Gilbert Farms LLP - LLP accounts 24.3

REGISTERED NUMBER: OC345017 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2026

FOR

GILBERT FARMS LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Statement of Financial Position

4

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

T C J Gilbert

C. L. Bembridge Limited

REGISTERED OFFICE:

Witham House

Tattershall Bridge

Lincoln

Lincolnshire

LN4 4JP

REGISTERED NUMBER:

OC345017 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The members present their report with the financial statements of the LLP for the year ended 5 April 2026.

PRINCIPAL ACTIVITIES

The principal activities of the LLP in the year under review were those of farming and caravan/chalet park site operators.

DESIGNATED MEMBERS

The designated members during the year under review were:

T C J Gilbert

C. L. Bembridge Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £17,861 (2025 - £7,497 profit).

MEMBERS' INTERESTS

Any amounts contributed by the members to the LLP will be repaid by the LLP on the departure of a member from the LLP. These amounts are shown as liabilities on the balance sheet.

Members can only withdraw profits to the extent that the LLP retains sufficient working capital to finance its' ongoing operation.

ON BEHALF OF THE MEMBERS:

T C J Gilbert - Designated member

19 October 2026

TURNOVER

319,058

260,585

Cost of sales

258,631

256,427

GROSS PROFIT

60,427

4,158

Administrative expenses

258,255

271,943

(197,828

)

(267,785

)

Other operating income

220,468

278,283

OPERATING PROFIT

22,640

10,498

Interest payable and similar expenses

4,779

3,001

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES

17,861

7,497

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES

17,861

7,497

Members' remuneration charged as an
expense

4

(17,861

)

(7,497

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE
FOR DISCRETIONARY DIVISION AMONG
MEMBERS

-

FIXED ASSETS

Tangible assets

5

627,547

653,883

CURRENT ASSETS

Stocks

218,920

192,876

Debtors

6

356,801

372,500

Cash at bank and in hand

27,377

548

603,098

565,924

CREDITORS

Amounts falling due within one year

7

213,067

239,421

NET CURRENT ASSETS

390,031

326,503

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,017,578

980,386

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,017,578

980,386

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,017,578

980,386

Amounts due from members

6

(259,555

)

(196,081

)

758,023

784,305

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 5 April 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 and authorised for issue by the members of the LLP and authorised for issue on 19 October 2026 and were signed by:

T C J Gilbert - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

980,386

Amount due from members

(196,081

)

Balance at 6 April 2025

-

784,305

Members' remuneration charged
as an expense, including
employment and retirement
benefit costs

-

17,861

Profit for the financial year
available for discretionary division
among members

-

Members' interests after profit for
the year

-

802,166

Introduced by members

-

52,628

Drawings on account and
distributions of profit

-

(96,771

)

(96,771

)

Amount due to members

1,017,578

Amount due from members

(259,555

)

Balance at 5 April 2026

-

758,023

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

1,011,781

Amount due from members

(122,092

)

Balance at 6 April 2024

-

889,689

Members' remuneration charged
as an expense, including
employment and retirement
benefit costs

-

7,497

Profit for the financial year
available for discretionary division
among members

-

Members' interests after profit for
the year

-

897,186

Introduced by members

-

11,765

Drawings on account and
distributions of profit

-

(124,646

)

(124,646

)

Amount due to members

980,386

Amount due from members

(196,081

)

Balance at 5 April 2025

-

784,305

1.	STATUTORY INFORMATION

Gilbert Farms 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.

Turnover

Turnover represents the sale of farm produce and livestock and the sale of caravans and lodges, excluding VAT.

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

-

10% on cost and 6.66% on cost

Plant and machinery etc

-

25% on reducing balance

No depreciation has been provided for freehold property. It is the LLP's policy to maintain its property in a continual state of sound repair. In the case of freehold buildings, the members consider that the lives of these buildings and their residual value are such that their depreciation is not significant.

Stocks

Stocks have been valued on the basis of lower of cost and fair value less costs to complete and sell. Produce in store has been valued on a deemed cost basis by independent valuers at the lower of cost and fair value less costs to sell.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 7 (2025 - 6 ) .

4.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

Members' remuneration charged as an expense

Automatic division of profits

17,861

7,497

5.	TANGIBLE FIXED ASSETS

Plant and

Freehold

machinery

property

etc

Totals

£

COST

At 6 April 2025

672,741

931,933

1,604,674

Additions

-

18,020

Disposals

-

(7,800

)

(7,800

)

At 5 April 2026

672,741

942,153

1,614,894

DEPRECIATION

At 6 April 2025

177,244

773,547

950,791

Charge for year

-

44,027

Eliminated on disposal

-

(7,471

)

(7,471

)

At 5 April 2026

177,244

810,103

987,347

NET BOOK VALUE

At 5 April 2026

495,497

132,050

627,547

At 5 April 2025

495,497

158,386

653,883

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

84,187

165,012

Other debtors

272,614

207,488

356,801

372,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Bank loans and overdrafts

-

16,541

Trade creditors

46,122

160,485

Taxation and social security

34,097

46,303

Other creditors

132,848

16,092

213,067

239,421

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members would rank alongside ordinary unsecured creditors in the event of a winding up. There is no protection offered to unsecured creditors which is legally enforceable.