Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3102022-04-01falseProperty development0truetrue OC437085 2022-04-01 2023-03-31 OC437085 2021-04-27 2022-03-31 OC437085 2023-03-31 OC437085 2022-03-31 OC437085 c:CurrentFinancialInstruments 2023-03-31 OC437085 c:CurrentFinancialInstruments 2022-03-31 OC437085 c:Non-currentFinancialInstruments 2023-03-31 OC437085 c:Non-currentFinancialInstruments 2022-03-31 OC437085 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC437085 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC437085 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC437085 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC437085 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 OC437085 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC437085 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 OC437085 d:FRS102 2022-04-01 2023-03-31 OC437085 d:Audited 2022-04-01 2023-03-31 OC437085 d:FullAccounts 2022-04-01 2023-03-31 OC437085 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC437085 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC437085 2 2022-04-01 2023-03-31 OC437085 d:PartnerLLP1 2022-04-01 2023-03-31 OC437085 d:PartnerLLP5 2022-04-01 2023-03-31 OC437085 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC437085 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC437085 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC437085 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC437085










PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

CONTENTS



Page
Balance Sheet
1 - 2
Reconciliation of Members' Interests
3
Notes to the Financial Statements
4 - 9


 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
REGISTERED NUMBER: OC437085

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Restated 2022
Note
£
£

Non-current assets
  

Debtors: amounts falling due after more than one year
 5 
57,589
-

  
57,589
-

Current assets
  

Stocks
 4 
-
20,832,123

Debtors: amounts falling due within one year
 5 
605,829
3,937,876

Cash at bank and in hand
 6 
10,931,615
2,646

  
11,537,444
24,772,645

Creditors: Amounts Falling Due Within One Year
 7 
(742,992)
(42,338)

Net current assets
  
 
 
10,794,452
 
 
24,730,307

Total assets less current liabilities
  
10,852,041
24,730,307

Creditors: amounts falling due after more than one year
 8 
(57,589)
-

  
10,794,452
24,730,307

Provisions for liabilities
  

Other provisions
 9 
(688,820)
-

  
 
 
(688,820)
 
 
-

Net assets
  
10,105,632
24,730,307


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
9,985,326
(192,804)

  
9,985,326
(192,804)

Members' other interests
  

Members' capital classified as equity
  
120,306
24,923,111

  
 
120,306
 
24,923,111

  
10,105,632
24,730,307

Page 1

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
REGISTERED NUMBER: OC437085
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


 
 
 
Total members' interests
  

Loans and other debts due to members
 10 
9,985,326
(192,804)

Members' other interests
  
120,306
24,923,111

  
10,105,632
24,730,307


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 (Basingstoke) LLP
................................................
Mr P Richings
for and on behalf of Bridges Property Alternatives Fund IV (General Partner) LLP
Designated Member
Designated Member

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

Page 2

 
PRIESTLEY ROAD BASINGSTOKE 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

£
£
£
£
£
£

At incorporation
-
-
-
-
-
-

Members' remuneration charged as an expense
-
-
-
(192,804)
(192,804)
(192,804)

Amounts introduced by members (as restated)
 
24,923,111
24,923,111
-
-
-
24,923,111

Amounts due to members
 


(192,804)
(192,804)


Balance at 31 March 2022 (as previously stated)
-
-
24,923,111
(192,804)
24,730,307
24,730,307

Prior year adjustment
 
24,923,111
24,923,111
(24,923,111)
-
(24,923,111)
-

Balance at 31 March 2022 (as restated)
24,923,111
24,923,111
-
(192,804)
(192,804)
24,730,307

Members' remuneration charged as an expense
-
-
-
10,178,130
10,178,130
10,178,130

Amounts introduced by members
427,666
427,666
-
-
-
427,666

Repayment of capital
 
(25,230,471)
(25,230,471)
-
-
-
(25,230,471)

Amounts due to members
 


9,985,326
9,985,326


Balance at 31 March 2023 
120,306
120,306
-
9,985,326
9,985,326
10,105,632

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

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Priestley Road Basingstoke 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 members are committed to sustaining the LLP and its property development 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

Turnover


Sale of property

Turnover comprises proceeds from the sale of property and is recognised on legal completion of the transaction.

Rendering of services

Turnover 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 turnover 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.

Page 4

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Taxation

Taxation on all the LLP's profits is solely the liability of individual members and is not dealt with in these financial statements.
 
  
2.7

Exceptional items

Exceptional items are transactions that the LLP has presented separately due to their size or incidence.

 
2.8

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.

 
2.9

Debtors

Debtors are initially measured at the transaction price and are measured subsequently carried at amortised cost using the effective interest method, less any impairment. Debtors classified as due within one year are not amortised.

 
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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.

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.

  
2.14

Construction contracts

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. This is normally measured by the proportion of the contract costs incurred for work performed to date compared to the estimated contract costs, except, where this would not be representative of the stage of completion. The cost recognised for the main subcontractor is based on certified valuations. However, in the event of the valuation being mid-month, there is a pro-rata estimation of the percentage completion using a linear approach based on the number of days between the previous and next valuation. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable.
If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.
When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision.

  
2.15

Prior period adjustment

In the prior period, members' contributions of £24,923,111 were incorrectly classified as debt. As the LLP is not contractually obliged to pay back these contributions, a prior period adjustment has been made to transfer this amount to equity. This adjustment had no impact on the opening net assets of the LLP as at 1 April 2022.


3.


Employees

The entity has no employees.

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

Page 6

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Stocks

2023
2022
£
£

Property under development
-
20,832,123



5.


Debtors

2023
2022
£
£

Due after more than one year

Retentions
57,589
-


2023
2022
£
£

Due within one year

Other debtors
-
3,937,876

Prepayments and accrued income
605,829
-

605,829
3,937,876



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,931,615
2,646



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,298
39,838

Other taxation and social security
107,365
-

Accruals and deferred income
608,329
2,500

742,992
42,338


Page 7

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Contractor retentions
57,589
-



9.


Provisions





Onerous contracts

£





At 1 April 2022
-


Charged to profit or loss
688,820



At 31 March 2023
688,820


10.


Loans and other amounts due to members


2023
2022
£
£



Other amounts due to members
9,985,326
(192,804)



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


11.


Controlling party

The immediate parent undertaking is Bridges Property Alternatives Fund IV LP. The ultimate parent undertaking is Bridges Property Alternatives Fund IV 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.

Page 8

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Auditors' information

The financial statements of Priestley Road Basingstoke 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 Rajiv Thakerar FCA (Senior Statutory Auditor) on behalf of Simmons Gainsford LLP.

 
Page 9