Farmington Masonry LLP OC390270 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the supply and fixing of stone products. Digita Accounts Production Advanced 6.30.9574.0 Software OC390270 2023-07-01 2024-06-30 OC390270 2024-06-30 OC390270 bus:SmallEntities 2023-07-01 2024-06-30 OC390270 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 OC390270 bus:FullAccounts 2023-07-01 2024-06-30 OC390270 bus:PartnerLLP1 2023-07-01 2024-06-30 OC390270 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC390270 countries:AllCountries 2023-07-01 2024-06-30 OC390270 2022-07-01 2023-06-30 OC390270 2023-06-30 xbrli:pure iso4217:GBP

Registration number: OC390270

Farmington Masonry LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Farmington Masonry LLP

Contents

Financial Statements

1 to 4

 

Farmington Masonry LLP

(Registration number: OC390270)
Balance Sheet as at 30 June 2024

Note

2024
 £

2023
 £

Current assets

 

Debtors

4

1,763,301

1,460,563

Cash and short-term deposits

 

8

1,800

 

1,763,309

1,462,363

Creditors: Amounts falling due within one year

5

(1,763,309)

(1,462,363)

Net assets/(liabilities) attributable to members

 

-

-

Represented by:

 

   

-

-

Total members' interests

 

Amounts due to/(from) members

 

(1,578,220)

(737,091)

   

(1,578,220)

(737,091)

For the year ending 30 June 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Farmington Masonry LLP (registered number OC390270) were approved by the Board and authorised for issue on 6 March 2025. They were signed on behalf of the limited liability partnership by:


Farmington Natural Stone Limited
Designated member

 

Farmington Masonry LLP

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The place of registration of the LLP is England under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Farmington Quarry
Northleach
Cheltenham
GL54 3NZ

The principal place of business is:Farmington Quarry
Northleach
Cheltenham
GL54 3NZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consideration of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members. The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial sttatements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Farmington Masonry LLP

Notes to the Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 2 (2023 - 2).

 

Farmington Masonry LLP

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Debtors

2024
 £

2023
 £

Trade debtors

182,885

433,117

Other debtors

1,578,470

737,341

Prepayments and accrued income

1,946

290,105

1,763,301

1,460,563

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

466

791

Trade creditors

977,469

761,032

Other creditors

31,080

2,635

Payments on account

754,294

697,905

1,763,309

1,462,363

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is Farmington Natural Stone Limited.