Registration number:
Farmington Stone LLP
for the Year Ended 30 June 2026
Farmington Stone LLP
Contents
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Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Farmington Stone LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Accountants |
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Farmington Stone LLP
(Registration number: OC440648 (ENGLAND & WALES))
Balance Sheet as at 30 June 2026
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2026 |
2025 |
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Net assets/(liabilities) attributable to members |
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Represented by: |
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For the year ending 30 June 2026 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Farmington Stone LLP (registered number OC440648) were approved by the
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Farmington Stone LLP
Notes to the Financial Statements for the Year Ended 30 June 2026
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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' (FRS 102 - Section 1a), the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in May 2024 (the "LLP SORP") and the requirements of the Companies Act 2006 as applied to LLPs under The Limited Liability Partners (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (“the Regulations”). The LLP has taken advantage of the disclosure exemptions available to small entities.
The LLP has taken advantage of section 408 of the Companies Act 2006 as applied by the Regulations”) and has not included its own profit and loss account in these financial statements. The individual financial statements of the LLP also adopt the following disclosure exemptions given in [FRS 102] [FRS 102 Section 1a]:
• the requirement to present a statement of cash flows and related notes
• the require to disclosure information about financial instruments
• the requirement to disclose certain related party transactions
• the requirement to disclose information of key management personnel
General information and basis of accounting
The limited liability partnership is incorporated in the 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.
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 presentational currency of Farmington Stone LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements have been rounded to the nearest pound.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and for at least twelve months from the end of the reporting period. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Farmington Stone LLP
Notes to the Financial Statements for the Year Ended 30 June 2026
Judgements
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In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The members necessarily make estimates and assumptions concerning the future in preparing the financial statements. The estimates and judgements made are continually evaluated based on historical and other factors, including expectations of future events that are believed reasonable in the circumstances. The resulting accounting estimates will by definition seldom equal the related future actual outcome. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
Key sources of estimation uncertainty
Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. Depending on the matter type, the valuation differs. For non-contingent matters, a recovery rate is applied based upon historical performance. This is also doneapplied for contingent matters but only after they have met the success criteria such that it is considered probable that the amount will become receivable, which in itself is a significant judgement. For fixed fee arrangements, this is done on a completion basis. The carrying amount is £- (2025 -£-).
Impairment of trade debtors - there is a risk that some debtor balances may be irrecoverable. An impairment provision is included based upon the profile of the outstanding trade debtors at the year end, and the facts and circumstances of each outstanding matter. The carrying amount is £- (2025 -£-).
Dilapidations provisions - where there is a legal obligation under the terms of a lease, a dilapidations provision is made representing a best estimate of the net present value of the cost required to return the properties to the condition required on termination of the lease. The provision is made at the point at which an obligating event arises that would result in a future liability. The carrying amount is £- (2025 -£-).
Provision for client claims - the provision is based on a review of potential claims to the extent these are not covered by professional indemnity insurance and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £- (2025 -£-).
Members' remuneration and division of profits
Members’ division of profits are split between automatic and discretionary depending on the terms of the LLP agreement. Where remuneration is automatically paid to certain members under a contract of employment and is included as an expense in the profit and loss account after arriving at 'profit for the financial year before members' remuneration and profit shares'.
In addition, the limited liability partnership agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the partnership. These amounts are also included within members’ remuneration charged to the profit and loss account.
All amounts arising from the automatic division of profits, where the LLP does not have an unconditional right to avoid delivering cash or other assets based on the members’ agreement in force at the time, are recorded as liabilities under ‘loans and other debts due to members’.
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated, discretionary profits and losses are included within 'other reserves' in the balance sheet and are subsequently treated per the terms of the LLP agreement.
Drawings are accounted for by member against the liabilities recorded under ‘loans and other debts due to members’. Amounts drawn by members against future divisions of profit (i.e. drawings on account) are loan assets repayable by members. A loan asset is extinguished when the member’s drawing on account is offset by a debt due to that member further to a division of profits or, for example, when repaid or waived in accordance with the LLP agreement.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Farmington Stone LLP
Notes to the Financial Statements for the Year Ended 30 June 2026
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the profit and loss on a straight-line basis over the lease term.
Members' interests
Members’ interests represent amounts due to or from members arising from profit allocations, drawings, tax payments, loans and annuity provisions.
Pensions and other post retirement obligations
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the limited liability partnership has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The assets of the plan are held separately in independently administer funds. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Farmington Stone LLP
Notes to the Financial Statements for the Year Ended 30 June 2026
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
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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.