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Registered number: OC443920
Burrows Farming LLP
Financial Statements
For The Year Ended 31 March 2024
Avant Advisory Ltd
Chartered Certified Accountants
124 City Road
London
EC1V 2NX
Contents
Page
Balance Sheet 1—2
Reconciliation of Members' Interests 3—4
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: OC443920
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,319 17,929
Tangible Assets 5 5,598,091 5,356,726
5,612,410 5,374,655
CURRENT ASSETS
Stocks 6 209,753 224,553
Debtors 7 879,019 237,243
Cash at bank and in hand 28,627 312,850
1,117,399 774,646
Creditors: Amounts Falling Due Within One Year 8 (488,629 ) (442,868 )
NET CURRENT ASSETS (LIABILITIES) 628,770 331,778
TOTAL ASSETS LESS CURRENT LIABILITIES 6,241,180 5,706,433
Creditors: Amounts Falling Due After More Than One Year 9 (2,341,685 ) (2,092,302 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 3,899,495 3,614,131
REPRESENTED BY:
Equity
Members' other interests
Members' capital 3,899,495 3,614,131
3,899,495 3,614,131
TOTAL MEMBERS' INTEREST
Amounts due from members (823,724) (235,610)
Members' other interests 3,899,495 3,614,131
3,075,771 3,378,521
Page 1
Page 2
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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
J Burrows
Designated Member
D Burrows
Designated Member
22/04/2025
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Members'Capital classified as Equity Other Reserves Total Equity Other amounts Total members' interest
£ £ £ £ £
Profit/(loss) for the financial year available for discretionary division among members - (177,922 ) (177,922 ) - (177,922 )
Members' interests after profit/(loss) for the year - (177,922) (177,922) - (177,922)
Other divisions of profits (losses) - 177,922 177,922 (177,922) -
Introduced by members 3,614,131 - 3,614,131 - 3,614,131
Drawings - - - (57,688) (57,688)
Amounts due from members - - - (235,610) -
As at 31 March 2023 and 1 April 2023 3,614,131 - 3,614,131 (235,610) 3,378,521
Profit/(loss) for the financial year available for discretionary division among members - (422,881 ) (422,881 ) - (422,881 )
Members' interests after profit/(loss) for the year 3,614,131 (422,881) 3,191,250 (235,610) 2,955,640
Other divisions of profits (losses) - 422,881 422,881 (422,881) -
Introduced by members 285,364 - 285,364 - 285,364
Drawings - - - (165,233) (165,233)
Amounts due from members - - - (823,724) -
As at 31 March 2024 3,899,495 - 3,899,495 (823,724) 3,075,771
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Burrows Farming LLP is a limited liability partnership, incorporated in England & Wales, registered number OC443920 . The Registered Office is 10b Aquarium, 101 Lower Anchor Street, Chelmsford, Essex, CM2 0AU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Going Concern Disclosure
In accordance with FRS 102 Section 1A, the members have prepared the financial statements on a going concern basis. This assessment has been made in the context of the Limited Liability Partnership (LLP) reporting losses of £422,881 for the year ended 31 March 2024.
On 10 April 2025 the members introduced funds of £1,000,000 into the business.
Based on the cash injection, the members believe that the LLP has adequate resources to continue in operational existence for at least the period ending twelve months from the date of approval of these financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are purchased entitlements under the Basic Payment Scheme (BPS) and are amortised on a straight line basis to write off their cost over the estimated remaining life of the scheme.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold NIL
Leasehold 5% Reducing Balance
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
Page 4
Page 5
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stock is held at valuation prepared in accordance with the conventions set out in the CAAV/RICS stocktaking guidance note. The valuation was prepared in accordance with Inland Revenue Guidance Notes HS232. 
Cultivations have been valued on a standard cost basis, using CAAV Guide to Costings and supporting working papers.
Consumable stocks of seeds, fertiliser, sprays, fuel and sundry stores are valued at invoice price or market value if lower.
Crops in store have been valued on a deemed cost basis which has been calculated at 75% of the average sale value.
Current year growing crops have been valued on a cost of production basis to the year end.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 18,050
As at 31 March 2024 18,050
Amortisation
As at 1 April 2023 121
Provided during the period 3,610
As at 31 March 2024 3,731
Net Book Value
As at 31 March 2024 14,319
As at 1 April 2023 17,929
Page 5
Page 6
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 4,452,516 32,377 879,912 73,347
Additions 269,658 5,285 294,009 48,179
Disposals - - (405,490 ) -
As at 31 March 2024 4,722,174 37,662 768,431 121,526
Depreciation
As at 1 April 2023 - 690 75,547 6,109
Provided during the period - 1,650 172,840 16,660
Disposals - - (221,196 ) -
As at 31 March 2024 - 2,340 27,191 22,769
Net Book Value
As at 31 March 2024 4,722,174 35,322 741,240 98,757
As at 1 April 2023 4,452,516 31,687 804,365 67,238
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 266 795 5,439,213
Additions - - 617,131
Disposals - - (405,490 )
As at 31 March 2024 266 795 5,650,854
Depreciation
As at 1 April 2023 32 109 82,487
Provided during the period 59 263 191,472
Disposals - - (221,196 )
As at 31 March 2024 91 372 52,763
Net Book Value
As at 31 March 2024 175 423 5,598,091
As at 1 April 2023 234 686 5,356,726
Page 6
Page 7
6. Stocks
31 March 2024 31 March 2023
£ £
Crops, Seeds, Fertiliser & Sprays in Store 37,834 81,667
Seed, Fertiliser & Sprays Applied 73,121 84,099
Cultivations 73,871 46,974
Fuel & Lubricants 3,237 2,910
Hay & Straw 21,690 8,903
209,753 224,553
7. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 9,039 1,633
Other debtors 869,980 235,610
879,019 237,243
8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 136,413 119,918
Trade creditors 225,993 44,076
Bank loans and overdrafts 9,996 9,996
Other creditors 116,227 182,366
Taxation and social security - 86,512
488,629 442,868
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 430,308 473,885
Bank loans 1,911,377 1,618,417
2,341,685 2,092,302
10. Secured Creditors
Together Commercial Finance Ltd (Loan No. 687470) - balance £1,900,000 interest only fixed term loan at 10.24% for 5 years.
Secured with a 1st charge on Hill Farm, Leys Lane, Old Buckenham, Attleborough, NR17 1NT.
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 566,721 -
Bank loans and overdrafts 1,900,000 -
Page 7
Page 8
11. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 136,413 119,918
Later than one year and not later than five years 430,308 473,885
566,721 593,803
566,721 593,803
12. Exceptional Items
Other exceptional operating costs includes sums paid in the course of renewing the financing arrangements of the partnership. These costs include the arrangement fees, legal fees and valuation fees.
Page 8