Limited Liability Partnership registration number OC389797 (England and Wales)
REDCLIFF MCC LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
REDCLIFF MCC LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Canprop Kensington Limited
Trym Developments Limited
LLP registration number
OC389797
Registered office
Cannon Family Office
Suite 1
Westbury Court Church Road
Westbury-On-Trym
Bristol
United Kingdom
BS9 3EF
Auditor
James Todd & Co Limited
1 & 2 The Barn Oldwick
West Stoke Road
Lavant
Chichester
West Sussex
England
PO18 9AA
REDCLIFF MCC LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 4
Profit and loss account
5
Balance sheet
6
Reconciliation of members' interests
7 - 8
Statement of cash flows
10
Notes to the financial statements
11 - 17
REDCLIFF MCC LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the limited liability partnership continued to be that of property development.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

 

A member's liability to contribute further to the assets of the LLP in the event of the insolvency or winding up of the LLP is limited to £10.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Canprop Kensington Limited
Trym Developments Limited

Non-designated members

 

The non-designated members who held office during the year and up to the date of signature of the financial statements were as follows:

 

ICG Longbow Development Debt Limited

Auditor

James Todd & Co Limited were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 23 August 2022 and signed on behalf by:
23 August 2022
Canprop Kensington Limited
Designated Member
REDCLIFF MCC LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REDCLIFF MCC LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REDCLIFF MCC LLP
- 3 -
Opinion

We have audited the financial statements of Redcliff MCC LLP (the 'limited liability partnership') for the year ended 31 December 2021 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. A more detailed explanation of the basis is provided in note 1.2 of the financial statements.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

REDCLIFF MCC LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REDCLIFF MCC LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kevin Coppard FCA
Senior Statutory Auditor
For and on behalf of James Todd & Co Limited
1 September 2022
Chartered Accountants
Statutory Auditor
1 & 2 The Barn Oldwick
West Stoke Road
Lavant
Chichester
West Sussex
England
PO18 9AA
REDCLIFF MCC LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
2021
2020
Notes
£
£
Turnover
3
2,386,600
4,994,100
Cost of sales
1,348,328
(9,756,348)
Gross profit/(loss)
3,734,928
(4,762,248)
Administrative expenses
(61,601)
(26,117)
Operating profit/(loss)
4
3,673,327
(4,788,365)
Interest receivable and similar income
6
23
1,527
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
3,673,350
(4,786,838)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REDCLIFF MCC LLP
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 6 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
7
28,675,000
20,486,600
Debtors
8
42,791
389,721
Cash at bank and in hand
172,754
277,582
28,890,545
21,153,903
Creditors: amounts falling due within one year
10
(200,051)
(2,118,292)
Net current assets
28,690,494
19,035,611
Creditors: amounts falling due after more than one year
11
(46,290,899)
(40,309,366)
Net liabilities attributable to members
(17,600,405)
(21,273,755)
Represented by:
Members' other interests
Other reserves classified as equity
(17,600,405)
(21,273,755)
(17,600,405)
(21,273,755)
The financial statements were approved by the members and authorised for issue on 23 August 2022 and are signed on their behalf by:
23 August 2022
Canprop Kensington Limited
Designated member
Limited Liability Partnership Registration No. OC389797
REDCLIFF MCC LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Other reserves
Total
2021
£
£
Members' interests at 1 January 2021
(21,273,755)
(21,273,755)
Profit for the financial year available for discretionary division among members
3,673,350
3,673,350
Members' interests after profit for the year
(17,600,405)
(17,600,405)
Members' interests at 31 December 2021
(17,600,405)
(17,600,405)
REDCLIFF MCC LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Other reserves
Total
2020
£
£
Members' interests at 1 January 2020
(16,486,917)
(16,486,917)
Loss for the financial year available for discretionary division among members
(4,786,838)
(4,786,838)
Members' interests after loss for the year
(21,273,755)
(21,273,755)
Members' interests at 31 December 2020
(21,273,755)
(21,273,755)
REDCLIFF MCC LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
Other reserves
£
Balance at 1 January 2020
(16,486,917)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
(4,786,838)
Balance at 31 December 2020
(21,273,755)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
3,673,350
Balance at 31 December 2021
(17,600,405)
REDCLIFF MCC LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
15
(6,086,384)
(7,734,504)
Investing activities
Interest received
23
1,527
Net cash generated from investing activities
23
1,527
Financing activities
Repayment of borrowings
5,981,533
6,269,029
Net cash generated from financing activities
5,981,533
6,269,029
Net decrease in cash and cash equivalents
(104,828)
(1,463,948)
Cash and cash equivalents at beginning of year
277,582
1,741,530
Cash and cash equivalents at end of year
172,754
277,582
REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
1
Accounting policies
Limited liability partnership information

Redcliff MCC LLP is a limited liability partnership incorporated in England and Wales. The registered office is Cannon Family Office, Suite 1, Westbury Court Church Road, Westbury-On-Trym, Bristol, United Kingdom, BS9 3EF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention and the principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

In arriving at their opinion, the members have considered the following factors:

 

The LLP is in breach of the loan conditions placed on it by its finance provider, ICG Longbow Development Debt Limited, who is also a member. A standstill agreement dated 26 April 2022 has been agreed with the finance provider to fund agreed operting costs of the LLP through to 31 October 2022, in accordance with an approved Business Plan. At the end of the standstill period a final decision will be made by the members whether to build out the remaining site or to sell it on with revised planning.

 

On 24 November 2020, the LLP appointed CGD7 Limited, a joint venture between Cairn Group and Dominvs Group, as the new Development Manager for the Redcliff Quarter in accordance with an agreed Business Plan approved by ICG Longbow Development Debt Limited. This includes replanning the site and then subsequently selling or developing out the site. This is seen by the members as a positive appointment.

 

Following the year end the company made sales of £28,771,610 in relation to work held in progress at the year end.

1.3
Turnover

Turnover represents income derived from the LLP's property development activities, excluding value added tax.

Where the outcome of a contract can be estimated reliably, contract turnover and costs are recognised by reference to the stage of completion of the contract activity at the end of the reporting period.

 

REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Losses are allocated to the members based on their respective contributions to the LLP, under clause 11.2.1 of the LLP agreement. However, no member has any liability to the LLP for losses incurred and shall not be required by the LLP to pay amounts to any third party for losses incurred by the LLP.

 

In the event of a winding up of the LLP, under clause 22.1 of the LLP agreement, each member shall be required to contribute £10 only to the assets of the LLP.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Stocks

Work in progress, which includes land held for development, construction work in progress and completed units, is stated at the lower of cost and net realisable value. Cost includes the cost of the land, materials, labour and developemnt costs.

 

At each reporting date, an assessemnt is made for impairment. Where appropriate, provisions are made to reduce the carrying value to net relisable value.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

 

 

 

 

 

 

REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2021
2020
£
£
Turnover analysed by class of business
Property development
2,386,600
4,994,100
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
2,386,600
4,994,100
2021
2020
£
£
Other significant revenue
Interest income
23
1,527
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
15,000
10,475
REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
5
Information in relation to members
2021
2020
Number
Number
Average number of members during the year
3
3
2021
2020
£
£
Profit attributable to the member with the highest entitlement
3,443,766
(4,487,661)
6
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
23
1,527

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
23
1,527
7
Stocks
2021
2020
£
£
Work in progress
28,675,000
20,486,600

The above work in progress is included within current assets, however, this represents long term work in progress which crystalises after more than one year from the balance sheet date.

8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
42,791
389,721
REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
9
Loans and overdrafts
2021
2020
£
£
Other loans
46,290,899
40,309,366
Payable after one year
46,290,899
40,309,366

Other loans consists of a long term loan with ICG Longbow Development Debt Limited which is secured by fixed and floating charges over the LLP's assets. Interest on this loan is charged at 9% per annum.

10
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
185,051
113,668
Accruals and deferred income
15,000
2,004,624
200,051
2,118,292
11
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Other borrowings
9
46,290,899
40,309,366
12
Financial commitments, guarantees and contingent liabilities

The LLP has given fixed charges over elements of its freehold land in connection with its sale agreement of the apartments being built on that land.

13
Members' transactions

During the year the LLP puchased services totalling £90,014 (2020: £90,000) from one of its members.

14
Ultimate controlling party

The LLP is controlled by its designated members.

REDCLIFF MCC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
15
Cash absorbed by operations
2021
2020
£
£
Profit/(loss) for the year
3,673,350
(4,786,838)
Adjustments for:
Investment income recognised in profit or loss
(23)
(1,527)
Decrease in provisions
-
(3,288,902)
Movements in working capital:
Increase in stocks
(8,188,400)
-
Decrease in debtors
346,930
1,048,428
Decrease in creditors
(1,918,241)
(705,665)
Cash absorbed by operations
(6,086,384)
(7,734,504)
16
Analysis of changes in net debt
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
277,582
(104,828)
172,754
Borrowings excluding overdrafts
(40,309,366)
(5,981,533)
(46,290,899)
(40,031,784)
(6,086,361)
(46,118,145)
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