REGISTERED NUMBER: OC321810 (England and Wales)

A & H Farming LLP

Financial Statements

for the Year Ended 31st January 2018

Page

General information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Designated members:

Craig Bell

Cameron Bell

Richard Pearson

Registered office:

East Holburn House

East Holburn

Lowick

Northumberland

TD15 2UJ

Registered number:

OC321810 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

848,862

665,261

Current assets

Stocks

2,500

1,500

Debtors

5

12,661

56,529

Cash at bank

18,738

3,048

33,899

61,077

Creditors

Amounts falling due within one year

6

127,647

113,882

Net current liabilities

(93,748

)

(52,805

)

Total assets less current liabilities

755,114

612,456

Creditors

Amounts falling due after more than one year

7

336,811

226,920

Net assets attributable to members

418,303

385,536

Loans and other debts due to members

9

418,303

385,536

Total members' interests

Loans and other debts due to members

9

418,303

385,536

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st January 2018.

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 have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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.

The financial statements were approved by the members of the LLP on 8th June 2018 and were signed by:

Craig Bell - Designated member

Richard Pearson - Designated member

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Implements, plant & machinery

-

at variable rates on reducing balance

Tractors

-

at variable rates on reducing balance

Combines

-

at variable rates on reducing balance

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 and trade

creditors.

Trade debtors and trade creditors 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.

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.

3.	Employee information

The average number of employees during the year was NIL (2017 - NIL).

4.	Tangible fixed assets

Implements,

plant &

machinery

Tractors

Combines

Totals

£

£

£

£

Cost

At 1st February 2017

407,892

256,407

234,700

898,999

Additions

950

92,690

278,000

371,640

Disposals

-

(29,500

)

(230,000

)

(259,500

)

At 31st January 2018

408,842

319,597

282,700

1,011,139

Depreciation

At 1st February 2017

89,739

82,307

61,692

233,738

Charge for year

5,349

690

-

6,039

Eliminated on disposal

-

(17,500

)

(60,000

)

(77,500

)

At 31st January 2018

95,088

65,497

1,692

162,277

Net book value

At 31st January 2018

313,754

254,100

281,008

848,862

At 31st January 2017

318,153

174,100

173,008

665,261

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

4,781

44,709

Other debtors

7,880

11,820

12,661

56,529

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Hire purchase contracts

102,249

82,918

Trade creditors

13,964

16,997

Taxation and social security

11,434

13,967

127,647

113,882

7.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Hire purchase contracts

336,811

226,920

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

63,720

-

8.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

439,060

309,838

Hire purchase contracts are secured against the assets in which they relate.

9.

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.