Wey Street Farm LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC390065

Wey Street Farm LLP

Filleted Unaudited Financial Statements

31 March 2025

Wey Street Farm LLP

Financial Statements

Year ended 31 March 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Wey Street Farm LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		1,546,647	2,406,560

Current assets

Stocks		37,496	54,548
Debtors	6	6,304	47,113
Cash at bank and in hand		30,629	56,641
		--------	---------
		74,429	158,302

Creditors: amounts falling due within one year	7	5,659		15,758
		--------		---------
Net current assets			68,770	142,544
			------------	------------
Total assets less current liabilities			1,615,417	2,549,104

Creditors: amounts falling due after more than one year	8	5,000	5,000
		------------	------------
Net assets		1,610,417	2,544,104
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts		–	–

Members' other interests

Members' capital classified as equity	1,610,417	2,544,104
Other reserves	–	–
	------------	------------
	1,610,417	2,544,104
	------------	------------

Total members' interests

Amounts due from members	–	(38,620)
Loans and other debts due to members	–	–
Members' other interests	1,610,417	2,544,104
	------------	------------
	1,610,417	2,505,484
	------------	------------

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 comprehensive income has not been delivered.

Wey Street Farm 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 15 December 2025 , and are signed on their behalf by:

C J Body

Designated Member

Registered number: OC390065

Wey Street Farm 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 Wey Street Farm, Wey Street, Ruckinge, Ashford, Kent, TN26 2QQ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 comprehensive income 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 comprehensive income 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 comprehensive income 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'.

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.

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	-	15% reducing balance
Motor vehicles	-	25% reducing balance

No depreciation is charged on land and buildings.

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.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4.	Employee numbers

The average number of employees during the current and previous year was nil.

5.	Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	2,375,200	110,937	1,100	2,487,237
Other movements	( 855,200)	–	–	( 855,200)
	------------	---------	-------	------------
At 31 March 2025	1,520,000	110,937	1,100	1,632,037
	------------	---------	-------	------------
Depreciation
At 1 April 2024	–	79,659	1,018	80,677
Charge for the year	–	4,692	21	4,713
	------------	---------	-------	------------
At 31 March 2025	–	84,351	1,039	85,390
	------------	---------	-------	------------
Carrying amount
At 31 March 2025	1,520,000	26,586	61	1,546,647
	------------	---------	-------	------------
At 31 March 2024	2,375,200	31,278	82	2,406,560
	------------	---------	-------	------------

Within freehold property is land of £1,795,200 on which no depreciation is charged. The balance of £580,000 relating to buildings is representative of the fair value and therefore no depreciation is charged on this balance.

6.	Debtors

	2025	2024
	£	£
Trade debtors	1,475	–
Other debtors	4,829	47,113
	-------	--------
	6,304	47,113
	-------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,929	13,058
Social security and other taxes	–	88
Other creditors	2,730	2,612
	-------	--------
	5,659	15,758
	-------	--------

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

	2025	2024
	£	£
Other creditors	5,000	5,000
	-------	-------