Limited Liability Partnership Registration No. OC384172 (England and Wales)
CLIFTONFIRST LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CLIFTONFIRST LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CLIFTONFIRST LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLIFTONFIRST LLP FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cliftonfirst LLP for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the limited liability partnership's members of Cliftonfirst LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cliftonfirst LLP and state those matters that we have agreed to state to the limited liability partnership's members of Cliftonfirst LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cliftonfirst LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Cliftonfirst LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cliftonfirst LLP. You consider that Cliftonfirst LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cliftonfirst LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
5 October 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CLIFTONFIRST LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
643
857
Investment properties
4
1,300,000
1,300,000
1,300,643
1,300,857
Current assets
Debtors
5
115,717
16,625
Cash at bank and in hand
11,863
96,697
127,580
113,322
Creditors: amounts falling due within one year
6
(209,660)
(200,575)
Net current liabilities
(82,080)
(87,253)
Total assets less current liabilities
1,218,563
1,213,604
Creditors: amounts falling due after more than one year
7
-
(43,680)
Net assets attributable to members
1,218,563
1,169,924
Represented by:
Loans and other debts due to members within one year
Other amounts
802,914
754,275
Members' other interests
Revaluation reserve
415,649
415,649
1,218,563
1,169,924
Total members' interests
Loans and other debts due to members
802,914
754,275
Members' other interests
415,649
415,649
1,218,563
1,169,924

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

CLIFTONFIRST LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

For the financial year ended 31 March 2023 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 5 October 2023 and are signed on their behalf by:
05 October 2023
Mr A R Whibley
Designated member
Limited Liability Partnership Registration No. OC384172
CLIFTONFIRST LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Cliftonfirst LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 The Steyne, Worthing, West Sussex, BN11 3DS.

 

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.

 

At the balance sheet date the company is in a net current liabilities position. The company is reliant on the ongoing support of its connected companies and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Reporting period

The financial statements have been prepared for a year and the comparative is an 11 month period. As a result, the comparative period amounts presented in these financial statements will not be entirely comparable.

1.4
Turnover

Turnover represents amounts receivable for rents net of sales taxes, on a time apportioned basis, from investment property.

CLIFTONFIRST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.

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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% diminishing balance per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
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.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

CLIFTONFIRST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).

3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2022 and 31 March 2023
6,250
Depreciation and impairment
At 1 April 2022
5,393
Depreciation charged in the year
214
At 31 March 2023
5,607
Carrying amount
At 31 March 2023
643
At 31 March 2022
857
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,300,000

The investment property is included in the accounts at its market value which is deemed appropriate by the members, therefore no independent valuations were acquired. The valuation was made by the members on an open market basis by reference to market evidence of transaction prices for similar properties.

CLIFTONFIRST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,374
7,660
Other debtors
104,343
8,965
115,717
16,625
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
22,512
26,400
Trade creditors
-
61
Other creditors
187,148
174,114
209,660
200,575

Amounts included in bank loans are secured over the underlying assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
43,680

Amounts included in bank loans are secured over the underlying assets of the company.

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2023-03-312022-04-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.200OC3841722022-04-012023-03-31OC3841722023-03-31OC384172bus:PartnerLLP32022-04-012023-03-31OC3841722021-05-012022-03-31OC384172bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC384172bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC384172bus:FRS1022022-04-012023-03-31OC384172bus:AuditExemptWithAccountantsReport2022-04-012023-03-31OC384172bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares