42 Farming LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC422241 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

FOR

42 FARMING LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R D Charnock

L H C Charnock

W G J Gowlett

R C Gowlett

V A R Gray

M K Gray

REGISTERED OFFICE:

Farm Office, Manor Farm

Bull Lane

Broughton

Huntingdon

PE28 3AP

REGISTERED NUMBER:

OC422241 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

1,702,055

2,452,981

CURRENT ASSETS

Stocks

35,767

76,640

Debtors

5

13,493

23,139

Cash at bank

14,836

1,087

64,096

100,866

CREDITORS

Amounts falling due within one year

6

700,295

16,172

NET CURRENT (LIABILITIES)/ASSETS

(636,199

)

84,694

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,065,856

2,537,675

CREDITORS

Amounts falling due after more than one year

7

-

1,411,250

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,065,856

1,126,425

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

95,764

105,464

MEMBERS' OTHER INTERESTS

Capital accounts

1,113,928

Other reserves

(143,836

)

(92,967

)

1,065,856

1,126,425

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

95,764

105,464

Members' other interests

970,092

1,020,961

1,065,856

1,126,425

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 31 July 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 20 November 2025 and were signed by:

W G J Gowlett - Designated member

1.	STATUTORY INFORMATION

42 Farming LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

At the balance sheet date the LLP had a working capital deficit of £636,199 by virtue of its current liabilities exceeding its current assets. The members are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the LLP in writing.

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.

Freehold property

-

not provided

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

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.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

COST

At 1 August 2024

2,452,626

3,792

4,600

480

2,461,498

Additions

2,985

-

2,985

Disposals

(753,556

)

-

(753,556

)

At 31 July 2025

1,702,055

3,792

4,600

480

1,710,927

DEPRECIATION

At 1 August 2024

-

3,629

4,408

480

8,517

Charge for year

-

163

192

-

355

At 31 July 2025

-

3,792

4,600

480

8,872

NET BOOK VALUE

At 31 July 2025

1,702,055

-

1,702,055

At 31 July 2024

2,452,626

163

192

-

2,452,981

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

Trade debtors

-

21,492

Other debtors

13,493

1,647

13,493

23,139

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

Bank loans and overdrafts

696,000

1,242

Trade creditors

2,505

12,549

Other creditors

1,790

2,381

700,295

16,172

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.25

31.7.24

£

Bank loans

-

1,411,250

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.25

31.7.24

£

Bank loans

696,000

1,411,250

The bank loan is secured by a fixed charge over the freehold land owned by the LLP.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank after other creditors in the event of the winding up of the LLP.