Limited Liability Partnership Registration No. OC368083 (England and Wales)
Hemsworth Farms LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Hemsworth Farms LLP
Contents
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 14
Hemsworth Farms LLP
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
5,791
Tangible assets
5
16,166,110
16,331,102
Investment property
6
3,940,000
4,315,609
Investments
7
45,431
56,391
Biological assets
8
99,209
97,815
20,250,750
20,806,708
Current assets
Stocks
86,557
45,234
Biological assets
8
127,650
190,605
Debtors falling due within one year
9
142,171
184,222
Cash at bank and in hand
110,514
116,578
466,892
536,639
Creditors: amounts falling due within one year
10
(697,179)
(678,588)
Net current liabilities
(230,287)
(141,949)
Total assets less current liabilities
20,020,463
20,664,759
Creditors: amounts falling due after more than one year
11
(2,923,566)
(2,977,815)
Net assets attributable to members
17,096,897
17,686,944
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
13
(1,824,352)
(1,609,914)
Members' other interests
Members' capital classified as equity
18,404,711
18,404,711
Revaluation reserve
516,538
892,147
17,096,897
17,686,944

T he members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

Hemsworth Farms LLP
Statement of financial position (continued)
As at 31 March 2025
2

For the financial year ended 31 March 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 27 February 2026 and are signed on their behalf by:
27 February 2026
Sophia Alexander
Designated member
Limited Liability Partnership registration number OC368083 (England and Wales)
Hemsworth Farms LLP
Reconciliation of members' interests
For the year ended 31 March 2025
3
Current financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
£
Members' interests at 1 April 2024
18,404,711
892,147
-
19,296,858
(1,609,914)
(1,609,914)
17,686,944
Loss for the financial year available for discretionary division among members
-
-
(477,353)
(477,353)
-
-
(477,353)
Members' interests after loss for the year
18,404,711
892,147
(477,353)
18,819,505
(1,609,914)
(1,609,914)
17,209,591
Allocation of loss for the financial year
-
-
101,744
101,744
-
-
101,744
Revaluation of investment property
-
(375,609)
375,609
-
-
-
-
Drawings on account and loss allocation
-
-
-
-
(214,438)
(214,438)
(214,438)
Members' interests at 31 March 2025
18,404,711
516,538
-
18,921,249
(1,824,352)
(1,824,352)
17,096,897
Hemsworth Farms LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
£
Members' interests at 1 April 2023
18,369,711
892,147
-
19,261,858
(1,196,815)
(1,196,815)
18,065,043
Loss for the financial year available for discretionary division among members
-
-
(330,769)
(330,769)
-
-
(330,769)
Members' interests after loss for the year
18,369,711
892,147
(330,769)
18,931,089
(1,196,815)
(1,196,815)
17,734,274
Allocation of loss for the financial year
-
-
330,769
330,769
-
-
330,769
Introduced by members
35,000
-
-
35,000
-
-
35,000
Drawings on account and distributions of profit
-
-
-
-
(413,099)
(413,099)
(413,099)
Members' interests at 31 March 2024
18,404,711
892,147
-
19,296,858
(1,609,914)
(1,609,914)
17,686,944
Hemsworth Farms LLP
Notes to the financial statements
For the year ended 31 March 2025
5
1
Accounting policies
Limited liability partnership information

Hemsworth Farms LLP is a limited liability partnership incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The members have a reasonable expectation that the limited liability partnership will continue in operational existence for the foreseeable future. However, they are aware of certain material uncertainties which may cause doubt on the limited liability partnership's ability to continue as a going concern due to the large loss making position. The members have continued to support the limited liability partnership throughout the year to ensure all debts and obligations are met.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Entitlements
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over the life of entitlements or not depreciated
Plant and equipment
5% or 25% reducing balance or 25 years straight line
Fixtures and fittings
25% reducing balance
Computers
33% reducing balance
Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
1.8
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9

Biological assets

Biological assets held by the company relate to livestock and growing crops.

The dairy herd is measured at cost less depreciation, all other livestock is measured at fair value. The fair value of the livestock is determined based on market prices of livestock of similar age, breed and genetic merit.

Growing crops are measured at cost and no depreciation is charged.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Where accurate cost figures are not available, the deemed cost of production has been used. For crops in store, this is 75% of market value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
8
1.12
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
9
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
0
0
Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
10
4
Intangible fixed assets
Entitlements
£
Cost
At 1 April 2024
9,653
Disposals
(9,653)
At 31 March 2025
-
Amortisation and impairment
At 1 April 2024
3,862
Disposals
(3,862)
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 March 2024
5,791
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
14,673,334
3,283,806
17,957,140
Additions
-
48,443
48,443
At 31 March 2025
14,673,334
3,332,249
18,005,583
Depreciation and impairment
At 1 April 2024
-
1,626,038
1,626,038
Depreciation charged in the year
-
213,435
213,435
At 31 March 2025
-
1,839,473
1,839,473
Carrying amount
At 31 March 2025
14,673,334
1,492,776
16,166,110
At 31 March 2024
14,673,334
1,657,768
16,331,102
Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
6
Investment property
2025
£
Fair value
At 1 April 2024
4,315,609
Net gains or losses through fair value adjustments
(375,609)
At 31 March 2025
3,940,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Carter Jonas as at 31 July 2025 on behalf of Barclays Plc and each of its affiliates. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historic cost of the land and buildings held as investment properties is £3,423,462 (2024: £3,423,462)

Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
12
7
Fixed asset investments
2025
2024
£
£
Other investments other than loans
45,431
56,391
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
56,391
Additions
44
Valuation changes
(11,004)
At 31 March 2025
45,431
Carrying amount
At 31 March 2025
45,431
At 31 March 2024
56,391
The historical cost of fixed asset investments is £49,090 (2024: £49,057).
Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
13
8
Biological assets
Dairy Herd
Growing Crops
Total
£
£
£
Cost
At 1 April 2024
97,815
26,580
124,395
Additions
-
9,990
9,990
Transfers in
63,810
-
63,810
Harvest
-
(26,580)
(26,580)
Decrease due to sales
(9,801)
-
(9,801)
Depreciation
(52,615)
-
(52,615)
At 31 March 2025
99,209
9,990
109,199
Cattle
Total
£
£
Fair value
At 1 April 2024
155,845
155,845
Additions
10,200
10,200
Transfers in/(out)
87,285
87,285
Decrease due to sales
(110,400)
(110,400)
Decrease due to deaths
(9,200)
(9,200)
Fair value movement
(16,070)
(16,070)
At 31 March 2025
117,660
117,660
Shown as:
Fixed assets
99,209
Current assets
127,650
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
103,801
161,437
Other debtors
38,370
22,785
142,171
184,222
Hemsworth Farms LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
14
10
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
591,295
501,441
Obligations under finance leases
10,404
10,404
Trade creditors
82,115
137,863
Accruals and deferred income
13,365
28,880
697,179
678,588
11
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
2,905,997
2,949,842
Obligations under finance leases
17,569
27,973
2,923,566
2,977,815
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
602,941
613,259
Payable other than by instalments
2,124,818
2,124,818
2,727,759
2,738,077

The long-term loans are secured by fixed and floating charges over freehold property held in the partnership.

12
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.

13
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
9,000
27,000
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