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REGISTERED NUMBER:
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Lower Hope Farms LLP |
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Unaudited Financial Statements |
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for the Period |
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1 September 2016 to 31 March 2017 |
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REGISTERED NUMBER:
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Lower Hope Farms LLP |
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Unaudited Financial Statements |
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for the Period |
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1 September 2016 to 31 March 2017 |
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Lower Hope Farms LLP (Registered number: OC413499) |
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Contents of the Financial Statements |
for the Period 1 September 2016 to 31 March 2017 |
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Page |
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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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Lower Hope Farms LLP |
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General Information |
for the Period 1 September 2016 to 31 March 2017 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Lower Hope 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 Profit and Loss Account 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 Lower Hope Farms LLP for the period ended 31 March 2017 which comprise the |
Income Statement, 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 Lower Hope 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 Lower Hope Farms LLP and state those matters that we have agreed to state to the members of Lower Hope 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 Lower Hope Farms LLP members, as a body, for our work or for this report. |
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It is your duty to ensure that Lower Hope 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 Lower Hope Farms LLP. You consider that Lower Hope Farms LLP is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Lower Hope 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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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
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Lower Hope Farms LLP (Registered number: OC413499) |
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Balance Sheet |
31 March 2017 |
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Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
2 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 2 |
2 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 2 |
Amounts due from members | 6 | (1,793,058 | ) |
(1,793,056 | ) |
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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. |
Lower Hope Farms LLP (Registered number: OC413499) |
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Balance Sheet - continued |
31 March 2017 |
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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 for issue by the members of the LLP on
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Lower Hope Farms LLP (Registered number: OC413499) |
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Notes to the Financial Statements |
for the Period 1 September 2016 to 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Lower Hope 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. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Going concern |
At the period end the LLP has negative members' interests. This has arisen following the transfer of the trade |
from Lower Hope Farms partnership on 1 October 2016. All partnership assets and liabilities have been |
transferred with the exception of investments and land and property. This will take place in the next financial |
year which will restore the balance sheet to a positive members' interest position. The land and buildings are |
owned by the members and are still in use by the LLP. They are also used as security against the LLP's |
borrowings. Based on this the members believe that it is appropriate to prepare the financial statements on the |
going concern |
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The members have considered the financial requirements of the LLP and consider that it will be able to |
operate within its agreed finance facilities for the next 12 months. The members therefore consider it appropriate |
to prepare the accounts on the going concern basis.basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Tractors and harvesters | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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The LLP has the following biological assets which are valued as disclosed :- |
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Livestock - valued at their estimated cost with reference to current market values |
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Crops in store - valued at their current market value |
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Growing crop - valued at the cost of inputs and cultivations up to the period end |
Lower Hope Farms LLP (Registered number: OC413499) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2016 to 31 March 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme |
are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the period was
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5. | TANGIBLE FIXED ASSETS |
Tractors |
Plant and | and |
machinery | harvesters | Totals |
£ | £ | £ |
COST |
Additions |
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At 31 March 2017 |
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DEPRECIATION |
Charge for period |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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There is a debenture over all of the fixed assets. |
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The net book value of tangible fixed assets includes £450,001 in respect of assets held under hire purchase |
contracts. |
Lower Hope Farms LLP (Registered number: OC413499) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2016 to 31 March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
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Prepayments and accrued income | 15,026 |
Lower Hope Fruit Ltd current |
account | 216,551 |
Related party loan debtors | 197,000 |
Amounts due from members | 1,793,058 |
VAT |
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There is a debenture over all debtors. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Bank loans and overdrafts (see note 9) |
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Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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Pension control | 910 |
Accruals and deferred income |
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Intercompany loans | 56,034 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
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Bank loans (see note 9) |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans |
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Repayable by instalments |
Bank loans | 705,998 |
Lower Hope Farms LLP (Registered number: OC413499) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2016 to 31 March 2017 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Amounts falling due between one and two years: |
Bank loans |
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Amounts falling due between two and five years: |
Bank loans |
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Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans | 1,192,625 |
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Repayable by instalments |
Bank loans | 705,998 |
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The principal terms of the loans are - |
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Year repayment due | Balance | Interest rate | Type |
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2019 | £350,000 | 2.45% over base | Repayment |
2022 | £51,103 | 2.5% over base | Repayment |
2030 | £132,513 | 2.8% over base | Repayment |
2030 | £1,015,000 | 2.5% over base | Interest only |
2033 | £208,380 | 3.3% over base | Repayment |
2036 | £177,625 | 2% over base | Interest only |
2038 | £537,960 | 4% over base | Repayment |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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Bank overdraft |
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Bank loans |
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Hire purchase contracts | 271,433 |
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The bank borrowings with HSBC are secured by a fixed and floating charge over all asset of the LLP. |
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Hire purchase liabilities are secured against the relevant asset. |
Lower Hope Farms LLP (Registered number: OC413499) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2016 to 31 March 2017 |
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11. | RELATED PARTY DISCLOSURES |
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The members own land and property that is utilised by the LLP. This land and property is also used as security |
against the LLP's bank loans. |