Registered number
OC411773
Higher Lampetho Farm LLP
Filleted Accounts
31 May 2024
Higher Lampetho Farm LLP
Registered number: OC411773
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,683 17,005
Creditors: amounts falling due after more than one year 4 (19,779) (19,779)
Net liabilities attributable to members (3,096) (2,774)
Represented by:
Members' other interests
Other reserves (3,096) (2,774)
(3,096) (2,774)
Total members' interests
Members' other interests (3,096) (2,774)
(3,096) (2,774)
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 31 January 2025 and signed on their behalf by:
J Wood
Designated member
Higher Lampetho 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.
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:
Freehold buildings over 50 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 19,321
At 31 May 2024 19,321
Depreciation
At 1 June 2023 2,316
Charge for the year 322
At 31 May 2024 2,638
Net book value
At 31 May 2024 16,683
At 31 May 2023 17,005
4 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 19,779 19,779
4 Related party transactions
As at 31 May 2024 a loan of £19,779 was outstanding from Higher Lampetho Limited. Higher Lampetho Limited is a related party by virtue of being controlled by the members Mr J Wood and Mrs S M Wood.
5 Other information
Higher Lampetho Farm LLP is a limited liability partnership incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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