REGISTERED NUMBER: OC424325 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2026

for

ASH Farming LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

T C Allen

E W Allen

M M Strainge

Mrs C J Hawson

REGISTERED OFFICE:

Carrimers Farm Office

Carrimers Farm

Aston Tirrold

Didcot

Oxfordshire

OX11 9DP

REGISTERED NUMBER:

OC424325 (England and Wales)

ACCOUNTANTS:

Monahans

Chartered Accountants

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of farming.

DESIGNATED MEMBERS

The designated members during the year under review were:

T C Allen

E W Allen

M M Strainge

Mrs C J Hawson

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £642,034 (2025 - £859,347 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

Mrs C J Hawson - Designated member

22 July 2026

TURNOVER

7,207,323

7,143,046

Cost of sales

5,707,432

5,468,534

GROSS PROFIT

1,499,891

1,674,512

Administrative expenses

1,001,215

916,644

498,676

757,868

Other operating income

219,369

200,718

OPERATING PROFIT

4

718,045

958,586

Interest payable and similar expenses

76,011

99,239

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

642,034

859,347

FIXED ASSETS

Intangible assets

5

1

1

Tangible assets

6

8,837,248

8,562,108

8,837,249

8,562,109

CURRENT ASSETS

Stocks

438,726

465,911

Debtors

7

309,906

363,064

Cash at bank

60,749

80,558

809,381

909,533

CREDITORS

Amounts falling due within one year

8

1,197,202

701,267

NET CURRENT (LIABILITIES)/ASSETS

(387,821

)

208,266

TOTAL ASSETS LESS CURRENT LIABILITIES

8,449,428

8,770,375

CREDITORS

Amounts falling due after more than one year

9

800,162

1,078,070

NET ASSETS ATTRIBUTABLE TO MEMBERS

7,649,266

7,692,305

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

297,918

340,957

MEMBERS' OTHER INTERESTS

Capital accounts

7,351,348

7,351,348

7,649,266

7,692,305

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

297,918

340,957

Members' other interests

7,351,348

7,351,348

Amounts due from members

7

(126,765

)

(100,418

)

7,522,501

7,591,887

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 March 2026.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 July 2026 and were signed by:

Mrs C J Hawson - Designated member

T C Allen - Designated member

1.	STATUTORY INFORMATION

ASH 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.

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.

Going concern

For the year ended 31 March 2026 the Partnership reported a profit of £642,034 (2025 - £859,347). The members of the Partnership have assessed its ability to continue as a going concern and deemed that it is appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

i) Turnover is measured at the fair value of the consideration received or receivable. Turnover is net of value added taxes. Turnover includes revenue earned from the sale of pigs, crops and broilers.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably.

ii) Other income, including rental and contracting income are measured at the fair value of the consideration received or receivable and is net of value added taxes.

iii) Dividend income is recognised when the right to receive payment is established.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings

-

2% on straight line basis

Plant and Machinery

-

15% on reducing balance

Motor vehicles and tractors

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Expenditure is recognised as capital at the time of purchase for clearly capital items.

An item is disposed of when sold or no longer of use to the partnership. This is immediately taken out of the accounts and derecognised as an asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

i) Livestock - the business's livestock consists of pigs which are carried as trading stock. Livestock is valued under HS232 which is not materially different to being stated at the lower of cost and estimated selling price less costs to complete and sell. The costs relating to the production of the livestock are recognised as an expense in the period in which the related revenue is recognised. Cost includes the production costs, including taxes and duties and transport and handling directly attributable to bringing the livestock to its present location and condition.

ii) Other stock - other stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

i) Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

ii) Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

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

Impairment of non-financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or

- breach of contract, such as a default or delinquency in interest or principal payments; or

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the business's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Related parties

For the purposes of these financial statements, a party is considered to be related to the LLP if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the LLP or exercise significant influence over the LLP in making financial and operating policy decisions, or has joint control over the LLP;

(ii) the LLP and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the LLP or the LLP's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the LLP or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 9 (2025 - 9 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

344,468

278,236

5.	INTANGIBLE FIXED ASSETS

Farm

payment

entitlement

£

COST

At 1 April 2025

and 31 March 2026

1

NET BOOK VALUE

At 31 March 2026

1

At 31 March 2025

1

6.	TANGIBLE FIXED ASSETS

Motor

Freehold

vehicles

land and

Plant and

and

Office

buildings

Machinery

tractors

equipment

Totals

£

£

£

£

£

COST

At 1 April 2025

7,375,305

1,282,160

320,830

278

8,978,573

Additions

-

392,609

227,000

-

619,609

At 31 March 2026

7,375,305

1,674,769

547,830

278

9,598,182

DEPRECIATION

At 1 April 2025

43,495

292,485

80,208

278

416,466

Charge for year

19,539

208,024

116,905

-

344,468

At 31 March 2026

63,034

500,509

197,113

278

760,934

NET BOOK VALUE

At 31 March 2026

7,312,271

1,174,260

350,717

-

8,837,248

At 31 March 2025

7,331,810

989,675

240,622

-

8,562,107

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

183,141

262,646

Amounts due from members

126,765

100,418

309,906

363,064

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Hire purchase contracts

185,303

72,500

Trade creditors

742,537

392,196

Bank Loan

269,362

236,571

1,197,202

701,267

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans - 1-2 years

281,279

254,339

Bank loans - 2-5 years

289,972

528,757

Bank loans more 5 yr by instal

228,911

294,974

800,162

1,078,070

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

228,911

294,974

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Natwest bank loan

1,069,524

1,314,641

The Natwest bank loan is secured by a legal charge over the freehold of Greenmeadow Farm which is owned by the LLP has a net book value of £2,523,496..

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The members of the LLP have agreed that (a) loans and other debts due to members, (b) members' other interests (including capital and reserves) and (c) any members' residual interests will rank behind all amounts due to non members in the administration or winding up of the LLP. This agreement cannot be revoked by the members and may be enforced by creditors.

12.	RELATED PARTY DISCLOSURES

All members of ASH Farming LLP are partners in DC & RJ Allen & Partners. During the year the partnership made sales of £59 (2025 - £2,314) and made purchases of £27,500 (2025 - £13,250). All transactions were at arms length and at market value. At the year end ASH Farming LLP was owed £NIL (2025 - NIL) by the partnership.

E W Allen and C J Hawson are partners in Allen (Lower Hill Farm) Aston Tirrold Partnership. During the year sales were made to this partnership of £Nil (2025 - £3,120) and paid contract charges of £NIL (2025 - £Nil). At the year end ASH Farming LLP owed £NIL (2025 - £Nil) to this partnership.

T C Allen, EW Allen, M M Strainge and C Hawson are directors and shareholders in Allen (Hanford) Ltd. During the year the partnership made sales of £598,133 (2025: £505,608) and purchases of £368,965 (2025 - £766,142) and charged Allen (Hanford) Ltd a management fee of £40,000 (2025 £Nil).At the year end ASH Farming LLP was owed £3,654 (2025 - £35,211) by this company.

Other related parties

A joint and several guarantee, limited to a maximum of £1,000,000, has been given by G W Allen and C T Allen (partners in a number of associated partnerships with the members of the LLP), to Natwest bank. At the year end the partnership's liability to Natwest bank was £1,069,525 (2025 - £1,314,640). Natwest bank also holds a legal charge over the freehold of Greenmeadow Farm owned by the LLP.