REGISTERED NUMBER: OC431113 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

THE PENCRAIG PARTNERSHIP LLP

Page

Report of the Members

1

Balance Sheet

2

Notes to the Financial Statements

4

The members present their report with the financial statements of the LLP for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of farming

DESIGNATED MEMBERS

The designated members during the year under review were:

O J L Duthie

F J Duthie

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £79,509 (2024 - £61,804 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

F J Duthie - Designated member

11th December 2025

FIXED ASSETS

Tangible assets

4

96,698

67,775

CURRENT ASSETS

Stocks

329,220

323,956

Debtors

5

70,899

61,908

Cash at bank

-

14,914

400,119

400,778

CREDITORS

Amounts falling due within one year

6

82,319

44,881

NET CURRENT ASSETS

317,800

355,897

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

414,498

423,672

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

29,283

38,457

MEMBERS' OTHER INTERESTS

Capital accounts

385,215

385,215

414,498

423,672

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

29,283

38,457

Members' other interests

385,215

385,215

Amounts due from members

5

(1,357

)

-

413,141

423,672

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 11th December 2025 and were signed by:

F J Duthie - Designated member

1.	STATUTORY INFORMATION

The Pencraig Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC431113

Registered office:

Pencraig Farm Llanhennock

Caerleon

Newport

Gwent

NP18 1LU

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2024

72,600

47,436

191

120,227

Additions

39,613

9,086

-

48,699

At 31st March 2025

112,213

56,522

191

168,926

DEPRECIATION

At 1st April 2024

35,485

16,874

93

52,452

Charge for year

13,811

5,947

18

19,776

At 31st March 2025

49,296

22,821

111

72,228

NET BOOK VALUE

At 31st March 2025

62,917

33,701

80

96,698

At 31st March 2024

37,115

30,562

98

67,775

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

52,781

54,058

Amounts due from members

1,357

-

VAT

12,401

7,850

Prepayments

4,360

-

70,899

61,908

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

3,973

-

Hire purchase contracts

31,987

-

Trade creditors

40,934

39,151

Accrued expenses

5,425

5,730

82,319

44,881

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.