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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Holdingham Farms LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Holdingham Farms LLP |
Holdingham Farms LLP (Registered number: OC324840) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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General Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Holdingham Farms LLP |
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General Information |
for the Year Ended 31 December 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Holdingham Farms LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Members are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability |
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your |
approval the financial statements of Holdingham Farms LLP for the year ended 31 December 2019 which comprise the |
Income Statement, Other Comprehensive Income, Balance Sheet and the related notes from the LLP's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the members of Holdingham Farms LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Holdingham Farms LLP and state those matters that we have agreed to state to the members of Holdingham Farms LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holdingham Farms LLP and its members, as a body, for our work or for this report. |
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It is your duty to ensure that Holdingham Farms LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Holdingham Farms LLP. You consider that Holdingham Farms LLP is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Holdingham Farms LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
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Holdingham Farms LLP (Registered number: OC324840) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,944,287 |
1,951,530 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
12,844 |
20,087 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 100,000 | 100,000 |
Revaluation reserve | 10 |
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1,944,287 | 1,951,530 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 12,844 | 20,087 |
Members' other interests | 1,931,443 | 1,931,443 |
1,944,287 | 1,951,530 |
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The members acknowledge their responsibilities for: |
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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 |
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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. |
Holdingham Farms LLP (Registered number: OC324840) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
signed by: |
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Holdingham Farms LLP (Registered number: OC324840) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Holdingham 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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of crops sold during the year and the value of the Single Payment attributable to |
the year. |
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Turnover is recognised when goods are sold. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Freehold property represents land which is farmed by the partnership. It is not a depreciating asset and therefore |
no depreciation is charged on it. |
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Stocks |
Stocks have been valued professionally in accordance with agricultural practice. |
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Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' |
agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
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Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the |
LLP's perspective, either a financial liability or equity, in accordance with FRS 102. A member's participation |
right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
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Amounts subscribed or otherwise contributed to members, for example members' capital are classed as equity if |
the LLP has an unconditional right to refuse payment to members. If the LLP does not have an unconditional |
right, such amounts are classified as liabilities. |
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Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse |
payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated |
as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the |
year end, they are shown as liabilities in the Balance Sheet. |
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Conversely, where profits are divided only after the decision by the LLP or its representative, so that the LLP has |
an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an |
expense. They are therefore shown as a residual amount available for discretionary division among members in |
the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
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Other amounts applied to members, for example remuneration paid under an employment contract and interest |
on capital balances, are treated in the same way as all other divisions of profits, as described above, according |
to whether the LLP has, in each case, an unconditional right to refuse payment. |
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All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans |
and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration |
charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet |
within 'Members' other interests'. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2018 - NIL). |
Holdingham Farms LLP (Registered number: OC324840) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Cost or valuation at 31 December 2019 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2014 | 1,831,443 | - | 1,831,443 |
Cost | 1,073,106 | 29,331 | 1,102,437 |
2,904,549 | 29,331 | 2,933,880 |
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If the freehold land had not been revalued it would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 1,052,165 | 1,052,165 |
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Freehold land was valued on a vacant possession basis on 20 February 2014 by J H Walter LLP . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Holdingham Farms LLP (Registered number: OC324840) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The bank loan is secured against the land to which it relates. |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2019 | 2018 |
£ | £ |
Amounts owed to members in respect of profits | 12,844 | 20,087 |
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Falling due within one year | 12,844 | 20,087 |
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Loans and other debts due to members and all unsecured other creditors rank equally in the event of a winding |
up. |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2019 |
and 31 December 2019 |
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11. | RELATED PARTY DISCLOSURES |
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Contract work on the farm is carried out by AFS Dean, a business in which one of the members, TFS Dean, has |
an interest. The costs charged to the LLP are governed by a contract between the LLP and AFS Dean. |