Green Farm Racing LLP OC446373 false 2023-03-17 2024-03-31 2024-03-31 The principal activity of the company is Manufacture of specialised components for vintage and historic racing cars. Digita Accounts Production Advanced 6.30.9574.0 true OC446373 2023-03-17 2024-03-31 OC446373 2024-03-31 OC446373 core:CurrentFinancialInstruments 2024-03-31 OC446373 core:WithinOneYear 2024-03-31 OC446373 core:MotorVehicles 2024-03-31 OC446373 bus:SmallEntities 2023-03-17 2024-03-31 OC446373 bus:AuditExemptWithAccountantsReport 2023-03-17 2024-03-31 OC446373 bus:FilletedAccounts 2023-03-17 2024-03-31 OC446373 bus:SmallCompaniesRegimeForAccounts 2023-03-17 2024-03-31 OC446373 bus:RegisteredOffice 2023-03-17 2024-03-31 OC446373 bus:PartnerLLP1 2023-03-17 2024-03-31 OC446373 bus:PartnerLLP2 2023-03-17 2024-03-31 OC446373 bus:LimitedLiabilityPartnershipLLP 2023-03-17 2024-03-31 OC446373 core:MotorVehicles 2023-03-17 2024-03-31 OC446373 countries:AllCountries 2023-03-17 2024-03-31 iso4217:GBP xbrli:pure

Registration number: OC446373

Green Farm Racing LLP

Annual Report and Unaudited Financial Statements

for the period from 17 March 2023 to 31 March 2024

 

Green Farm Racing LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 5

Balance Sheet

2

Notes to the Financial Statements

4

 

Green Farm Racing LLP

Limited liability partnership information

Designated members

Mr T D Caldicott

Mr J Ghosh
 

Registered office

Upper Wolverton Farm
Spetchley
Spetchley
Worcestershire
WR7 4PQ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Green Farm Racing LLP

(Registration number: OC446373)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

2

2,419

Current assets

 

Stocks

3

55,144

Debtors

4

4,194

Cash and short-term deposits

 

22,051

 

81,389

Creditors: Amounts falling due within one year

5

(2,200)

Net current assets

 

79,189

Net assets attributable to members

 

81,608

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

81,608

   

81,608

Total members' interests

 

Loans and other debts due to members

 

81,608

   

81,608

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.

 

Green Farm Racing LLP

(Registration number: OC446373)
Balance Sheet as at 31 March 2024

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 Green Farm Racing LLP (registered number OC446373) were approved by the Board and authorised for issue on 18 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr T D Caldicott
Designated member

.........................................
Mr J Ghosh
Designated member

 

Green Farm Racing LLP

Notes to the Financial Statements for the Period from 17 March 2023 to 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 financial statements have been prepared under the historial cost convention and in accordance with the requirements of the Statement of Recommend Practice "Accounting by Limited Liability Partnerships" issued in January 2017 ("SORP 2017").

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, and payment of such liabilities is not administered by the partnership.

Tangible fixed assets

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

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:

Asset class

Depreciation method and rate

Motor vehicles

25% 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.

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.

 

Green Farm Racing LLP

Notes to the Financial Statements for the Period from 17 March 2023 to 31 March 2024

2

Tangible fixed assets

Motor vehicles
 £

Total
£

Cost

Additions

3,225

3,225

At 31 March 2024

3,225

3,225

Depreciation

Charge for the year

806

806

At 31 March 2024

806

806

Net book value

At 31 March 2024

2,419

2,419

3

Stocks

2024
£

Stocks

55,144

4

Debtors

2024
£

Other debtors

2,569

Prepayments and accrued income

1,625

Total current trade and other debtors

4,194

5

Creditors: Amounts falling due within one year

2024
£

Accruals and deferred income

2,200

6

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 2.