REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Tritton Farming Partnership LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Tritton Farming Partnership LLP |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Tritton Farming Partnership LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Coval Hall |
Rainsford Road |
Chelmsford |
Essex |
CM1 2QF |
MANAGING AGENTS: |
Council Offices |
London Road |
Saffron Walden |
CB11 4ER |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Report of the Members |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of farming. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £175,615 (2023 - £132,000 profit). |
MEMBERS' INTERESTS |
The income profits and losses of the LLP for each accounting period, as determined by the accounts of the LLP, are divided and attributed to Members in accordance with the LLP Agreement, or in such other proportion as the Members from time to time agree in writing. The Members take drawings on account of profits of such sums and at such times as are agreed between them from time to time. |
ON BEHALF OF THE MEMBERS: |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Income Statement |
for the Year Ended 31 March 2024 |
Period |
1.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
35,317 | (9,215 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors: amounts falling due within one year | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 18,420,422 | 18,406,650 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
1,020,422 |
1,006,650 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 17,400,000 | 17,400,000 |
18,420,422 | 18,406,650 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 1,020,422 | 1,006,650 |
Members' other interests | 17,400,000 | 17,400,000 |
Amounts due from members | 7 | (60,187 | ) | (65,595 | ) |
18,360,235 | 18,341,055 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Tritton Farming Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Improvements to properties | - |
Grainstore | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock is held at valuation prepared in accordance with the conventions set out in the CAAV/RICS stocktaking guidance. |
Cultivations have been valued on a standard cost basis, using CAAV Guide to Costings and supporting working papers. |
Consumable stocks of seed, fertiliser, spray, fuel are valued at invoice price or market value if lower. |
Crops in store have been valued on a 'deemed' cost basis which has been calculated at 75% of the average sale value. |
Current year growing crops have been valued on a cost of production basis to year end. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to |
property | properties | Grainstore |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Revaluation adjustments |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Freehold property includes investment property shown at historic cost. The Members acknowledge that the market value of these assets is higher than that stated in the accounts, but that it would require undue cost and effort to re-value on an on-going basis. |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Improvements |
Freehold | to |
property | properties | Grainstore |
£ | £ | £ |
Valuation in 0 | 17,399,000 | 12,658 | 782,165 |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Valuation in 0 | 210,052 | 31,947 | 18,435,822 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | 60,187 | 65,595 |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Bank loan |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan |
Tritton Farming Partnership LLP (Registered number: OC387655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Barclays loan | 356,291 | 414,849 |
A bank loan of £500,000 was taken with Barclays in 2019. This loan includes repayment of the old 2015 loan and is repayable by monthly instalments over 10 years. Interest is charged at an annual rate of 2.78%. |
A second bank loan of £100,000 was taken with Barclays in 2020. This loan is repayable by monthly instalments over 10 years. Interest is charged at an annual rate of 2.59%. |
Both loans are secured against an LLP freehold property, for which the legal title remains with Mrs DS Tritton. |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. |
There is no provision for specific legally enforceable protection afforded to creditors in such an event. |
There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'. |
12. | RELATED PARTY DISCLOSURES |
Lowleys Limited is a related party as CC Tritton and AG Tritton are directors. |
The balance owed by Lowleys Limited at the year end was £396,350 comprised of tangible fixed assets transferred at net book value and running costs paid by Lowleys on behalf of TFP. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is considered to be C C Tritton. |