Registration number:
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 |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Green Farm Racing LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Green Farm Racing LLP
(Registration number: OC446373)
Balance Sheet as at 31 March 2024
Note |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
81,608 |
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81,608 |
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Total members' interests |
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Loans and other debts due to members |
81,608 |
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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
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Green Farm Racing LLP
Notes to the Financial Statements for the Period from 17 March 2023 to 31 March 2024
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
Tangible fixed assets |
Motor vehicles |
Total |
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Cost |
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Additions |
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At 31 March 2024 |
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Depreciation |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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Stocks |
2024 |
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Stocks |
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Debtors |
2024 |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
4,194 |
Creditors: Amounts falling due within one year |
2024 |
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Accruals and deferred income |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was