Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01truetruefalseProperty Development00 OC438479 2022-04-01 2023-03-31 OC438479 2021-07-23 2022-03-31 OC438479 2023-03-31 OC438479 2022-03-31 OC438479 c:CurrentFinancialInstruments 2023-03-31 OC438479 c:CurrentFinancialInstruments 2022-03-31 OC438479 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC438479 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC438479 d:FRS102 2022-04-01 2023-03-31 OC438479 d:Audited 2022-04-01 2023-03-31 OC438479 d:FullAccounts 2022-04-01 2023-03-31 OC438479 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC438479 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC438479 2 2022-04-01 2023-03-31 OC438479 d:PartnerLLP1 2022-04-01 2023-03-31 OC438479 d:PartnerLLP2 2022-04-01 2023-03-31 OC438479 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC438479 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC438479 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC438479 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC438479










AYLESFORD INVESTMENT LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
AYLESFORD INVESTMENT LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 7


 
AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 7 
22,786,592
-

Debtors: amounts falling due within one year
 4 
63,785
21,709

Cash at bank and in hand
 5 
3,703,696
-

  
26,554,073
21,709

Creditors: Amounts Falling Due Within One Year
 6 
(66,701)
(42,496)

Net current assets/(liabilities)
  
 
 
26,487,372
 
 
(20,787)

Total assets less current liabilities
  
26,487,372
(20,787)

  

Net assets/(liabilities) attributable to members
  
26,487,372
(20,787)


Represented by:
  

Loans and other debts due to members
  

Members' capital classified as a liability
  
-
94,500

Other amounts
 8 
(167,881)
(115,287)

  
(167,881)
(20,787)

Members' other interests
  

Members' capital classified as equity
  
26,655,253
-

  
 
26,655,253
 
-

  
26,487,372
(20,787)


Total members' interests
  

Loans and other debts due to members
 8 
(167,881)
(20,787)

Members' other interests
  
26,655,253
-

  
26,487,372
(20,787)


Page 1

 
AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479
    
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 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 on 2 October 2023.




................................................
Mr B Coles
for and on behalf of Wrenbridge (Aylesford) LLP
................................................
Mr P Richings
for and on behalf of Bridges Property Alternatives Fund V (General Partner) LLP
Designated Member
Designated Member

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
AYLESFORD INVESTMENT LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023







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)
Total
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£

Members' remuneration charged as an expense
-
-
-
(115,287)
(115,287)
(115,287)

Amounts introduced by members
 
-
-
94,500
-
94,500
94,500

Amounts due to/ (from) members
 


94,500
(115,287)
(20,787)


Balance at 31 March 2022
-
-
94,500
(115,287)
(20,787)
(20,787)

Members' remuneration charged as an expense
-
-
-
(52,594)
(52,594)
(52,594)

Amounts introduced by members
26,560,753
26,560,753
-
-
-
26,560,753

Transfer from members' debt to equity
 
94,500
94,500
(94,500)
-
(94,500)
-

Amounts due to /(from) members
 


(167,881)
(167,881)


Balance at 31 March 2023 
26,655,253
26,655,253
-
(167,881)
(167,881)
26,487,372

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Aylesford Investment LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales. The address of its registered office is 38 Seymour Street, London, W1H 7BP.

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 LLP is currently reliant on its members for financial support. The members are committed to the sustainment of the LLP and its activities, and their forecasts indicate that the LLP has the resources to continue operating for at least 12 months from the date the financial statements are authorised. The members have concluded that it is appropriate that the financial statements be prepared on a going concern basis.

 
2.3

Interest income

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

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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.

 
2.6

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.

 
2.7

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost of sales comprises direct costs only. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.



Page 4

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 Profit and Loss Account.

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 asset's original effective interest rate. If a 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.

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.

  
2.9

Critical accounting estimates and judgements

In application of the LLP’s accounting policies,as mentoned above, the members are required to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities. The nature of estimation and judgement means that actual result may differ and may result in a material adjustment to carrying amount of the asset or liability affected in future periods.
Impairment of stock
Stock consists of land held for development and is held at the lower of cost and net realisable value. The estimation of the recoverable value of the land, is inherently subjective. This is due to certain assumptions that are required to be made about property market performance in the future as well as cost estimation. As a result, the recoverable value is subject to a degree of uncertainty and is determined on the basis of assumptions which may not prove to be accurate.

  
2.10

Transfer of members' interests

During the year £94,500 was transferred from debts due to members to members' capital interests.


3.


Employees

The entity has no employees.

The average monthly number of Members during the year was 2 (2022: 2).

Page 5

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Debtors

2023
2022
£
£


Other debtors
63,785
21,709



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,703,696
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
53,201
40,493

Bank overdrafts
-
3

Accruals and deferred income
13,500
2,000

66,701
42,496



7.


Stocks

2023
2022
£
£

Property under development
22,786,592
-


Page 6

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans and other amounts due to members


2023
2022
£
£



Members' capital treated as debt
-
94,500

Other amounts due from members
(167,881)
(115,287)

(167,881)
(20,787)



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


9.


Controlling party

The immediate parent undertaking is Bridges Property Alternatives Fund V LP. The ultimate parent undertaking is Bridges Property Alternatives Fund V Unit Trust. Both of these entities have their registered office at 38 Seymour Street, London, W1H 7BP. In the opinion of the designated members there is no ultimate controlling party.


10.


Subsequent events

In June 2023, the LLP obtained a loan of £36.5m to fund the development of the property.


11.


Auditors' information

The financial statements of Aylesford Investment LLP for the period ended 31 March 2022 were unaudited.

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 2 October 2023 by Thomas Jeffries BSc ACA (Senior Statutory Auditor) on behalf of Simmons Gainsford LLP.

 
Page 7