REGISTERED NUMBER: |
Lower Hope Farms LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Lower Hope Farms LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Lower Hope Farms LLP (Registered number: OC413499) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Lower Hope Farms LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
Lower Hope Nominee LLP |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Lower Hope Farms LLP |
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. |
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 year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us. |
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. |
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 and its members, as a body, for our work or for this report. |
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 year. |
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. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Lower Hope Farms LLP (Registered number: OC413499) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
10,019,590 |
5,574,860 |
Lower Hope Farms LLP (Registered number: OC413499) |
Balance Sheet - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
8,004,226 |
3,559,496 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2 | 2 |
Fair value reserve | 13 |
10,019,590 | 5,574,860 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 8,004,226 | 3,559,496 |
Members' other interests | 2,015,364 | 2,015,364 |
10,019,590 | 5,574,860 |
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. |
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 Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Lower Hope Farms LLP (Registered number: OC413499) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Tractors and harvesters | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
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. |
The LLP has the following biological assets which are valued as disclosed :- |
Livestock - valued at their estimated cost with reference to current market values |
Growing crop - valued at the cost of inputs and cultivations up to the period end |
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. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Lower Hope Farms LLP (Registered number: OC413499) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Tractors |
Freehold | Plant and | and |
property | machinery | harvesters | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
There is a debenture over all of the fixed assets. |
The net book value of tangible fixed assets includes £318,024 (2022: £446,512) in respect of assets held under hire purchase contracts. |
Included in freehold property is land of £5,806,845 (2022: £5,806,845) which is not depreciated. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
There is a debenture over the investment property. |
Lower Hope Farms LLP (Registered number: OC413499) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2018 | 761,699 |
Valuation in 2019 | 549,464 |
Valuation in 2020 | 291,800 |
Valuation in 2021 | 329,990 |
Valuation in 2022 | 82,409 |
Cost | 838,638 |
2,854,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 836,838 | 836,838 |
Investment property was valued on an open market basis on 31 March 2022 by Barry Bufton . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income | 154,699 | 35,646 |
Related party current |
accounts | 54,353 | 189,410 |
VAT |
There is a debenture over all debtors. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Social security and other taxes |
VAT | 14,798 | - |
Other creditors |
Pension control | 1,432 | 910 |
Credit card | 397 | 5,020 |
Accruals and deferred income |
Intercompany loans | 500,000 | - |
Lower Hope Farms LLP (Registered number: OC413499) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
Accruals and deferred |
income |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
Repayable by instalments |
Bank loans | 301,366 | 3,771,948 |
9. | LOANS |
The principal terms of the loans are - |
Year final repayment due by | Balance | Interest rate | Type |
2025 | £825,000 | 1.45% over base | Interest only |
2041 | £297,168 | 3.31% fixed rate | Repayment |
2041 | £79,198 | 3.66% fixed rate | Repayment |
10. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Lower Hope Farms LLP (Registered number: OC413499) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 148,252 | 227,244 |
The AMC loans are secured by a first charge over land and property at Lower Hope Farm. |
The bank borrowings with HSBC are secured by a second charge over land and property at Lower Hope Farm. |
Hire purchase liabilities are secured against the relevant asset. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members (other than members' capital classified as debt) rank after other creditors on winding up. |
Members are restricted to not reducing members' other interests below £2. |
13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2022 |
At 31 March 2023 |
14. | RELATED PARTY DISCLOSURES |
The members own land and property that is utilised by the LLP rent free. This land and property is also used as security against the LLP's bank loans. |
Included in debtors are balances of £54,353 (2022: £189,410) due from companies under common control. Included in creditors are balances of £500,000 (2022: £Nil) due to companies under common control. These amounts are interest free and repayable on demand. |