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REGISTERED NUMBER: OC422304
C R Lamb & Sons LLP
Filleted Unaudited Financial Statements
31 October 2024
C R Lamb & Sons LLP
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
264
264
Tangible assets
7
205,459
216,470
---------
---------
205,723
216,734
Current assets
Stocks
214,753
197,771
Debtors
8
47,655
51,105
---------
---------
262,408
248,876
Creditors: amounts falling due within one year
9
67,241
71,829
---------
---------
Net current assets
195,167
177,047
---------
---------
Total assets less current liabilities
400,890
393,781
Creditors: amounts falling due after more than one year
10
59,500
68,213
---------
---------
Net assets
341,390
325,568
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
11
341,390
325,568
---------
---------
Members' other interests
Other reserves
---------
---------
341,390
325,568
---------
---------
Total members' interests
Loans and other debts due to members
11
341,390
325,568
Members' other interests
---------
---------
341,390
325,568
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 October 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) relating to small LLPs.
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 financial statements .
C R Lamb & Sons LLP
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the members and authorised for issue on 22 July 2025 , and are signed on their behalf by:
T B Lamb
S J Charlton
Designated Member
Designated Member
Registered number: OC422304
C R Lamb & Sons LLP
Notes to the Financial Statements
Year ended 31 October 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is East Fleetham, Seahouses, Northumberland, NE68 7UX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Profits and losses are automatically divided between members in accordance with the terms of the LLP agreement and hence there are no unallocated profit or losses.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Entitlements are not being amortised.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
12% straight line
Motor vehicles
-
25% reducing balance
Tractors and farm equipment
-
20% reducing balance
No depreciation has been charged on improvements to property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2023: 1 ).
5.
Loans and other debts due to members
Capital loans and other debts due to members rank behind creditors, in accordance with the members agreement.
6.
Intangible assets
Entitlements
£
Cost
At 1 November 2023 and 31 October 2024
264
----
Amortisation
At 1 November 2023 and 31 October 2024
----
Carrying amount
At 31 October 2024
264
----
At 31 October 2023
264
----
7.
Tangible assets
Improvements to property
Plant and machinery
Motor vehicles
Tractors and large equipment
Total
£
£
£
£
£
Cost
At 1 November 2023
128
26,820
16,650
284,738
328,336
Additions
360
116,350
116,710
Disposals
( 137,529)
( 137,529)
----
--------
--------
---------
---------
At 31 October 2024
128
27,180
16,650
263,559
307,517
----
--------
--------
---------
---------
Depreciation
At 1 November 2023
13,143
8,639
90,084
111,866
Charge for the year
3,457
2,003
32,620
38,080
Disposals
( 47,888)
( 47,888)
----
--------
--------
---------
---------
At 31 October 2024
16,600
10,642
74,816
102,058
----
--------
--------
---------
---------
Carrying amount
At 31 October 2024
128
10,580
6,008
188,743
205,459
----
--------
--------
---------
---------
At 31 October 2023
128
13,677
8,011
194,654
216,470
----
--------
--------
---------
---------
8.
Debtors
2024
2023
£
£
Trade debtors
35,310
43,119
Other debtors
12,345
7,986
--------
--------
47,655
51,105
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,195
14,232
Trade creditors
16,894
15,254
Other creditors
26,152
42,343
--------
--------
67,241
71,829
--------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,310
14,311
Other creditors
48,190
53,902
--------
--------
59,500
68,213
--------
--------
The following secured debts £16,556 (2021:£19,710) are included within creditors.
Hire purchase contracts are secured on the assets involved.
11.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
341,390
325,568
---------
---------