5 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC421087 2023-04-01 2024-03-31 OC421087 2024-03-31 OC421087 2023-03-31 OC421087 2022-04-01 2023-03-31 OC421087 2023-03-31 OC421087 2022-03-31 OC421087 core:PlantMachinery 2023-04-01 2024-03-31 OC421087 core:FurnitureFittings 2023-04-01 2024-03-31 OC421087 core:MotorVehicles 2023-04-01 2024-03-31 OC421087 bus:Director1 2023-04-01 2024-03-31 OC421087 bus:Director2 2023-04-01 2024-03-31 OC421087 core:PlantMachinery 2023-03-31 OC421087 core:FurnitureFittings 2023-03-31 OC421087 core:MotorVehicles 2023-03-31 OC421087 core:PlantMachinery 2024-03-31 OC421087 core:FurnitureFittings 2024-03-31 OC421087 core:MotorVehicles 2024-03-31 OC421087 core:WithinOneYear 2024-03-31 OC421087 core:WithinOneYear 2023-03-31 OC421087 core:AfterOneYear 2024-03-31 OC421087 core:AfterOneYear 2023-03-31 OC421087 core:PlantMachinery 2023-03-31 OC421087 core:FurnitureFittings 2023-03-31 OC421087 core:MotorVehicles 2023-03-31 OC421087 bus:SmallEntities 2023-04-01 2024-03-31 OC421087 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC421087 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC421087 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC421087 bus:FullAccounts 2023-04-01 2024-03-31 OC421087 core:Vehicles 2023-04-01 2024-03-31 OC421087 core:Vehicles 2023-03-31 OC421087 core:Vehicles 2024-03-31
REGISTERED NUMBER: OC421087
Overhall Farming LLP
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Overhall Farming LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,257,046
1,238,215
Current assets
Stocks
71,864
212,028
Debtors
6
503,664
745,943
Cash at bank and in hand
22,311
9,110
----------
----------
597,839
967,081
Creditors: amounts falling due within one year
7
491,492
497,448
----------
----------
Net current assets
106,347
469,633
-------------
-------------
Total assets less current liabilities
1,363,393
1,707,848
Creditors: amounts falling due after more than one year
8
339,683
836,583
-------------
-------------
Net assets
1,023,710
871,265
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
9
1,023,710
871,265
-------------
----------
Members' other interests
Other reserves
-------------
----------
1,023,710
871,265
-------------
----------
Total members' interests
Loans and other debts due to members
9
1,023,710
871,265
Members' other interests
-------------
----------
1,023,710
871,265
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
Overhall Farming LLP
Statement of Financial Position (continued)
31 March 2024
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 31 October 2024 , and are signed on their behalf by:
Martin Jenkins Farming
Boxworth Farming Co. Limited
Designated Member
Designated Member
Registered number: OC421087
Overhall Farming LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Little Grove, 8 Elsworth Road, Boxworth, Cambridge, CB23 4LX, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 by 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 such 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 statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a 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 statement of income and retained earnings and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Office equipment
-
10% straight line
Motor vehicles
-
10% reducing balance
Tractors
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 5 (2023: 5 ).
5.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Tractors
Total
£
£
£
£
£
Cost
At 1 April 2023
492,587
548
43,350
1,169,755
1,706,240
Additions
42,680
184,000
226,680
Disposals
( 30,790)
( 52,000)
( 82,790)
----------
----
---------
-------------
-------------
At 31 March 2024
504,477
548
43,350
1,301,755
1,850,130
----------
----
---------
-------------
-------------
Depreciation
At 1 April 2023
152,834
146
8,834
306,211
468,025
Charge for the year
44,171
55
4,112
108,687
157,025
Disposals
( 8,981)
( 22,985)
( 31,966)
----------
----
---------
-------------
-------------
At 31 March 2024
188,024
201
12,946
391,913
593,084
----------
----
---------
-------------
-------------
Carrying amount
At 31 March 2024
316,453
347
30,404
909,842
1,257,046
----------
----
---------
-------------
-------------
At 31 March 2023
339,753
402
34,516
863,544
1,238,215
----------
----
---------
-------------
-------------
6.
Debtors
2024
2023
£
£
Trade debtors
342,185
232,526
Other debtors
161,479
513,417
----------
----------
503,664
745,943
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
340,065
265,320
Social security and other taxes
24,248
41,759
Pension liability
957
800
Short term loans
17,500
Other creditors
116,222
162,069
----------
----------
491,492
497,448
----------
----------
Other creditors include hire purchase liabilities totalling £86,900 (2023 £86,900) which are secured on the assets concerned.
The bank loan relates to a government-backed bounce back loan which is repayable over 5 years.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
Long-term loan - Martin Jenkins Farming
237,812
527,812
Long-term loan - Boxworth Farming Co. Limited
90,204
200,204
Other creditors
86,900
----------
----------
339,683
836,583
----------
----------
Other creditors includes hire purchase liabilities totalling £Nil (2023 £86,900) which are secured on the assets concerned.
Interest is charged on the government-backed bank loan at a fixed rate of 2.5%.
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
152,446
399,253
Other amounts
871,264
472,012
-------------
----------
1,023,710
871,265
-------------
----------