Registered number
OC425763
Sheillahill Farming LLP
Filleted Accounts
31 March 2024
Sheillahill Farming LLP
Registered number: OC425763
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 148,848 104,114
Current assets
Stocks 45,000 45,000
Debtors 4 7,507 5,746
Cash at bank and in hand 6,851 8,757
59,358 59,503
Creditors: amounts falling due within one year 5 (3,592) (5,239)
Net current assets 55,766 54,264
Total assets less current liabilities 204,614 158,378
Net assets attributable to members 204,614 158,378
Represented by:
Loans and other debts due to members 6 204,614 158,378
204,614 158,378
Total members' interests
Loans and other debts due to members 6 204,614 158,378
204,614 158,378
For the year ended 31 March 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 28 May 2025 and signed on their behalf by:
Mr P R Newbold
Designated member
Sheillahill Farming LLP
Notes to the Accounts
for the year ended 31 March 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:
Leasehold improvements 10% per annum
Plant and machinery 20% reducing balance
Motor vehicles 25% 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.
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 Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 65,456 90,218 - 155,674
Additions 42,408 8,950 19,995 71,353
At 31 March 2024 107,864 99,168 19,995 227,027
Depreciation
At 1 April 2023 6,546 45,014 - 51,560
Charge for the year 10,787 10,833 4,999 26,619
At 31 March 2024 17,333 55,847 4,999 78,179
Net book value
At 31 March 2024 90,531 43,321 14,996 148,848
At 31 March 2023 58,910 45,204 - 104,114
4 Debtors 2024 2023
£ £
Other debtors 7,507 5,746
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,613 4,239
Other creditors 1,979 1,000
3,592 5,239
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 291,037 232,562
Amounts due (from)/to members in respect of profits (86,423) (74,184)
204,614 158,378
Amounts falling due within one year 204,614 158,378
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Sheillahill Farming LLP is a limited liability partnership incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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