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Registration number: OC391446

Spring Farm (Frocester) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Spring Farm (Frocester) LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Financial Statements

3 to 10

Balance Sheet

3

Notes to the Financial Statements

5

 

Spring Farm (Frocester) LLP

Limited liability partnership information

Designated members

Mrs Lilly McNab-Jones

Mr B S McNab-Jones

Mrs E V McNab-Jones
 

Registered office

Dougals
Church Road
Leonard Stanley
Stonehouse
Glocestershire
GL10 3NP

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Spring Farm (Frocester) LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Spring Farm (Frocester) LLP for the year ended 31 March 2024 set out on pages 3 to 10 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the members of Spring Farm (Frocester) LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Spring Farm (Frocester) LLP and state those matters that we have agreed to state to the members of Spring Farm (Frocester) LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spring Farm (Frocester) LLP and its members as a body for our work or for this report.

It is your duty to ensure that Spring Farm (Frocester) LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Spring Farm (Frocester) LLP. You consider that Spring Farm (Frocester) 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 accounts of Spring Farm (Frocester) 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 accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

26 September 2024

 

Spring Farm (Frocester) LLP

(Registration number: OC391446)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

-

1,910

Tangible assets

4

629,061

473,864

 

629,061

475,774

Current assets

 

Stocks

5

229,068

251,797

Debtors

6

67,434

185,002

Cash and short-term deposits

 

25,421

32,622

 

321,923

469,421

Creditors: Amounts falling due within one year

7

(131,914)

(409,109)

Net current assets

 

190,009

60,312

Total assets less current liabilities

 

819,070

536,086

Creditors: Amounts falling due after more than one year

8

(313,178)

(16,667)

Net assets attributable to members

 

505,892

519,419

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

-

436,174

Members’ other interests

 

Members' capital classified as equity

 

507,364

-

Other reserves

 

(1,472)

83,245

 

505,892

83,245

   

505,892

519,419

Total members' interests

 

Loans and other debts due to members

 

-

436,174

Equity

 

505,892

83,245

   

505,892

519,419

 

Spring Farm (Frocester) LLP

(Registration number: OC391446)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Spring Farm (Frocester) LLP (registered number OC391446) were approved by the Board and authorised for issue on 26 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs Lilly McNab-Jones
Designated member

.........................................
Mr B S McNab-Jones
Designated member

.........................................
Mrs E V McNab-Jones
Designated member

 

Spring Farm (Frocester) LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Spring Farm (Frocester) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

undiscounted

Revenue recognition

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.

 

Spring Farm (Frocester) LLP

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

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

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:

 

Spring Farm (Frocester) LLP

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

Asset class

Depreciation method and rate

Plant & machinery

15% Reducing balance

Tractors

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

20% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Spring Farm (Frocester) LLP

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

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2023 - 5).

3

Intangible fixed assets

Entitlements
 £

Total
£

Cost

At 1 April 2023

1,910

1,910

Disposals

(1,910)

(1,910)

At 31 March 2024

-

-

Amortisation

At 31 March 2024

-

-

Net book value

At 31 March 2024

-

-

At 31 March 2023

1,910

1,910

 

Spring Farm (Frocester) LLP

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

4

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
 £

Tractors
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

133,081

405,184

75,051

7,957

300

621,573

Additions

130,473

72,556

-

-

-

203,029

At 31 March 2024

263,554

477,740

75,051

7,957

300

824,602

Depreciation

At 1 April 2023

-

107,761

36,530

3,262

156

147,709

Charge for the year

-

36,998

9,631

1,174

29

47,832

At 31 March 2024

-

144,759

46,161

4,436

185

195,541

Net book value

At 31 March 2024

263,554

332,981

28,890

3,521

115

629,061

At 31 March 2023

133,081

297,423

38,521

4,695

144

473,864

 

Spring Farm (Frocester) LLP

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

5

Stocks

2024
£

2023
£

Stocks

229,068

251,797

6

Debtors

2024
£

2023
£

Trade debtors

43,404

62,186

Other debtors

21,806

120,612

Prepayments and accrued income

2,224

2,204

Total current trade and other debtors

67,434

185,002

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

5,000

-

Trade creditors

120,066

379,658

Other creditors

-

1,337

Accruals and deferred income

6,848

26,504

Taxation and social security

-

1,610

131,914

409,109

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

313,178

16,667

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

10

Transition to FRS 102

This is the first year that the limited liability partnership has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.