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OLDE FARM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The entity is a limited liability partnership, incorporated in England and Wales.
The registered office of the LLP is C/O Endurance Estates, 1 Station Road, Foxton, Cambridge, United Kingdom, CB22 6SA.
The principal activity of the LLP in the year under review is that of farming.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
Revenue from sale of agricultural produce is recognised upon the dispatch of produce to the customer. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets consist of bare agricultural land which is held at cost and not depreciated.
Stocks are stated at the lower of cost and net realisable value.
The cost of crops in the ground is calculated based on inputs purchased and charges from third party contractors incurred.
The cost of harvested crops in also calculated using all costs directly incurred in their production.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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