Broughgammon Farm LLP NC001504 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is livestock farming. Digita Accounts Production Advanced 6.30.9574.0 NC001504 2024-04-01 2025-03-31 NC001504 2025-03-31 NC001504 core:CurrentFinancialInstruments 2025-03-31 NC001504 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 NC001504 core:FurnitureFittings 2025-03-31 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 NC001504 core:PlantMachinery 2025-03-31 NC001504 bus:FRS102 2024-04-01 2025-03-31 NC001504 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 NC001504 bus:FullAccounts 2024-04-01 2025-03-31 NC001504 bus:PartnerLLP1 2024-04-01 2025-03-31 NC001504 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 NC001504 core:FurnitureFittings 2024-04-01 2025-03-31 NC001504 core:LandBuildings 2024-04-01 2025-03-31 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 NC001504 core:PlantMachinery 2024-04-01 2025-03-31 NC001504 countries:AllCountries 2024-04-01 2025-03-31 NC001504 2024-03-31 NC001504 core:FurnitureFittings 2024-03-31 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NC001504 core:PlantMachinery 2024-03-31 NC001504 2022-12-01 2024-03-31 NC001504 2024-03-31 NC001504 core:CurrentFinancialInstruments 2024-03-31 NC001504 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NC001504 core:FurnitureFittings 2024-03-31 NC001504 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NC001504 core:PlantMachinery 2024-03-31 iso4217:GBP xbrli:pure

Registration number: NC001504

Broughgammon Farm LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Broughgammon Farm LLP

Contents

Financial Statements | 1 to 7
Balance Sheet | 1
Notes to the Financial Statements | 3

Broughgammon Farm LLP

(Registration number: NC001504)
Balance Sheet as at 31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Tangible assets | 3 | 174,345 | 179,406
Current assets |  |  |
Stocks | 4 | 34,845 | 30,929
Debtors | 5 | 44,484 | 17,419
|  | 79,329 | 48,348
Creditors: Amounts falling due within one year | 6 | (130,576) | (111,886)
Net current liabilities |  | (51,247) | (63,538)
Net assets attributable to members |  | 123,098 | 115,868
Represented by: |  |  |
Loans and other debts due to members within one year Other amounts |  | 123,098 | 115,868
|  | 123,098 | 115,868
Total members' interests |  |  |
Loans and other debts due to members |  | 123,098 | 115,868
|  | 123,098 | 115,868

For the year ending 31 March 2025 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 limited liability partnerships subject to the small limited liability partnerships regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 Broughgammon Farm LLP (registered number NC001504) were approved by the Board and authorised for issue on 6 October 2025. They were signed on behalf of the limited liability partnership by:

Broughgammon Farm LLP

(Registration number: NC001504)
Balance Sheet as at 31 March 2025

......................................... Camilla Jane Cole Designated member

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in Northern Ireland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
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.
The functional currency of Broughgammon Farm LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

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.
Sales 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.

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

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
Freehold | Not depreciated
Plant & machinery | 25% Reducing balance
Fixtures & fittings | 25% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services 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.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2 | Particulars of employees

The average number of employees, including members during the year was as follows: 3 (2024:2)

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

| Year ended 31 March 2025 No. | 1 December 2022 to 31 March 2024 No.
Employees | 3 | 2
| 3 | 2

3 | Tangible fixed assets

| Freehold land and buildings £ | Plant and machinery £ | Fixtures and fittings £ | Total £
Cost |  |  |  |
At 1 April 2024 | 159,158 | 72,647 | 9,023 | 240,828
At 31 March 2025 | 159,158 | 72,647 | 9,023 | 240,828
Depreciation |  |  |  |
At 1 April 2024 | - | 56,497 | 4,925 | 61,422
Charge for the year | - | 4,037 | 1,024 | 5,061
At 31 March 2025 | - | 60,534 | 5,949 | 66,483
Net book value |  |  |  |
At 31 March 2025 | 159,158 | 12,113 | 3,074 | 174,345
At 31 March 2024 | 159,158 | 16,150 | 4,098 | 179,406

4 | Stocks

| 2025 £ | 2024 £
Stocks | 34,845 | 30,929

5 | Debtors

| 2025 £ | 2024 £
Trade debtors | 42,760 | 16,560
Other debtors | 1,724 | 859
| 44,484 | 17,419

6 | Creditors: Amounts falling due within one year

Broughgammon Farm LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

| 2025 £ | 2024 £
Bank loans and overdrafts | 1,407 | 1,314
Trade creditors | 11,874 | 14,737
Other creditors | 115,591 | 94,287
Accruals and deferred income | 1,704 | 1,548
| 130,576 | 111,886

7 | Related party transactions

Summary of transactions with other related parties
A limited company is a related party by virtue of the fact the designated members, Camilla and Charles Cole, have joint control over the company. A balance of £69,682 was owed by the partnership to the company at the year end (2024: £45,154).