0 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 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC390065 2023-04-01 2024-03-31 OC390065 2024-03-31 OC390065 2023-03-31 OC390065 2022-04-01 2023-03-31 OC390065 2023-03-31 OC390065 2022-03-31 OC390065 core:PlantMachinery 2023-04-01 2024-03-31 OC390065 core:MotorVehicles 2023-04-01 2024-03-31 OC390065 bus:Director1 2023-04-01 2024-03-31 OC390065 bus:Director2 2023-04-01 2024-03-31 OC390065 core:PlantMachinery 2023-03-31 OC390065 core:MotorVehicles 2023-03-31 OC390065 core:LandBuildings 2024-03-31 OC390065 core:PlantMachinery 2024-03-31 OC390065 core:MotorVehicles 2024-03-31 OC390065 core:WithinOneYear 2024-03-31 OC390065 core:WithinOneYear 2023-03-31 OC390065 core:AfterOneYear 2024-03-31 OC390065 core:AfterOneYear 2023-03-31 OC390065 core:LandBuildings 2023-03-31 OC390065 core:PlantMachinery 2023-03-31 OC390065 core:MotorVehicles 2023-03-31 OC390065 bus:SmallEntities 2023-04-01 2024-03-31 OC390065 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC390065 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC390065 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC390065 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC390065
Wey Street Farm LLP
Filleted Unaudited Financial Statements
31 March 2024
Wey Street Farm LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wey Street Farm LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,406,560
2,412,108
Current assets
Stocks
54,548
60,736
Debtors
6
47,113
33,716
Cash at bank and in hand
56,641
54,343
---------
---------
158,302
148,795
Creditors: amounts falling due within one year
7
15,758
11,799
---------
---------
Net current assets
142,544
136,996
------------
------------
Total assets less current liabilities
2,549,104
2,549,104
Creditors: amounts falling due after more than one year
8
5,000
5,000
------------
------------
Net assets
2,544,104
2,544,104
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Members' capital classified as equity
2,544,104
2,544,104
Other reserves
------------
------------
2,544,104
2,544,104
------------
------------
Total members' interests
Amounts due from members
(38,620)
(11,272)
Loans and other debts due to members
Members' other interests
2,544,104
2,544,104
------------
------------
2,505,484
2,532,832
------------
------------
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 comprehensive income has not been delivered.
Wey Street Farm 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 19 November 2024 , and are signed on their behalf by:
C J Body
S E Body
Designated Member
Designated Member
Registered number: OC390065
Wey Street Farm 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 Wey Street Farm, Wey Street, Ruckinge, Ashford, Kent, TN26 2QQ.
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 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 comprehensive income 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 comprehensive income 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 comprehensive income 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'.
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.
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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
No depreciation is charged on land and buildings.
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.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of employees during the current and previous year was nil.
5.
Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
2,375,200
110,937
1,100
2,487,237
------------
---------
-------
------------
Depreciation
At 1 April 2023
74,139
990
75,129
Charge for the year
5,520
28
5,548
------------
---------
-------
------------
At 31 March 2024
79,659
1,018
80,677
------------
---------
-------
------------
Carrying amount
At 31 March 2024
2,375,200
31,278
82
2,406,560
------------
---------
-------
------------
At 31 March 2023
2,375,200
36,798
110
2,412,108
------------
---------
-------
------------
Within freehold property is land of £1,795,200 on which no depreciation is charged. The balance of £580,000 relating to buildings is representative of the fair value and therefore no depreciation is charged on this balance.
6.
Debtors
2024
2023
£
£
Trade debtors
12,388
Other debtors
47,113
21,328
--------
--------
47,113
33,716
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,058
9,213
Social security and other taxes
88
Other creditors
2,612
2,586
--------
--------
15,758
11,799
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,000
5,000
-------
-------