| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2025 |
| for |
| Hatch Park LLP |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2025 |
| for |
| Hatch Park LLP |
| Hatch Park LLP (Registered number: OC376211) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Hatch Park LLP |
| General Information |
| for the Year Ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Assembly Building B |
| 5th Floor |
| Cheese Lane |
| Bristol |
| BS2 0JJ |
| AGENTS: |
| 4a Denne Hill Business Centre |
| Womenswold |
| Canterbury |
| CT4 6HD |
| Hatch Park LLP (Registered number: OC376211) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Basic payment entitlements | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
23,338,537 |
23,211,720 |
| Hatch Park LLP (Registered number: OC376211) |
| Balance Sheet - continued |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
126,817 |
- |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 23,211,720 | 23,211,720 |
| 23,338,537 | 23,211,720 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 12 | 126,817 | - |
| Members' other interests | 23,211,720 | 23,211,720 |
| Amounts due from members | 7 | (428,021 | ) | (784,729 | ) |
| 22,910,516 | 22,426,991 |
| 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 were approved by the members of the LLP and authorised for issue on |
| Hatch Park LLP (Registered number: OC376211) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Hatch Park LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents revenue due from the normal activities of the business to the extent that the seller obtains a right to consideration in exchange for its performance of those activities, exclusive of VAT. |
| The revenue recognised is measured by reference to the amounts likely to be chargeable to the customers, less a suitable allowance to recognise the uncertainties remaining in the completion of the obligations. Contingent income is recognised only when the contingent element is assured. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Basic payment entitlements is being amortised evenly over its estimated useful life of five years. |
| Tangible fixed assets |
| Freehold property | - |
| Property improvements | - |
| Tools and equipment | - |
| Motor vehicles | - |
| Freehold property and property improvements are not depreciated because the resulting charge would be immaterial having regard to economic life and residual values. |
| Freehold property includes investment property shown at cost when introduced to the LLP in October 2013 and March 2014. The partners acknowledge that the market value of the assets is higher than that stated in the accounts, but that it would require undue cost and effort to re-value on an on-going basis. |
| Stocks |
| Stocks are valued in accordance with the Inland Revenue Guidance Notes, BEN 19, amended in accordance with ICAEW guidance on Basic Payment treatment for accounting purposes. |
| Consumable stores of seeds, fertilisers, chemicals and sundry stores are valued at invoice price or market value if lower. |
| Crops in store have been valued on a deemed cost basis which has been calculated at 75% of market value. |
| Deer are valued at the lower of cost and net realisable value. Cost includes direct costs of purchase, feeding, and maintenance, along with attributable overheads incurred up to the balance sheet date. |
| Hatch Park LLP (Registered number: OC376211) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Grants |
| Grants and subsidies towards specific review costs are matched with these costs. Capital grants are treated as deferred income and credited to the Profit and Loss account by instalments over the expected useful life of the related asset on a basis consistent with the depreciation policy. |
| Entitlements under the Basic Payment Scheme are not treated as augmenting crop sale prices. Basic Payment is recognised in the Profit and Loss account as accruing evenly on a time basis up to 31 December in each year of claim. |
| Taxation |
| Income tax charged on the business results is a liability of the members not of the LLP. Accordingly no provision for tax is necessary in these accounts. |
| Borrowings |
| Borrowings from the Agricultural Mortgage Corporation (AMC) are initially recognised at the fair value of the proceeds received, net of any directly attributable transaction costs. The capital repayments due within one year of the balance sheet date are classified as current liabilities, with the remaining balance classified as non-current liabilities. Borrowings from AMC are secured against land and property. The details of the security are disclosed in the notes to the financial statements. The interest is charged to the Profit & Loss based on the contractual (nominal) interest rate over the loan term. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Basic |
| payment |
| entitlement |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Hatch Park LLP (Registered number: OC376211) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Property | Tools and | Motor |
| property | improvements | equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Valuation | 149,525 | 160,985 |
| 7. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Insurance claims due | - | 5,886 |
| Amounts due from members | 428,021 | 784,729 |
| Other debtors |
| Loans owed by members | 394,514 | 241,778 |
| Loans owed by related parties | 13,380 | 6,923 |
| VAT |
| Accrued income |
| Prepayments |
| Amounts falling due after more than one year: |
| Loans owed by members | 2,031,397 | 2,031,397 |
| Aggregate amounts |
| Hatch Park LLP (Registered number: OC376211) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other loans (secured) (see note 10) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Amounts owed to related parties | 12,877 | 12,877 |
| Deferred income |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other loans (secured) (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans (secured) | 3,518,143 | 3,562,015 |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans (secured) | 3,518,143 | 3,562,015 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Other loans (secured) | 3,560,425 | 3,611,487 |
| Other loans of £3,560,425 (note 11) are secured upon Land and Properties held within the LLP. |
| Hatch Park LLP (Registered number: OC376211) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to members in respect of profits | 126,817 | - |
| Falling due within one year | 126,817 | - |
| Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'. |
| 13. | RELATED PARTY DISCLOSURES |
| Michael-John Knatchbull: |
| Michael-John Knatchbull is a member in Hatch Park LLP. As at 31 March 2025 £251,225 was payable by Michael-John Knatchbull to Hatch Park LLP (2024: £240,566). Transactions during the year total £10,767 and relate to intercompany recharges. |
| Kelly Knatchbull: |
| Kelly Knatchbull is a member in Hatch Park LLP. As at 31 March 2025 £2,174,687 was payable by Kelly Knatchbull to Hatch Park LLP (2024: £2,032,610). Transactions during the year total £142,077 and relate to intercompany recharges.. |
| Mersham Productions Ltd: |
| Michael-John Knatchbull and Kelly Knatchbull are both a director in Mersham Productions Limited and members in Hatch Park LLP. As at 31 March 2025, £503 was payable by Mersham Productions to Hatch Park LLP (2024: £19,800 payment by Hatch Park). Transactions during the year total £6,457 and relate to intercompany recharges. |
| Mersham Productions Ltd ceased to be a member in Hatch Park LLP as at 25 March 2023. The capital account has therefore been reallocated to the remaining members and not repaid to MPL. |
| During the year, the Trustees of the Hatch Park 2024 Settlement (a discretionary trust established by two of the members; Kelly Knatchbull and Michael-John Knatchbull) were admitted as a member of the LLP. On admission, property assets with a book value of £18,339,452 were transferred from Michael-John Knatchbull and credited to the trustees’ capital account. The transfer was made at book value and did not give rise to any gain or loss. |
| At 31 March 2025, no amounts were outstanding between the LLP and the Trustees of the Hatch Park 2024 Settlement other than members’ capital. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The controlling party is The Hon M-J Knatchbull. |