Registered number
OC385140
Handley Farm LLP
Filleted Accounts
Year ended
31 May 2024
Handley Farm LLP
Registered number: OC385140
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 45,731 34,804
Current assets
Stocks 22,070 20,570
Debtors 4 (43,893) (33,409)
Cash at bank and in hand 16,507 4,080
(5,316) (8,759)
Creditors: amounts falling due within one year 5 (4,788) (2,844)
Net current liabilities (10,104) (11,603)
Total assets less current liabilities 35,627 23,201
Net assets attributable to members 35,627 23,200
Represented by:
Members' other interests
Other reserves 35,627 23,200
35,627 23,200
Total members' interests
Members' other interests 35,627 23,200
35,627 23,200
For the year ended 31 May 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 25 January 2025 and signed on their behalf by:
A J Laven
Designated member
Handley Farm LLP
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 12,226 56,926 17,463 86,615
Additions 2,283 14,739 - 17,022
At 31 May 2024 14,509 71,665 17,463 103,637
Depreciation
At 1 June 2023 - 36,902 14,909 51,811
Charge for the year - 5,584 511 6,095
At 31 May 2024 - 42,486 15,420 57,906
Net book value
At 31 May 2024 14,509 29,179 2,043 45,731
At 31 May 2023 12,226 20,024 2,554 34,804
4 Debtors 2024 2023
£ £
Trade debtors (43,893) (33,409)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,262 2,789
Other taxes and social security costs (267) (694)
Other creditors 793 749
4,788 2,844
6 Other information
Handley Farm LLP is a limited liability partnership incorporated in England. Its registered office is:
Handley Farm
Wilderbrook Lane
Shottle, Belper
Derbyshire
DE56 2DT
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