| Higher Lampetho Farm LLP |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
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Division of profits |
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Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
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Taxation |
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Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Members' capital |
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Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
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Average number of persons employed by the LLP |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
| £ |
|
Cost |
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At 1 April 2024 |
19,321 |
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At 31 March 2025 |
19,321 |
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Depreciation |
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At 1 April 2024 |
2,638 |
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Charge for the year |
386 |
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At 31 March 2025 |
3,024 |
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Net book value |
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At 31 March 2025 |
16,297 |
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At 31 March 2024 |
16,683 |
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| 4 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
|
19,779 |
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19,779 |
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| 4 |
Related party transactions |
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As at 31 March 2025 a loan of £19,779 was outstanding from Higher Lampetho Limited. Higher Lampetho Limited is a related party by virtue of being controlled by the members Mr J Wood and Mrs S M Wood. |
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| 5 |
Other information |
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Higher Lampetho Farm LLP is a limited liability partnership incorporated in England. Its registered office is: |
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The Mill |
|
Kingsteignton Road |
|
Newton Abbot |
|
Devon |
|
TQ12 2QA |