A & G Farms LLP - Filleted accounts

Registered number

OC347346

A & G Farms LLP

Filleted Accounts

30 June 2018

A & G Farms LLP
Registered number:		OC347346
Balance Sheet
as at 30 June 2018
Notes		2018		2017
£			£
Fixed assets
Tangible assets	2	81,355		90,175
Current assets
Debtors	3	49,170		55,362
Cash at bank and in hand		67,203		14,623
		116,373		69,985

Creditors: amounts falling due within one year	4	(175,387)		(135,091)

Net current liabilities		(59,014)		(65,106)

Total assets less current liabilities		22,341		25,069

Net assets attributable to members		22,341		25,069

Represented by:
Loans and other debts due to members	5	22,341		25,069

For the year ended 30 June 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.

These accounts were approved by the members on 26 November 2018 and signed on their behalf by:


A J d'Angibau
Designated member

A & G Farms LLP
Notes to the Accounts
for the year ended 30 June 2018

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Division of profits
	Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.

	Taxation
	Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			15% reducing balance
	Tractors			20% reducing balance
	Motor vehicles			25% reducing balance
	Computer equipment			33% straight line
	Solar panels			4% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Members' capital
	Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.


2	Tangible fixed assets
		Computer equipment		Plant and machinery		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 July 2017	1,075		98,310		59,625		159,010
	At 30 June 2018	1,075		98,310		59,625		159,010

	Depreciation
	At 1 July 2017	732		24,960		43,143		68,835
	Charge for the year	172		4,528		4,120		8,820
	At 30 June 2018	904		29,488		47,263		77,655

	Net book value
	At 30 June 2018	171		68,822		12,362		81,355
	At 30 June 2017	343		73,350		16,482		90,175


3	Debtors					2018		2017
£							£

	Trade debtors					280		21,514
	Amounts owed by group undertakings and undertakings in which the LLP has a participating interest					20,000		24,000
	Other debtors					28,890		9,848
						49,170		55,362


4	Creditors: amounts falling due within one year					2018		2017
£							£

	Trade creditors					59		221
	Amounts owed to group undertakings and undertakings in which the LLP has a participating interest					170,756		127,477
	Accruals					1,200		600
	Other taxes and social security costs					3,372		6,793
						175,387		135,091


5	Loans and other debts due to members					2018		2017
£							£

	Loans from members					24,000		72,000
	Amounts due to/ (from) members in respect of profits					(1,659)		(46,931)
						22,341		25,069

	Amounts falling due within one year					22,341		25,069

	Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.


6	Other information

	A & G Farms LLP is a limited liability partnership incorporated in England. Its registered office is:
	Wick Farm
	New Road, Aldham
	Colchester
	Essex
	CO6 3QY