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Registered number: OC321101










BLACK RABBIT PROPERTIES LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BLACK RABBIT PROPERTIES LLP
 

INFORMATION




Designated Members

E D White
White Clarke Technologies Limited

LLP registered number

OC321101

Registered office

10 Queen Street PlaceLondonEC4R 1AG

Independent auditors

Haysmacintyre LLP10 Queen Street PlaceLondonEC4R 1AG


 
BLACK RABBIT PROPERTIES LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Reconciliation of Members' Interests
 
9
Notes to the Financial Statements
 
10 - 16


 
BLACK RABBIT PROPERTIES LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The members present their annual report together with the audited financial statements of Black Rabbit Properties LLP (the LLP) for the ended 31 December 2022
 

Principal activities
 
 
The principal object of the LLP is to provide property management.
 
 
Designated Members
 
 
E D White and White Clarke Technologies Limited were designated members of the LLP during the year.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 December 2022 are set out in the Reconciliation of Members' Interests.
 
 
Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
The members are responsible for the maintenance and integrity of the LLP and financial information included on the LLP's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
 
Page 1

 
BLACK RABBIT PROPERTIES LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
 
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 



E D White
Designated member


Date: 29 September 2023

Date: 29 September 2023
Page 2

 
BLACK RABBIT PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK RABBIT PROPERTIES LLP
 

Opinion
 

We have audited the financial statements of Black Rabbit Properties LLP (the 'LLP') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe 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:

give a true and fair view of the state of the LLP's affairs as at 31 December 2022 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

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 LLP'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 Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.

Page 3

 
BLACK RABBIT PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK RABBIT PROPERTIES LLP (CONTINUED)


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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.

Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.

Page 4

 
BLACK RABBIT PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK RABBIT PROPERTIES LLP (CONTINUED)


Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Companies Law as applied to LLPs, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: 

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries which exhibited characteristics we had idertified as potentially being indicative of regularities; 
The use of data analytics techniques to review for unidentified related party transactions; and
Challenging assumptions and judgements made by management in any critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5

 
BLACK RABBIT PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK RABBIT PROPERTIES LLP (CONTINUED)


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Tom Stock (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

30 September 2023
Page 6

 
BLACK RABBIT PROPERTIES LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

  

Turnover
  
391,225
363,224

Gross profit
  
 
391,225
 
363,224

Administrative expenses
  
(128,908)
(47,096)

Fair value movements
 6 
-
625,000

Operating profit
  
 
262,317
 
941,128

Interest payable and similar expenses
 5 
(49,126)
(35,305)

Profit before tax
  
 
213,191
 
905,823

Profit for the year before members' remuneration and profit shares
  
 
213,191
 
905,823

Profit for the year before members' remuneration and profit shares
  
213,191
905,823

Members' remuneration charged as an expense
  
(213,191)
(905,823)

Profit for the financial year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2022(2021:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
BLACK RABBIT PROPERTIES LLP
REGISTERED NUMBER: OC321101

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Investment property
 6 
3,770,000
3,770,000

Current assets
  

Debtors: amounts falling due within one year
 7 
11,023
22,734

Cash at bank and in hand
 8 
236,998
406,816

  
248,021
429,550

  

Creditors: Amounts Falling Due Within One Year
 9 
(520,346)
(1,635,830)

Net current liabilities
  
 
 
(272,325)
 
 
(1,206,280)

Total assets less current liabilities
  
3,497,675
2,563,720

Creditors: falling due more than one year
 10 
(1,020,763)
-

Net assets
  
2,476,912
2,563,720


Loans & other debts due to members within one year
  

Other amounts
 11 
1,972,593
2,059,402

Members' other interests
  

Members' capital classified as equity
  
504,319
504,318

  
2,476,912
2,563,720


Total members' interests
  

Loans and other debts due to members
 11 
1,972,593
2,059,402

Members' other interests
  
504,319
504,319

  
2,476,912
2,563,721


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.   The financial statements were approved and authorised for issue by the members and were signed on their behalf on:

E D White
Designated member
Date: 29 September 2023

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
BLACK RABBIT PROPERTIES LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2022






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Revaluation reserve
Total
Other amounts
Total

£
£
£
£
£

Amounts due to members 
1,912,975


Balance at 1 Jan 2021 (as previously stated) 
504,318
(1,844,912)
(1,340,594)
3,118,492
1,777,898

Prior year adjustment
 
-
1,844,912
1,844,912
(1,960,517)
(115,605)

Balance at 1 Jan 2021 (as restated)
504,318
-
504,318
1,157,975
1,662,293

Members' remuneration charged as an expense
-
-
-
905,822
905,822

Members' interests after profit for the year
504,318
-
504,318
2,063,797
2,568,115

Amounts introduced
-
-
-
(4,395)
(4,395)

Amounts due to members (as restated)
2,059,402

Balance at 31 Dec 2021 (as previously stated)
504,319
(1,219,912)
(715,593)
3,399,314
2,683,721

Prior year adjustment
 
-
1,219,912
1,219,912
(1,339,912)
(120,000)

Balance at 31 Dec 2021 (as restated)
504,319
-
504,319
2,059,402
2,563,721

Members' remuneration charged as an expense
-
-
-
213,191
213,191

Members' interests after profit for the year
504,319
-
504,319
2,272,593
2,776,912

Amounts introduced
-
-
-
(300,000)
(300,000)

Amounts due to members
1,972,593

Balance at 31 Dec 2022 
504,319
-
504,319
1,972,593
2,476,912


Page 9

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Black Rabbit Properties LLP ("the LLP") is a limited liability partnership incorporated and domiciled in England and Wales.  The address of its registered office is 10 Queen Street Place, London, EC4R 1AG and its principal place of business is White Clarke House, Linford Wood, Milton Keynes, MK14 6FG.
The principal activity of the LLP is property investment.
The financial statements are presented in Sterling (£) which is the functional currency of the LLP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the Members consider the LLP to be a going concern based on its financial position, its trading results in the year, the future rental income due under lease commitments and cash generated from trading.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the property rental income received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

Page 10

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. 

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction,
Page 11

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the LLP's accounting policies, the members are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may vary. 
The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
The members consider that the only area where judgement can be exercised is in the valuation of the investment properties.  As described in note 6, investment properties are stated at fair value based on the valuation performed by the members based on professional valuations made in the past, updated for recent experience in the location and category of property valued. 


4.


Employees

The entity has no employees.


5.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
49,126
35,305

49,126
35,305

Page 12

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
3,770,000



At 31 December 2022
3,770,000

The 2022 valuations were made by the members, on an open market value for existing use basis and drawing upon information provided by third party agents.  The LLP's bank loan is secured by legal charges over the investment properties.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
4,989,912
4,989,912


7.


Debtors

As restated
2022
2021
£
£


Other debtors
-
12,192

Prepayments and accrued income
11,023
10,541

11,023
22,733



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
236,998
406,816

236,998
406,816


Page 13

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
250,566
1,423,549

Trade creditors
11,104
6,715

Other taxation and social security
37,812
-

Other creditors
200,000
200,000

Accruals and deferred income
20,864
5,566

520,346
1,635,830


Interest is charged on the bank loan at LIBOR+2.3%. The bank loan is secured by legal charges over the LLP's properties.
On 10 December 2022, the LLP entered into a new loan agreement. The interest charged on the bank loan is 2.35% with the final payment of the loan due in January 2025.


10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
1,020,763
-

1,020,763
-


Interest is charged on the bank loan at LIBOR+2.35%.  The loan is repayable at £20,834 per month.  The bank loan is secured by legal charges over the LLP's properties. 


11.


Loans and other debts due to members


As restated
2022
2021
£
£



Amounts due to members
1,972,593
2,059,402

1,972,593
2,059,402


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

Page 14

 
BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Prior year adjustments

During the preparation of these financial statements adjustments to the presentation of balances and transactions made previously were made to correct errors in presentation.  These are described below: 

In the 31 December 2021 financial statements the £625,000 gain in the value of the investment property was credited directly to reserves.  Under the requirements of FRS 102, the gain should have been recognised as part of profit before tax.  Accordingly the 31 December 2021 income statement has been restated to include the fair value gain.  The impact is to increase Operating profit and Profit before tax by £625,000 and to eliminate the reserves gain of £625,000.

The LLP divides profits automatically and recognises these automatic divisions of profits as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.  This allocation had not been recognised in 2021 and prior periods.  Accordingly the restated profit for the year ended 31 December 2021 has been allocated in accordance with the LLP agreement and charged as an expense of £905,822.

Following the recognition of the members remuneration charged as an expense as above, no profits would be available for discretionary allocation to members and balances are allocated to members and recognised as debts due to members.  The effect of this amendment has been to reduce Other amounts due to members by £1,219,912 and remove other reserves by the same amount at 31 December 2021 (1 January 2021: £1,844,912).

As part of the review of balances due to members it was also noted that balances due from a member were incorrectly classified as a balance due from joint ventures and associated undertakings and had not been included in the Reconciliation of Members Interests.  Accordingly these have been removed from debtors and included in the Reconciliation of Members Interests.  The impact has been to reduce reported members interests by a further £115,605 at 1 January 2021 and by £120,000 at 31 December 2021, being the amount due to the LLP from members at these dates.  


13.


Commitments under operating leases

At 31 December 2022 the LLP had future minimum lease payments due to it under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
344,281
344,281

Later than 1 year and not later than 5 years
946,772
1,291,053

1,291,053
1,635,334

The operating leases are for the rental of the LLP's investment properties. 


14.


Related party transactions

The members are considered to be the only key management personnel and their remuneration and division of profits is summarised in the Reconciliation of Members Interests.

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BLACK RABBIT PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Post balance sheet events

There have been no significant events affecting the LLP since the year end.

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