Company No: OC377348 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	113,969		99,490
Investment property	4	610,000		610,000
		723,969		709,490
Current assets
Cash at bank and in hand		5,022		2,432
		5,022		2,432
Creditors: amounts falling due within one year	5	( 67,770)		( 18,193)
Net current liabilities		(62,748)		(15,761)
Total assets less current liabilities		661,221		693,729
Creditors: amounts falling due after more than one year	6	0		( 1,284)
Net assets attributable to members		661,221		692,445
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		30,286		61,510
		30,286		61,510
Members' other interests
Members' capital classified as equity		161,935		161,935
Revaluation reserve		469,000		469,000
		630,935		630,935
		661,221		692,445
Total members' interests
Loans and other debts due to members		30,286		61,510
Members' other interests		630,935		630,935
		661,221		692,445

For the financial year ending 31 January 2026 the LLP 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of GM Stephenson Farm and Commercial LLP (registered number: OC377348) were approved and authorised for issue by the members on 30 October 2026. They were signed on its behalf by:

Mr G M Stephenson Designated member

Mrs D Stephenson Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GM Stephenson Farm and Commercial LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Danebury Manor Farm, Flixton, Scarborough, YO11 3UJ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles

15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the LLP during the year	2		2

3. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 February 2025	138,386		138,386
Additions	80,179		80,179
Disposals	( 79,991)		( 79,991)
At 31 January 2026	138,574		138,574
Accumulated depreciation
At 01 February 2025	38,896		38,896
Charge for the financial year	19,576		19,576
Disposals	( 33,867)		( 33,867)
At 31 January 2026	24,605		24,605
Net book value
At 31 January 2026	113,969		113,969
At 31 January 2025	99,490		99,490

The net book value of tangible fixed assets includes £Nil (2025 - £49,124) in respect of assets held under hire purchase contracts.

4. Investment property

	Investment property
	£
Valuation
As at 01 February 2025	610,000
As at 31 January 2026	610,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	141,000		141,000

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Accruals	1,748		3,243
Obligations under finance leases and hire purchase contracts	0		14,950
Other creditors	66,022		0
	67,770		18,193

6. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts	0		1,284

There are no amounts included above in respect of which any security has been given by the small entity.