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REGISTERED NUMBER: OC387655 (England and Wales)













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: C C Tritton
Mrs D S Tritton
A G Tritton CBE DL



REGISTERED OFFICE: Lyons Hall
Great Leighs
Chelmsford
Essex
CM3 1PL



REGISTERED NUMBER: OC387655 (England and Wales)



ACCOUNTANTS: Strutt & Parker
Coval Hall
Rainsford Road
Chelmsford
Essex
CM1 2QF



MANAGING AGENTS: Ceres Rural
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:

C C Tritton
Mrs D S Tritton
A G Tritton CBE DL

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:





C C Tritton - Designated member


25 September 2024

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 941,035 1,092,552

Cost of sales (480,878 ) (526,598 )
GROSS PROFIT 460,157 565,954

Distribution costs (255,623 ) (382,382 )
Administrative expenses (169,217 ) (192,787 )
35,317 (9,215 )

Other operating income 150,979 155,588
OPERATING PROFIT 4 186,296 146,373


Interest payable and similar expenses (10,681 ) (14,373 )
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS



175,615



132,000

Tritton Farming Partnership LLP (Registered number: OC387655)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 18,043,672 18,116,943

CURRENT ASSETS
Stocks 6 475,912 453,421
Debtors: amounts falling due within one year 7 570,313 561,767
Cash at bank 56,547 -
1,102,772 1,015,188
CREDITORS
Amounts falling due within one year 8 438,972 379,873
NET CURRENT ASSETS 663,800 635,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,707,472

18,752,258

CREDITORS
Amounts falling due after more than one year 9 287,050 345,608
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 25 September 2024 and were signed by:




C C Tritton - Designated member




Mrs D S Tritton - Designated member


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Improvements to properties - 5% on cost
Grainstore - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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 2 (2023 - 2 ) .

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 64,453 77,902

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 17,400,000 12,658 776,680
Additions - - 5,485
Disposals (1,000 ) - -
Revaluations - - -
At 31 March 2024 17,399,000 12,658 782,165
DEPRECIATION
At 1 April 2023 - 4,958 227,949
Charge for year - 633 39,063
Revaluation adjustments - - -
At 31 March 2024 - 5,591 267,012
NET BOOK VALUE
At 31 March 2024 17,399,000 7,067 515,153
At 31 March 2023 17,400,000 7,700 548,731

Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 235,052 31,947 18,456,337
Additions - - 5,485
Disposals - - (1,000 )
Revaluations (25,000 ) - (25,000 )
At 31 March 2024 210,052 31,947 18,435,822
DEPRECIATION
At 1 April 2023 88,166 18,321 339,394
Charge for year 22,032 2,725 64,453
Revaluation adjustments (11,697 ) - (11,697 )
At 31 March 2024 98,501 21,046 392,150
NET BOOK VALUE
At 31 March 2024 111,551 10,901 18,043,672
At 31 March 2023 146,886 13,626 18,116,943

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 475,912 453,421

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 83,954 52,276
Amounts due from members 60,187 65,595
Other debtors 391,343 396,541
VAT 28,640 32,597
Prepayments and accrued income 6,189 14,758
570,313 561,767

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 2,688
Bank loan 69,241 69,241
Trade creditors 188,911 94,867
Social security and other taxes 953 963
Accruals and deferred income 179,867 212,114
438,972 379,873

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loan 287,050 345,608

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.