Registration number:
R J Hodge & Son LLP
for the period from 1 September 2023 to 31 March 2024
R J Hodge & Son LLP
Contents
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Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
R J Hodge & Son LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Principal place of business |
Great Mascalls Farm |
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Solicitors |
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Bankers |
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Accountants |
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R J Hodge & Son LLP
(Registration number: OC325984)
Balance Sheet as at 31 March 2024
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Note |
31 March 2024 |
31 August 2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash and short-term deposits |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets attributable to members |
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Total members' interests |
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Loans and other debts due to members |
6,641,917 |
6,556,478 |
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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
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R J Hodge & Son LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
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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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
No Depreciation |
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Plant and machinery |
15% Reducing Balance Basis |
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Office equipment |
33% Straight Line Basis |
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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
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
R J Hodge & Son LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
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Tangible fixed assets |
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Freehold land and buildings |
Long leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 September 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Depreciation |
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At 1 September 2023 |
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- |
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Charge for the year |
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- |
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Eliminated on disposals |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 August 2023 |
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R J Hodge & Son LLP
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
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Stocks |
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31 March 2024 |
31 August 2023 |
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Seeds, spays and fertilisers |
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Tillages |
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Crops in store |
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Livestock valuation |
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Debtors |
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31 March 2024 |
31 August 2023 |
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Trade debtors |
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Other debtors - VAT |
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Prepayments and accrued income |
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Total current trade and other debtors |
33,370 |
67,341 |
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Current asset investments |
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2024 |
2023 |
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Other investments |
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Creditors: Amounts falling due within one year |
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31 March 2024 |
31 August 2023 |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Obligations due under hire purchase agreement |
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Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2024 |
2023 |
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Mortgage |
29,963 |
29,607 |
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Hire purchase items |
26,200 |
26,200 |
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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
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Creditors: Amounts falling due after more than one year |
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31 March 2024 |
31 August 2023 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2024 |
2023 |
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Mortgage |
119,850 |
118,429 |
Included in the creditors are the following amounts due after more than five years:
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2024 |
2023 |
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After more than five years by instalments |
224,769 |
241,523 |
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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).
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Land Capital Accounts |
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M J Hodge |
A R Hodge |
R J Hodge |
Total £ |
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As a 1 September 2022 |
2,595,000 |
2,475,000 |
870,000 |
5,940,000 |
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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.