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Registered number: SO306920
ORMSARY FARM LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ORMSARY FARM LLP
REGISTERED NUMBER: SO306920
BALANCE SHEET
AS AT 31 MARCH 2025
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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ORMSARY FARM LLP
REGISTERED NUMBER: SO306920
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................
Sir J F Lithgow
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The notes on pages 4 to 6 form part of these financial statements.
Ormsary Farm LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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ORMSARY FARM LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Members are not permitted to withdraw or receive back and part of their capital contribution.
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ORMSARY FARM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Ormsary Farm LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The presentation currency of the financial statements is the Pound Sterling (£).
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Turnover represents the LLP's share of profits as a partner in Ormsary Farmers LP (stated net of value added tax), and all arises within the UK.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Investments in unlisted associates including shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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ORMSARY FARM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The average monthly number of employees, including members, during the year was 0 (2024 - 0).
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Investment in joint ventures
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Falling due after more than one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Members are not permitted to withdraw or receive back and part of their capital contributions.
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ORMSARY FARM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Related party disclosures
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The LLP is controlled by the designated members and controls the partnership of Ormsary Farmers LP.
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