Overhall Farming LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC421087

Overhall Farming LLP

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Overhall Farming LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		1,100,377	1,257,046

Current assets

Stocks		66,655	71,864
Debtors	6	572,924	503,664
Cash at bank and in hand		5,165	22,311
		-----------	-----------
		644,744	597,839

Creditors: amounts falling due within one year	7	531,400		491,492
		-----------		-----------
Net current assets			113,344	106,347
			--------------	--------------
Total assets less current liabilities			1,213,721	1,363,393

Creditors: amounts falling due after more than one year	8	179,683	339,683
		--------------	--------------
Net assets		1,034,038	1,023,710
		--------------	--------------

Represented by:

Loans and other debts due to members

Other amounts	9	1,034,038	1,023,710
		--------------	--------------

Members' other interests

Other reserves	–	–
	--------------	--------------
	1,034,038	1,023,710
	--------------	--------------

Total members' interests

Loans and other debts due to members	9	1,034,038	1,023,710
Members' other interests		–	–
		--------------	--------------
		1,034,038	1,023,710
		--------------	--------------

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 income and retained earnings has not been delivered.

Overhall Farming LLP

Statement of Financial Position (continued)

31 March 2025

For the year ending 31 March 2025 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 .

These financial statements were approved by the members and authorised for issue on 22 October 2025 , and are signed on their behalf by:

Martin Jenkins Farming	Boxworth Farming Co. Limited
Designated Member	Designated Member

Registered number: OC421087

Overhall Farming LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Little Grove, 8 Elsworth Road, Boxworth, Cambridge, CB23 4LX, United Kingdom.

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 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. 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

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 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'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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	-	10% reducing balance
Office equipment	-	10% straight line
Motor vehicles	-	10% reducing balance
Tractors	-	10% reducing balance

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 entity 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 5 (2024: 5 ).

5.	Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Tractors	Total
	£	£	£	£	£
Cost
At 1 April 2024	504,477	548	43,350	1,301,755	1,850,130
Additions	19,045	–	–	–	19,045
	-----------	-----	---------	--------------	--------------
At 31 March 2025	523,522	548	43,350	1,301,755	1,869,175
	-----------	-----	---------	--------------	--------------
Depreciation
At 1 April 2024	188,024	201	12,946	391,913	593,084
Charge for the year	45,993	55	4,112	125,554	175,714
	-----------	-----	---------	--------------	--------------
At 31 March 2025	234,017	256	17,058	517,467	768,798
	-----------	-----	---------	--------------	--------------
Carrying amount
At 31 March 2025	289,505	292	26,292	784,288	1,100,377
	-----------	-----	---------	--------------	--------------
At 31 March 2024	316,453	347	30,404	909,842	1,257,046
	-----------	-----	---------	--------------	--------------

6.	Debtors

	2025	2024
	£	£
Trade debtors	372,511	342,185
Other debtors	200,413	161,479
	-----------	-----------
	572,924	503,664
	-----------	-----------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	363,712	340,065
Social security and other taxes	42,385	24,248
Pension liability	–	957
Other creditors	115,303	116,222
	-----------	-----------
	531,400	491,492
	-----------	-----------

Other creditors include hire purchase liabilities totalling £Nil (2024 £86,900) which are secured on the assets concerned.

The bank loan relates to a government-backed bounce back loan which is repayable over 5 years.

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,667	11,667
Long-term loan - Martin Jenkins Farming	129,062	237,812
Long-term loan - Boxworth Farming Co. Limited	48,954	90,204
	-----------	-----------
	179,683	339,683
	-----------	-----------

Interest is charged on the government-backed bank loan at a fixed rate of 2.5%.

9.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	10,328	152,446
Other amounts	1,023,710	871,264
	--------------	--------------
	1,034,038	1,023,710
	--------------	--------------