0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2024 - FRS102_2024 68,282 20,371 7,966 28,337 39,945 47,911 xbrli:pure xbrli:shares iso4217:GBP OC430333 2023-02-01 2024-03-31 OC430333 2024-03-31 OC430333 2023-01-31 OC430333 2022-02-01 2023-01-31 OC430333 2023-01-31 OC430333 2022-01-31 OC430333 bus:Director1 2023-02-01 2024-03-31 OC430333 core:WithinOneYear 2024-03-31 OC430333 core:WithinOneYear 2023-01-31 OC430333 bus:SmallEntities 2023-02-01 2024-03-31 OC430333 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-03-31 OC430333 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-03-31 OC430333 bus:LimitedLiabilityPartnershipLLP 2023-02-01 2024-03-31 OC430333 bus:FullAccounts 2023-02-01 2024-03-31 OC430333 core:OtherResidualIntangibleAssets 2023-02-01 2024-03-31 OC430333 core:IntangibleAssetsOtherThanGoodwill 2023-02-01 2024-03-31 OC430333 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 OC430333 core:IntangibleAssetsOtherThanGoodwill 2023-01-31
REGISTERED NUMBER: OC430333
LOGAN ROBERTS FARMING LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
LOGAN ROBERTS FARMING LLP
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
31 Jan 23
Note
£
£
Fixed assets
Intangible assets
4
39,945
47,911
Current assets
Debtors
5
11,836
6,772
Cash at bank and in hand
146,539
151,986
------------
------------
158,375
158,758
Creditors: amounts falling due within one year
6
( 33,883)
( 102,009)
------------
------------
Net current assets
124,492
56,749
------------
------------
Total assets less current liabilities
164,437
104,660
------------
------------
Net assets
164,437
104,660
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
164,437
104,660
------------
------------
Members' other interests
Other reserves
------------
------------
164,437
104,660
------------
------------
Total members' interests
Loans and other debts due to members
7
164,437
104,660
Members' other interests
------------
------------
164,437
104,660
------------
------------
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.
For the period 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 .
LOGAN ROBERTS FARMING LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 25 November 2024 , and are signed on their behalf by:
Mr A H Roberts
Designated Member
Registered number: OC430333
LOGAN ROBERTS FARMING LLP
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 FEBRUARY 2023 TO 31 MARCH 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
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. 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 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'.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Entitlements
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Intangible assets
Entitlements
£
Cost
At 1 February 2023 and 31 March 2024
68,282
------------
Amortisation
At 1 February 2023
20,371
Charge for the period
7,966
------------
At 31 March 2024
28,337
------------
Carrying amount
At 31 March 2024
39,945
------------
At 31 January 2023
47,911
------------
5.
Debtors
31 Mar 24
31 Jan 23
£
£
Trade debtors
5,000
Prepayments and accrued income
545
Other debtors
11,291
1,772
------------
------------
11,836
6,772
------------
------------
6. Creditors: amounts falling due within one year
31 Mar 24
31 Jan 23
£
£
Trade creditors
4,598
16,371
Accruals and deferred income
17,912
7,693
Social security and other taxes
11,373
2,951
Other creditors
74,994
------------
------------
33,883
102,009
------------
------------
7.
Loans and other debts due to members
31 Mar 24
31 Jan 23
£
£
Amounts owed to members in respect of profits
164,437
104,660
------------
------------
2024
2023
£
£
Allocation:
B A O Roberts
54,813
34,887
J J Roberts
54,812
34,887
T H Roberts
54,812
34,886
------------
------------
164,437
104,660
------------
------------