REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 27 September 2024 |
for |
LEWESTON FARM LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 27 September 2024 |
for |
LEWESTON FARM LLP |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Contents of the Financial Statements |
for the year ended 27 September 2024 |
Page |
General Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
LEWESTON FARM LLP |
General Information |
for the year ended 27 September 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Leweston Farm LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Leweston Farm LLP for the year ended 27 September 2024 which comprise the Profit and Loss, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Leweston Farm LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Leweston Farm LLP and state those matters that we have agreed to state to the members of Leweston Farm LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leweston Farm LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Leweston Farm LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Leweston Farm LLP. You consider that Leweston Farm LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Leweston Farm LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Balance Sheet |
27 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,859,206 |
1,751,744 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,859,206 |
1,751,744 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,859,206 | 1,751,744 |
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. |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Balance Sheet - continued |
27 September 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Notes to the Financial Statements |
for the year ended 27 September 2024 |
1. | STATUTORY INFORMATION |
Leweston Farm 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. |
Turnover is recognised when goods are dispatched. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
Leasehold property - 2% on cost |
Plant and machinery - 15% on reducing balance |
Motor vehicles - 25% on reducing balance |
Tractors and farm equipment - 20% on reducing balance |
Office equipment - 20% on cost |
Government grants |
Government grants are accounted for under the accruals method, but for those relating to assets they are not recognised over the useful life of the asset but the grant income is recognised in line with the tax/capital allowances treatment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Herd stock is included in the balance sheet at fair value, with gains and losses taken to the profit and loss account. |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Notes to the Financial Statements - continued |
for the year ended 27 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Notes to the Financial Statements - continued |
for the year ended 27 September 2024 |
2. | ACCOUNTING POLICIES - continued |
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 FRS25 (IAS32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet. |
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 amount members in the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
Other amounts applied to members 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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charges as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Notes to the Financial Statements - continued |
for the year ended 27 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Tractors |
Leasehold | Plant and | & farm | Office |
property | machinery | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 28 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 27 September 2024 |
DEPRECIATION |
At 28 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 27 September 2024 |
NET BOOK VALUE |
At 27 September 2024 |
At 27 September 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 28 September 2023 |
and 27 September 2024 |
NET BOOK VALUE |
At 27 September 2024 |
At 27 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
LEWESTON FARM LLP (REGISTERED NUMBER: OC322762) |
Notes to the Financial Statements - continued |
for the year ended 27 September 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Obligations under hire purchase agreement are secured on the assets to which they relate. |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 1,859,206 | 1,751,744 |
Falling due within one year | 1,859,206 | 1,751,744 |
In the event of winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |