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Registration number: OC325984

R J Hodge & Son LLP

Annual Report and Unaudited Financial Statements

for the period from 1 September 2023 to 31 March 2024

 

R J Hodge & Son LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

3

 

R J Hodge & Son LLP

Limited liability partnership information

Designated members

R J Hodge

M J Hodge

A R Hodge
 

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Principal place of business

Great Mascalls Farm
West Hanningfield Road
Great Baddow
Chelmsford
Essex
CM2 7TA

Solicitors

Thompson Smith and Puxon
Stable 6
Stable Road
Colchester
Essex
CO2 7GL

Bankers

NatWest Bank Plc
Chelmsford
4-5 High Street
Chelmsford
Essex
CM1 1FZ

Accountants

Lambert Chapman LLP
Chartered Accountants and Statutory Auditors
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

R J Hodge & Son LLP

(Registration number: OC325984)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 August 2023
 £

Fixed assets

 

Tangible assets

3

6,705,046

6,730,164

Current assets

 

Stocks

4

239,566

332,981

Debtors

5

33,370

67,341

Investments

6

17,774

23,443

Cash and short-term deposits

 

80,012

-

 

370,722

423,765

Creditors: Amounts falling due within one year

7

(89,231)

(237,499)

Net current assets

 

281,491

186,266

Total assets less current liabilities

 

6,986,537

6,916,430

Creditors: Amounts falling due after more than one year

8

(344,620)

(359,952)

Net assets attributable to members

 

6,641,917

6,556,478

Total members' interests

 

Loans and other debts due to members

 

6,641,917

6,556,478

   

6,641,917

6,556,478

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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 R J Hodge & Son LLP (registered number OC325984) were approved by the Board and authorised for issue on 21 January 2025. They were signed on behalf of the limited liability partnership by:


R J Hodge
Designated member

   
 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

1

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime)

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents invoiced sales of crops and livestock excluding VAT.

Basic Payment Scheme

The Basic Payment is a Government grant which is recognised on the performance basis. The Basic Payment income for 2023 is fully recognised in these accounts.

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.

Consolidation 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 statements as unallocated at the balance sheet date and included within other reserves.

 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Land and buildings

No Depreciation

Plant and machinery

15% Reducing Balance Basis

Office equipment

33% Straight Line Basis

Motor vehicles

20% Reducing Balance Basis

Current asset investments

Current asset investments are included at market value.

Stock

Stocks are valued by an independent professional valuer. The stocks have been valued using the cost model in accordance with FRS 102.

In applying the cost model, growing and harvested crops have been valued at an estimated cost of production. Consumables have been valued at actual cost or replacement cost if lower, or at net realiseable value if stores have deteriorated. Home-bred livestock has been valued at estimated cost of production , or deemed cost in accordance with HS232.

Trade debtors

Trade debtors are amounts due from customers for crops sold and rental income performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.

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.

 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 3 (2023 - 3).

 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

3

Tangible fixed assets

Freehold land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 September 2023

5,940,000

482,184

977,589

51,029

-

7,450,802

Additions

-

11,126

5,382

-

416

16,924

Disposals

-

-

-

(22,529)

-

(22,529)

At 31 March 2024

5,940,000

493,310

982,971

28,500

416

7,445,197

Depreciation

At 1 September 2023

-

14,744

683,239

22,655

-

720,638

Charge for the year

-

-

26,127

1,656

81

27,864

Eliminated on disposals

-

-

-

(8,351)

-

(8,351)

At 31 March 2024

-

14,744

709,366

15,960

81

740,151

Net book value

At 31 March 2024

5,940,000

478,566

273,605

12,540

335

6,705,046

At 31 August 2023

5,940,000

467,440

294,350

28,374

-

6,730,164

 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

4

Stocks

31 March 2024
 £

31 August 2023
 £

Seeds, spays and fertilisers

80,196

47,747

Tillages

39,123

-

Crops in store

81,898

230,125

Livestock valuation

38,349

55,109

239,566

332,981

5

Debtors

31 March 2024
 £

31 August 2023
 £

Trade debtors

22,699

5,560

Other debtors - VAT

1,967

50,002

Prepayments and accrued income

8,704

11,779

Total current trade and other debtors

33,370

67,341

6

Current asset investments

2024
£

2023
£

Other investments

17,774

23,443

7

Creditors: Amounts falling due within one year

31 March 2024
 £

31 August 2023
 £

Bank loans and overdrafts

29,963

124,696

Trade creditors

19,193

64,475

Accruals and deferred income

13,875

22,128

Obligations due under hire purchase agreement

26,200

26,200

89,231

237,499

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Mortgage

29,963

29,607

Hire purchase items

26,200

26,200

56,163

55,807

 

R J Hodge & Son LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

8

Creditors: Amounts falling due after more than one year

31 March 2024
 £

31 August 2023
 £

Bank loans and overdrafts

344,620

359,952

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Mortgage

119,850

118,429

Included in the creditors are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

224,769

241,523

9

Financial instruments

Financial assets measured at fair value

Shares in Genus PLC
Fair value is based on the traded share price as at the period end date.

The fair value is £17,774 (2023 - £23,443) and the change in value included in profit or loss is £5,669 (2023 - £1,893).

10

Land Capital Accounts

M J Hodge

A R Hodge

R J Hodge

Total £

As a 1 September 2022

2,595,000

2,475,000

870,000

5,940,000

As a 31 August 2023

2,595,000

2,475,000

870,000

5,940,000

Introduction of land

The land owed by M J Hodge, A R Hodge and R J Hodge was introduced onto the partnership balance sheet in 2022.