Limited Liability Partnership Registration No. OC378356 (England and Wales)
Registered Provider of Social Housing No. 4739
FRENCH WEIR AFFORDABLE HOMES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FRENCH WEIR AFFORDABLE HOMES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr G J Amos OBE RIBA MRTPI
Ms C J Ellis BA (Hons)
Limited liability partnership number
OC378356
Registered office
Weir Lodge
83 Staplegrove Road
Taunton
Somerset
TA1 1DN
Accountants
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
Weir Lodge
83 Staplegrove Road
Taunton
Somerset
TA1 1DN
FRENCH WEIR AFFORDABLE HOMES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FRENCH WEIR AFFORDABLE HOMES LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,186,789
1,095,607
Current assets
Debtors
4
4,573
1,345
Cash at bank and in hand
4,348
17,330
8,921
18,675
Creditors: amounts falling due within one year
6
(70,437)
(35,985)
Net current liabilities
(61,516)
(17,310)
Total assets less current liabilities
1,125,273
1,078,297
Creditors: amounts falling due after more than one year
7
(548,336)
(537,363)
Net assets attributable to members
576,937
540,934
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
548,468
559,306
Members' other interests
Other reserves classified as equity
28,469
(18,372)
576,937
540,934

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

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.

FRENCH WEIR AFFORDABLE HOMES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 14 November 2023 and are signed on their behalf by:
14 November 2023
Mr G J Amos OBE RIBA MRTPI
Ms C J Ellis BA (Hons)
Designated member
Designated Member
Limited Liability Partnership Registration No. OC378356
FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

French Weir Affordable Homes LLP is a limited liability partnership incorporated in England and Wales. The registered office is Weir Lodge, 83 Staplegrove Road, Taunton, Somerset, TA1 1DN.

 

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 (SORP); "Accounting by Limited Liability Partnerships" , revised in 2014 and the Companies Act 2006.

 

The financial statements have also been prepared in accordance with the Statement of Recommended Practice for Registered Social Housing Providers (SORP 2018), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) as applicable to companies subject to the small companies regime. and the Accounting Direction for private providers of social housing 2019. 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income, which is recognised in the period over which it is receivable.

1.3
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.

FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:

Land and buildings Freehold
Not depreciated (see below)
Property fixtures & fittings
25% on cost
Fixtures, fittings & equipment
25% on cost

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.

Housing properties are stated at historic cost. No depreciation is provided. This is a departure from the requirements of FRS 102 / SORP 2018 which require all tangible assets held at historic cost to be depreciated. In the opinion of the members, the housing property has a useful economic life of 100 years and its residual value at the end of that life is not expected to be materially less than historic cost. As such, any depreciation charge is considered to be immaterial.

 

Refurbishment works to enable housing properties to be brought into use are capitalised and shown as part of the cost of the property. Ongoing repairs and maintenance works are recognised in profit and loss as incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

At the reporting date, the members consider that no provision for impairment is required.

1.6
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.

1.7
Financial instruments

The limited liability partnership only has financial instruments which are classified as basic.

 

All basic financial instruments, such as bank balances, trade debtors and creditors and bank loans, are measured initially at the transaction price and subsequently at amortised cost.

FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Government grants

Social housing grants towards capital expenditure are recognised in profit and loss over the expected useful life of the asset concerned.

FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The main estimates and judgements made by the members having a significant effect on the financial statements relate to the useful economic life and residual value of the housing properties, and the members' assessment as to any impairment provision required against the properties.

3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,094,431
6,390
1,100,821
Additions
91,728
-
91,728
At 31 March 2023
1,186,159
6,390
1,192,549
Depreciation and impairment
At 1 April 2022
-
5,214
5,214
Depreciation charged in the year
-
546
546
At 31 March 2023
-
5,760
5,760
Carrying amount
At 31 March 2023
1,186,159
630
1,186,789
At 31 March 2022
1,094,431
1,176
1,095,607

The LLP owns four properties. Three (carrying amount: £429,090) are currently let as general needs housing at affordable rent levels. The remaining property is yet to be refurbished.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Rent receivable
2,713
1,345
Other debtors
1,860
-
4,573
1,345
FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Loans and overdrafts
2023
2022
£
£
Bank loans
434,077
449,842
Payable within one year
21,580
25,615
Payable after one year
412,497
424,227

The long-term loans are secured by way of mortgages over only the private property of the members.

The interest rate applying to the loan outstanding at the year end was 1.34% (2022: 4.19%) and 1.34% (2022: 1.34%) for the second mortgage. The loans are repayment mortgages over 20 years.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,580
25,615
Other creditors
48,857
10,370
70,437
35,985
FRENCH WEIR AFFORDABLE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
412,497
424,227
Other creditors
135,839
113,136
548,336
537,363
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
287,088
315,801

The long-term loans are secured by way of mortgages over only the private property of the members.

8
Government grants
2023
2022
£
£
Arising from government grants
137,267
114,320

Deferred income in respect of social housing grants is included in the financial statements as follows:

2023
2022
£
£
Current liabilities
1,428
1,184
Non-current liabilities
135,839
113,136
137,267
114,320

Total grants received to date from the Homes and Communities Agency are £142,783 (2022: £118,408).

9
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.

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