REGISTERED NUMBER: |
A & H Farming LLP |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 31st January 2023 |
REGISTERED NUMBER: |
A & H Farming LLP |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 31st January 2023 |
A & H Farming LLP (Registered number: OC321810) |
Contents of the Financial Statements |
for the year ended 31st January 2023 |
Page |
General information | 1 |
Report of the members | 2 |
Accountants' report | 3 |
Income statement | 4 |
Balance sheet | 5 | to | 6 |
Notes to the financial statements | 7 | to | 9 |
A & H Farming LLP |
General Information |
for the year ended 31st January 2023 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
A & H Farming LLP (Registered number: OC321810) |
Report of the Members |
for the year ended 31st January 2023 |
The members present their report with the financial statements of the LLP for the year ended 31st January 2023. |
Principal activity |
The principal activity of the LLP in the year under review was that of the provision of agricultural services. |
Designated members |
The designated members during the year under review were: |
Results for the year and allocation to members |
The loss for the year before members' remuneration and profit shares was £99,918 (2022 - £64,802 profit). |
Members' interests |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is determined on a monthly basis, taking into account the cash needs of the LLP. |
New members are not required to subscribe a minimum level of capital but in subsequent years members are invited to subscribe for further capital, the amounts of which are determined by the performance of the LLP. On retirement, capital is repaid to members over specified periods of time. |
Statement of members' responsibilities |
The members are responsible for preparing the Report of the members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
On behalf of the members: |
Accountants' Report to the Members |
on the Unaudited Financial Statements of |
A & H Farming LLP |
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 A & H Farming LLP for the year ended 31st January 2023 on pages four to nine from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at their website. |
This report is made solely to the members of A & H Farming 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 A & H Farming LLP and state those matters that we have agreed to state to the members of A & H Farming LLP, as a body, in this report in accordance with the requirements of ICAS as detailed at their website. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that A & H Farming 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 A & H Farming LLP. You consider that A & H Farming 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 A & H Farming 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. |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
A & H Farming LLP (Registered number: OC321810) |
Income Statement |
for the year ended 31st January 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
(75,568 | ) | 89,380 |
Other operating income |
Operating (loss)/profit | ( |
) |
Interest receivable and similar income |
(61,093 | ) | 95,086 |
Interest payable and similar expenses | ( |
) | ( |
) |
(Loss)/profit for the financial year before members' remuneration and profit shares |
(99,918 |
) |
64,802 |
(Loss)/profit for the financial year before members' remuneration and profit shares |
(99,918 |
) |
64,802 |
Members' remuneration charged as an expense |
4 |
99,918 |
(64,802 |
) |
Profit for the financial year available for discretionary division among members |
A & H Farming LLP (Registered number: OC321810) |
Balance Sheet |
31st January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets attributable to members | 445,174 | 545,092 |
Loans and other debts due to members |
11 |
445,174 |
545,092 |
Total members' interests |
Loans and other debts due to members | 11 | 445,174 | 545,092 |
A & H Farming LLP (Registered number: OC321810) |
Balance Sheet - continued |
31st January 2023 |
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 were approved by the members of the LLP and authorised for issue on |
A & H Farming LLP (Registered number: OC321810) |
Notes to the Financial Statements |
for the year ended 31st January 2023 |
1. | Statutory information |
A & H Farming 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Tangible fixed assets |
Implements, plant & machinery | - |
Tractors | - |
Combines | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank overdraft, other loans and hire purchase contracts. |
Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
Members remuneration |
Profits and losses are automatically divided between members in accordance with the terms of the LLP agreement, and hence there are no unallocated profits or losses. |
A & H Farming LLP (Registered number: OC321810) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2023 |
2. | Accounting policies - continued |
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 the 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 the profit or loss on a straight line basis over the period of the lease. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going Concern |
The director has considered the company's financial position for a period of 12 months from the date of signing these financial statements and has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Information in relation to members |
2023 | 2022 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of (loss)/profit | (99,918 | ) | 64,802 |
5. | Tangible fixed assets |
Implements, |
plant & |
machinery | Tractors | Combines | Totals |
£ | £ | £ | £ |
Cost |
At 1st February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st January 2023 |
Depreciation |
At 1st February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st January 2023 |
Net book value |
At 31st January 2023 |
At 31st January 2022 |
A & H Farming LLP (Registered number: OC321810) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2023 |
5. | Tangible fixed assets - continued |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Current asset investments |
2023 | 2022 |
£ | £ |
Unlisted investments | 3,002 | 3,002 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | 134,384 | 79,186 |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 900,781 | 610,751 |
Hire purchase contracts are secured against the assets in which they relate. |
11. | Loans and other debts due to members |
In the event of a winding up, any amounts owed to the LLP's bankers are secured by charges on the assets of the LLP. |
Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement. |