Company Registration No. OC399346 (England and Wales)
AFM FARMING LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AFM FARMING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr Charles Marsh
LLP registration number
OC399346
Registered office
Moston Farm, Moston
Stanton Upon Hine Heath
Shrewsbury
Shropshire
SY4 4LU
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
AFM FARMING LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AFM FARMING LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
252,798
252,798
Current assets
Stocks
-
3,690
Debtors
4
12,136
2,435
Cash at bank and in hand
6,703
13,614
18,839
19,739
Creditors: amounts falling due within one year
5
(9,515)
(7,600)
Net current assets
9,324
12,139
Total assets less current liabilities and net assets attributable to members
262,122
264,937
Represented by:
Members' other interests
7
Members' capital classified as equity
247,496
247,496
Other reserves classified as equity
14,626
17,441
262,122
264,937

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 29 November 2024 and are signed on their behalf by:
29 November 2024
Mr Charles Marsh
Designated member
Limited Liability Partnership registration number OC399346 (England and Wales)
AFM FARMING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

AFM Farming LLP is a limited liability partnership incorporated in England and Wales. The registered office is Moston Farm, Moston, Stanton Upon Hine Heath, Shrewsbury, Shropshire The principal activity of the limited liability partnership continued to be that of farming.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

The LLP changed its year end to 31 March, therefore the period reported on here is less than 12 months and the previous year amounts are not entirely comparable.

1.3
Turnover

Turnover represents the amounts recoverable on the sale of goods to clients, excluding value added tax. The sale of goods is recognised when goods are shipped and title has passed

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

AFM FARMING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 and 31 March 2024
252,798
Depreciation and impairment
At 1 May 2023 and 31 March 2024
-
Carrying amount
At 31 March 2024
252,798
At 30 April 2023
252,798
AFM FARMING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,440
-
Other debtors
3,696
2,435
12,136
2,435
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
9,515
7,600
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Reconciliation of Members' Interests
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2024
£
£
£
Members' interests at 1 May 2023
247,496
17,441
264,937
Loss for the period available for discretionary division among members
-
(2,815)
(2,815)
Members' interests after loss for the period
247,496
14,626
262,122
Members' interests at 31 March 2024
247,496
14,626
262,122
2024-03-312023-05-01false29 November 2024CCH SoftwareCCH Accounts Production 2024.200falsefalseOC3993462023-05-012024-03-31OC399346bus:PartnerLLP12023-05-012024-03-31OC3993462024-03-31OC3993462022-05-012023-04-30OC399346bus:LimitedLiabilityPartnershipLLP2023-05-012024-03-31OC399346bus:SmallCompaniesRegimeForAccounts2023-05-012024-03-31OC399346bus:FRS1022023-05-012024-03-31OC399346bus:AuditExemptWithAccountantsReport2023-05-012024-03-31OC399346bus:FullAccounts2023-05-012024-03-31xbrli:purexbrli:shares