27 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC335007 2023-04-01 2024-03-31 OC335007 2024-03-31 OC335007 2023-03-31 OC335007 2022-04-01 2023-03-31 OC335007 2023-03-31 OC335007 2022-03-31 OC335007 core:PlantMachinery 2023-04-01 2024-03-31 OC335007 core:FurnitureFittings 2023-04-01 2024-03-31 OC335007 core:MotorVehicles 2023-04-01 2024-03-31 OC335007 bus:Director2 2023-04-01 2024-03-31 OC335007 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC335007 core:PlantMachinery 2023-03-31 OC335007 core:FurnitureFittings 2023-03-31 OC335007 core:MotorVehicles 2023-03-31 OC335007 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC335007 core:PlantMachinery 2024-03-31 OC335007 core:FurnitureFittings 2024-03-31 OC335007 core:MotorVehicles 2024-03-31 OC335007 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC335007 core:WithinOneYear 2024-03-31 OC335007 core:WithinOneYear 2023-03-31 OC335007 core:AfterOneYear 2024-03-31 OC335007 core:AfterOneYear 2023-03-31 OC335007 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC335007 core:PlantMachinery 2023-03-31 OC335007 core:FurnitureFittings 2023-03-31 OC335007 core:MotorVehicles 2023-03-31 OC335007 bus:SmallEntities 2023-04-01 2024-03-31 OC335007 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC335007 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC335007 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC335007 bus:FullAccounts 2023-04-01 2024-03-31 OC335007 core:AllAssociates 2023-04-01 2024-03-31
REGISTERED NUMBER: OC335007
Finian Farming LLP
Filleted Unaudited Financial Statements
31 March 2024
Finian Farming LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
14,915,768
14,639,620
Current assets
Stocks
316,794
385,418
Debtors
6
6,881,962
5,832,431
Investments
7
10,000
10,000
Cash at bank and in hand
17,619
113,952
------------
------------
7,226,375
6,341,801
Creditors: amounts falling due within one year
8
540,078
941,222
------------
------------
Net current assets
6,686,297
5,400,579
-------------
-------------
Total assets less current liabilities
21,602,065
20,040,199
Creditors: amounts falling due after more than one year
9
741,494
741,494
-------------
-------------
Net assets
20,860,571
19,298,705
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
10
8,621,999
7,060,133
Members' other interests
Members' capital classified as equity
12,238,572
12,238,572
Other reserves
-------------
-------------
20,860,571
19,298,705
-------------
-------------
Total members' interests
Amounts due from members
(6,719,266)
(5,572,012)
Loans and other debts due to members
10
8,621,999
7,060,133
Members' other interests
12,238,572
12,238,572
-------------
-------------
14,141,305
13,726,693
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
Finian Farming LLP
Statement of Financial Position (continued)
31 March 2024
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) relating to small LLPs.
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 financial statements .
These financial statements were approved by the members and authorised for issue on 22 January 2025 , and are signed on their behalf by:
Mr J W Kennedy
Designated Member
Registered number: OC335007
Finian Farming LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, 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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 27 (2023: 27 ).
5.
Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
14,552,452
944,934
7,567
112,095
15,617,048
Additions
31,145
334,910
1,722
367,777
Disposals
( 193,000)
( 193,000)
-------------
------------
-------
---------
-------------
At 31 March 2024
14,583,597
1,086,844
9,289
112,095
15,791,825
-------------
------------
-------
---------
-------------
Depreciation
At 1 April 2023
863,440
6,396
107,592
977,428
Charge for the year
81,581
433
1,127
83,141
Disposals
( 184,512)
( 184,512)
-------------
------------
-------
---------
-------------
At 31 March 2024
760,509
6,829
108,719
876,057
-------------
------------
-------
---------
-------------
Carrying amount
At 31 March 2024
14,583,597
326,335
2,460
3,376
14,915,768
-------------
------------
-------
---------
-------------
At 31 March 2023
14,552,452
81,494
1,171
4,503
14,639,620
-------------
------------
-------
---------
-------------
6.
Debtors
2024
2023
£
£
Trade debtors
99,791
69,737
Other debtors
6,782,171
5,762,694
------------
------------
6,881,962
5,832,431
------------
------------
7.
Investments
2024
2023
£
£
Other investments
10,000
10,000
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
332,886
98,577
Trade creditors
131,626
198,513
Social security and other taxes
24,113
20,986
Other creditors
2,424
5,748
Other creditors
49,029
617,398
---------
---------
540,078
941,222
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
741,494
741,494
---------
---------
10.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
8,621,999
7,060,133
------------
------------
11.
Related party transactions
The partnership was under the control of the designated partners throughout the current period. One of the designated partners is the ultimate beneficial owner of Creath Estates Limited and Neeson Property Limited. Accruals and receivables in relation to rents due to / from family members of the designated partners have been provided for in full during the year and at the end of the year the relevant balance recognised as accruals was £Nil (2023: £562,788) and as receivables was £Nil (2023: £136,771). Included within creditors at the year-end is a loan from Creath Estates Limited of £341,494 (2023 : £341,494).