Acorah Software Products - Accounts Production 16.1.200 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC380716 Lord C W Northbourne Lady C L Northbourne iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC380716 2023-03-31 OC380716 2024-03-31 OC380716 2023-04-01 2024-03-31 OC380716 frs-core:CurrentFinancialInstruments 2024-03-31 OC380716 frs-core:Non-currentFinancialInstruments 2024-03-31 OC380716 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 OC380716 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 OC380716 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC380716 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 OC380716 frs-core:OtherResidualIntangibleAssets 2024-03-31 OC380716 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 OC380716 frs-core:OtherResidualIntangibleAssets 2023-03-31 OC380716 frs-core:PlantMachinery 2024-03-31 OC380716 frs-core:PlantMachinery 2023-04-01 2024-03-31 OC380716 frs-core:PlantMachinery 2023-03-31 OC380716 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC380716 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC380716 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 OC380716 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC380716 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC380716 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC380716 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC380716 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC380716 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC380716 2022-03-31 OC380716 2023-03-31 OC380716 2022-04-01 2023-03-31 OC380716 frs-core:CurrentFinancialInstruments 2023-03-31 OC380716 frs-core:Non-currentFinancialInstruments 2023-03-31
Registered number: OC380716
Northbourne Farming Partnership LLP
ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Avant Advisory Ltd
Chartered Certified Accountants
124 City Road
London
EC1V 2NX
Contents
Page
Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC380716
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 87 1,124
Tangible Assets 5 4,325,926 4,085,003
4,326,013 4,086,127
CURRENT ASSETS
Stocks 6 438,680 556,928
Debtors 7 3,219,634 3,078,243
Cash at bank and in hand 131,612 349,474
3,789,926 3,984,645
Creditors: Amounts Falling Due Within One Year 8 (327,386 ) (326,563 )
NET CURRENT ASSETS (LIABILITIES) 3,462,540 3,658,082
TOTAL ASSETS LESS CURRENT LIABILITIES 7,788,553 7,744,209
Creditors: Amounts Falling Due After More Than One Year 9 (4,012,411 ) (4,021,667 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 3,776,142 3,722,542
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 129,370 75,770
129,370 75,770
Equity
Members' other interests
Members' capital 3,646,772 3,646,772
3,646,772 3,646,772
3,776,142 3,722,542
TOTAL MEMBERS' INTEREST
Amounts due from members (2,914,209) (2,797,359)
Loans and other debts due to members within one year 129,370 75,770
Members' other interests 3,646,772 3,646,772
861,933 925,183
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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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
All of the LLP's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the members
Lord C W Northbourne
Designated Member
23/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Northbourne Farming Partnership LLP is a limited liability partnership, incorporated in England & Wales, registered number OC380716 . The Registered Office is Northbourne Court, Northbourne, Deal, Kent, CT14 0LW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards,  including Financial Reporting Standard 102 for small limited liability partnerships regime - 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' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Basic payment entitlements are being amortised over the estimated useful life of four years
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on cost
Plant & Machinery 20% on cost
Improvements to farm freehold property are depreciated at 2.5% on cost
2.5. Stocks and Work in Progress
Stocks are valued in accordance with the Inland Revenue Guidance Notes, BEN 19, amended in accordance with ICAEW guidance on Basic Payment treatment for accounting purposes.
Consumable stores of seeds, fertilisers, chemicals and sundry stores 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 market value.
The value of homesaved seed has been based on the market value of the grain plus the cost of cleaning,  dressing and royalties.
Arable operations are undertaken by a joint venture farming partnership,  JS Crop Management Ltd. 
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was:  2 (2023: 2)
2 2
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4. Intangible Assets
Other
£
Cost
As at 1 April 2023 232,606
As at 31 March 2024 232,606
Amortisation
As at 1 April 2023 231,482
Provided during the period 1,037
As at 31 March 2024 232,519
Net Book Value
As at 31 March 2024 87
As at 1 April 2023 1,124
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 4,734,888 138,083 4,872,971
Additions 258,843 - 258,843
As at 31 March 2024 4,993,731 138,083 5,131,814
Depreciation
As at 1 April 2023 649,885 138,083 787,968
Provided during the period 17,920 - 17,920
As at 31 March 2024 667,805 138,083 805,888
Net Book Value
As at 31 March 2024 4,325,926 - 4,325,926
As at 1 April 2023 4,085,003 - 4,085,003
6. Stocks
2024 2023
£ £
Stock 438,680 556,928
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 145,257 70,617
Other debtors 3,074,377 3,007,626
3,219,634 3,078,243
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 264,886 152,999
Bank loans and overdrafts 10,000 10,000
Other creditors 52,500 163,564
327,386 326,563
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,012,411 4,021,667
10. Secured Creditors
The following secured debts are included within creditors
AMC (Loan No. 592832) - balance £300,000 interest only expires 30 August 2043 fixed at 6.65% for 30 years. Secured on land at Northbourne Court, Abbey Garden Cottage, 3 and 4 Northbourne Court Cottages , 3 and 4 Triggers Row - a total of 455 acres.
AMC (Loan No. 592841) - balance £900,000 interest only expires 30 August 2043 variable at 3.40% above AMC's base rate for 30 years. Secured on land at Northbourne Court, Abbey Garden Cottage, 3 and 4 Northbourne Court Cottages , 3 and 4 Triggers Row - a total of 455 acres.
AMC (Loan No. 590239) - balance £700,000 interest only fixed at 6.80% for 30 years until 18th July 2043. Secured on land at Northbourne Court, Abbey Garden Cottage, 3 and 4 Northbourne Court Cottages, 3 and 4 Triggers Row - a total of 455 acres.
AMC (Loan No. 659083) - balance £1,600,000 interest only fixed at 3.82% for 30 years until 27th October 2046. Secured on 827 acres of arable land at Doves Corner, Hacklinge Farm, land at West Street Marsten, West Street Farm, Updown Farm and Finglesham Farm owned by Betteshanger Farms Ltd.
AMC (Loan No. 659118) - a flexi loan with a facility of £1,500,000 drawn to £500,000 as at 31 March 2017. Secured on the 827 acres of land owned by Betteshanger Farms Ltd as identified above. The interest rate is variable and is 2.4% above the Bank of England base rate.
2024 2023
£ £
Bank loans and overdrafts 4,000,000 4,000,000
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'.
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