2,916,638 (2023 - £3,181,267) to a company under common control. £570,163 (2023 - £385,901) inclusive of value added tax was outstanding at the period end and is included within trade debtors.
The LLP made purchases, net of value added tax, of £57,483 (2023 - £58,837) from the same entity under common control. £7,245 (2023 - £957) inclusive of value added tax was outstanding at the period end and is included within trade creditors.
In addition, an amount of £134,279 (2023 - £159,063), exclusive of value added tax, has been included in the financial statements in respect of a volume rebate. Unpaid rebates and recharges totalling £1,357,337 (2023 - £1,241,058) are included within 'amounts due to related parties', inclusive of value added tax. 
Rent of £56,160 (2023 - £100,692) was paid to a member's pension scheme during the period, and rent of £46,800 (2023 - £Nil) was accrued for but unpaid at the period end.
Included within other debtors is an amount of £290,000 (2023 - £300,000) due from an LLP in which a member is also a member. The loan is interest free and repayable on demand. 


24.


Controlling party

In the opinion of the members, Mr J Holland has ultimate control of the LLP.

 
Page 28