Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC420177 2022-04-01 2023-03-31 OC420177 2021-04-01 2022-03-31 OC420177 2023-03-31 OC420177 2022-03-31 OC420177 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 OC420177 c:FreeholdInvestmentProperty 2023-03-31 OC420177 c:FreeholdInvestmentProperty 2022-03-31 OC420177 c:CurrentFinancialInstruments 2023-03-31 OC420177 c:CurrentFinancialInstruments 2022-03-31 OC420177 c:Non-currentFinancialInstruments 2023-03-31 OC420177 c:Non-currentFinancialInstruments 2022-03-31 OC420177 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC420177 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC420177 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC420177 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC420177 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC420177 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 OC420177 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC420177 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-03-31 OC420177 d:FRS102 2022-04-01 2023-03-31 OC420177 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC420177 d:FullAccounts 2022-04-01 2023-03-31 OC420177 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC420177 2 2022-04-01 2023-03-31 OC420177 4 2022-04-01 2023-03-31 OC420177 5 2022-04-01 2023-03-31 OC420177 d:PartnerLLP1 2022-04-01 2023-03-31 OC420177 d:PartnerLLP2 2022-04-01 2023-03-31 OC420177 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC420177 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC420177 c:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 OC420177 c:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 OC420177 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC420177 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure


Registered number: OC420177












MELROSE CHESSINGTON LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

 

MELROSE CHESSINGTON LLP

CONTENTS



Page
LLP Information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 

MELROSE CHESSINGTON LLP

INFORMATION




Designated Members
Marc Foster
Aria Investments Limited


LLP registered number
OC420177

Registered office
16 Great Queen Street
Covent Garden
London
WC1B 5AH

Accountants
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC420177
MELROSE CHESSINGTON LLP

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
-
6,800,000

Current assets
  

Debtors: amounts falling due within one year
 5 
16,979
123,136

Cash at bank and in hand
  
26,314
53,411

  
43,293
176,547

Creditors: Amounts falling due within one year
 6 
(30,689)
(192,484)

Net current assets/(liabilities)
  
 
 
12,604
 
 
(15,937)

Total assets less current liabilities
  
12,604
6,784,063

Creditors: amounts falling due after more than one year
 7 
-
(1,811,111)

Net assets
  
12,604
4,972,952


Represented by:
  

Loans and other debts due to members within one year
 9 
15,017
1,859,159

Members' other interests
  

Members' capital classified as equity
  
2
2

Revaluation reserve classified as equity

  

-
3,113,791

Other reserves classified as equity
  
(2,415)
-

  
 
(2,413)
 
3,113,793

  
12,604
4,972,952


Total members' interests
  

Loans and other debts due to members
 9 
15,017
1,859,159

Members' other interests
  
(2,413)
3,113,793

  
12,604
4,972,952


Page 2


 
REGISTERED NUMBER:OC420177
MELROSE CHESSINGTON LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account 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 by 




Marc Foster
Designated member

Date: 10 July 2023

The notes on pages 4 to 9 form part of these financial statements.

Melrose Chessington LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Melrose Chessington LLP is a limited liability partnership registered in England and Wales. Its registered  office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

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

After making enquires, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
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 consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

 
2.7

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 profit and loss account.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.11

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets 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 profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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.
 
Page 6

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

Financial instruments (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
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.


3.


Employees

The entity has no employees in either the current or prior year.


4.


Investment property


Freehold investment property

£





At 1 April 2022
6,800,000


Disposals
(6,800,000)



At 31 March 2023
-





Page 7

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
34,728

Other debtors
16,979
79,413

Prepayments and accrued income
-
8,995

16,979
123,136



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
36,999

Trade creditors
29,989
36,075

Other taxation and social security
-
708

Other creditors
700
29,197

Accruals and deferred income
-
89,505

30,689
192,484



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,745,499

Other loans
-
35,000

Other creditors
-
30,612

-
1,811,111


Page 8

 

MELROSE CHESSINGTON LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
36,999

Amounts falling due 1-2 years

Bank loans
-
34,000

Amounts falling due 2-5 years

Bank loans
-
1,711,499

Other loans
-
35,000


-
1,817,498



9.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
15,017
1,859,159



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

 
Page 9