Shayes Farms LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC373277 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

SHAYES FARMS LLP

Page

General Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

P K Barber

R F Cowley

R A F Tilley

N K Walsh

REGISTERED OFFICE:

11 Laura Place

Bath

BA2 4BL

REGISTERED NUMBER:

OC373277 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

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 Income Statement 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 Shayes Farms LLP for the year ended 31 March 2020

which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests 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 Shayes 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 Shayes Farms LLP and state those matters that we have agreed to state to the members of Shayes 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 Shayes Farms LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Shayes 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 profit of Shayes Farms LLP. You consider that Shayes 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 Shayes 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

5 October 2020

FIXED ASSETS

Tangible assets

3

96,650

102,355

CURRENT ASSETS

Stocks

460,200

466,647

Debtors

4

109,200

126,841

Cash at bank

223,002

187,274

792,402

780,762

CREDITORS

Amounts falling due within one year

5

149,797

158,136

NET CURRENT ASSETS

642,605

622,626

TOTAL ASSETS LESS CURRENT LIABILITIES

739,255

724,981

CREDITORS

Amounts falling due after more than one year

6

18,333

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

720,922

724,981

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

720,922

724,981

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

720,922

724,981

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 31 March 2020.

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 applicable to LLPs subject to the small LLPs regime.

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 and authorised for issue on 5 October 2020 and were signed by:

P K Barber - Designated member

R F Cowley - Designated member

1.	STATUTORY INFORMATION

Shayes 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 net invoices sales of goods, excluding value added tax, recognised when goods

are dispatched.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Property improvements & Sunnyview Cottage

-

Is not depreciated

Tractors

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Herd stock is included in the balance sheet at fair value, with gains and losses taken to the profit and

loss account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and 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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

assets original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there

is an enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

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.

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.

Members interest and drawings

Capital is repayable on exiting the LLP, therefore capital is classified as a liability within "Loans and

other debts due to members".

Each member may during the continuance of the partnership draw on takings of the partnership such

monthly or other single or periodic sums or sum as shall be mutually agreed from time to time.

Members cannot take drawings in excess of their entitlement to profits and are required to repay any

excess to the partnership.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss accounts on a straight line

basis over the period of the lease.

3.	TANGIBLE FIXED ASSETS

Property

improvements

Plant and

& Sunnyview

machinery

Cottage

Tractors

Totals

£

£

£

£

COST

At 1 April 2019

386,651

9,066

202,620

598,337

Additions

52,195

-

-

52,195

Disposals

(38,000

)

-

-

(38,000

)

At 31 March 2020

400,846

9,066

202,620

612,532

DEPRECIATION

At 1 April 2019

355,242

-

140,740

495,982

Charge for year

26,820

-

23,480

50,300

Eliminated on disposal

(30,400

)

-

-

(30,400

)

At 31 March 2020

351,662

-

164,220

515,882

NET BOOK VALUE

At 31 March 2020

49,184

9,066

38,400

96,650

At 31 March 2019

31,409

9,066

61,880

102,355

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

75,053

105,917

Other debtors

34,147

20,924

109,200

126,841

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

14,667

-

Trade creditors

85,568

119,790

Taxation and social security

770

836

Other creditors

48,792

37,510

149,797

158,136

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

18,333

-

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2020

2019

£

£

Loans from members

329,225

329,225

Amounts owed to members in respect of profits

391,697

395,756

720,922

724,981

Falling due within one year

391,697

395,756

Falling due after more than one year

329,225

329,225

720,922

724,981

In the event of winding up the amounts included in "Loans and other debts due to members" will rank

equally with unsecured creditors.

8.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

The only significant accounting estimate or judgement made by the directors in preparing these

accounts is in reaching a fair value for the herd and livestock which are included at the accounts at

£442,200 (2019: £418,000).