Corngafr LLP

(Registration number: OC438744)
Balance Sheet as at 31 July 2025

The financial statements of Corngafr LLP (registered number OC438744) were approved by the Board and authorised for issue on 28 April 2026. They were signed on behalf of the limited liability partnership by:

......................................... A N Evans Designated member

......................................... D H G Thomas Designated member

......................................... D G Puw Designated member

Corngafr LLP

Statement of Changes in Members’ Interests
At 31 July 2025

	Equity		Loans and other debts due to/(from) members
	Other reserves £	Total equity £	Members' capital classified as a liability £	Members' other amounts £	Total debt £	Total 2025 £
Members' interest at 1 August 2024	(106,994)	(106,994)	325,912	168,258	494,170	387,176
Profit for the financial year available for discretionary division among members	93,429	93,429	-	-	-	93,429
Members' interests after total comprehensive income	(13,565)	(13,565)	325,912	168,258	494,170	480,605
Other division of profits	-	-	-	(5,917)	(5,917)	(5,917)
Drawings (including tax payments)	-	-	-	(33,552)	(33,552)	(33,552)
At 31 July 2025	(13,565)	(13,565)	325,912	128,789	454,701	441,136

Corngafr LLP

Statement of Changes in Members’ Interests
At 31 July 2025

	Equity		Loans and other debts due to/(from) members
	Other reserves £	Total equity £	Members' capital classified as a liability £	Members' other amounts £	Total debt £	Total 2024 £
Members' interest at 1 August 2023	(75,583)	(75,583)	325,912	146,192	472,104	396,521
Loss for the financial year available for discretionary division among members	(31,411)	(31,411)	-	-	-	(31,411)
Members' interests after total comprehensive income	(106,994)	(106,994)	325,912	146,192	472,104	365,110
Other division of profits	-	-	-	(5,000)	(5,000)	(5,000)
Other amounts introduced by members	-	-	-	71,100	71,100	71,100
Drawings (including tax payments)	-	-	-	(44,034)	(44,034)	(44,034)
At 31 July 2024	(106,994)	(106,994)	325,912	168,258	494,170	387,176

Corngafr LLP

Notes to the Financial Statements for the Year Ended 31 July 2025

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Corngafr LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Corngafr LLP

Notes to the Financial Statements for the Year Ended 31 July 2025

Tangible fixed assets

Individual fixed assets costing £250.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Reducing balance
Motor vehicles	20% Reducing balance
Farm improvements	20% Reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Corngafr LLP

Notes to the Financial Statements for the Year Ended 31 July 2025

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2024 - 2).

3	Tangible fixed assets

	Long leasehold land and buildings £	Plant and machinery  £	Motor vehicles  £	Productive herd  £	Total £
Cost
At 1 August 2024	12,908	44,616	4,250	215,149	276,923
Additions	1,990	-	4,500	45,438	51,928
Disposals	-	-	(4,250)	-	(4,250)
At 31 July 2025	14,898	44,616	4,500	260,587	324,601
Depreciation
At 1 August 2024	3,875	17,950	1,530	-	23,355
Charge for the year	2,205	5,333	900	-	8,438
Eliminated on disposals	-	-	(1,530)	-	(1,530)
At 31 July 2025	6,080	23,283	900	-	30,263
Net book value
At 31 July 2025	8,818	21,333	3,600	260,587	294,338
At 31 July 2024	9,033	26,666	2,720	215,149	253,568

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings and £8,818 (2024 - £9,033) in respect of leaseholds.
 

Corngafr LLP

Notes to the Financial Statements for the Year Ended 31 July 2025

4

Stocks

	2025 £	2024 £
Deadstock	62,849	55,061
Non-productive livestock	77,450	59,250
	140,299	114,311

5

Debtors

	2025 £	2024 £
Trade debtors	42,927	23,774
Other debtors	2,127	3,145
Total current trade and other debtors	45,054	26,919

6	Creditors: Amounts falling due within one year

	2025 £	2024 £
Trade creditors	12,174	-
Accruals and deferred income	48,539	16,764
	60,713	16,764

7	Loans and other debts due to members

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement.

8	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
	£		£
	103,800		155,700

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.