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Registration number: OC343916

Bridge Mills (Property) LLP


Unaudited Financial Statements

31 March 2023

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Bridge Mills (Property) LLP

Contents

Accountants' Report

1

Financial Statements

2

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Bridge Mills (Property) LLP
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Bridge Mills (Property) LLP for the year ended 31 March 2023 set out on pages 2 to 9 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 members of Bridge Mills (Property) LLP , as a body, in accordance with the terms of our engagement letter dated 27 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Bridge Mills (Property) LLP and state those matters that we have agreed to state to the members of Bridge Mills (Property) 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 Bridge Mills (Property) LLP and its members as a body for our work or for this report.

It is your duty to ensure that Bridge Mills (Property) LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Bridge Mills (Property) LLP . You consider that Bridge Mills (Property) 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 accounts of Bridge Mills (Property) 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

9 October 2023

 

Bridge Mills (Property) LLP

(Registration number: OC343916)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

326

407

Investment property

4

4,952,972

4,952,972

 

4,953,298

4,953,379

Current assets

 

Debtors

5

8,230

68,375

Cash and short-term deposits

 

93,754

66,875

 

101,984

135,250

Creditors: Amounts falling due within one year

6

(345,845)

(333,159)

Net current liabilities

 

(243,861)

(197,909)

Total assets less current liabilities

 

4,709,437

4,755,470

Creditors: Amounts falling due after more than one year

7

(1,023,611)

(1,187,151)

Net assets attributable to members

 

3,685,826

3,568,319

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

3,685,742

3,568,235

Members’ other interests

 

Members' capital classified as equity

 

84

84

   

3,685,826

3,568,319

Total members' interests

 

Loans and other debts due to members

 

3,685,742

3,568,235

Equity

 

84

84

   

3,685,826

3,568,319

 

Bridge Mills (Property) LLP

(Registration number: OC343916)
Balance Sheet as at 31 March 2023 (continued)

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

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

The financial statements of Bridge Mills (Property) LLP (registered number OC343916) were approved by the Board and authorised for issue on 9 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
C Lindsay
Designated member

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the Members’ Report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Bridge Mills (Property) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The address of the registered office is:
c/o Edwin Thompson & Co
FIFTEEN Rosehill
Montgomery Way
CARLISLE
CA1 2RW

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Pland and machinery

20% reducing balance basis

Fixtures and fittings

20% straight line basis

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the members. The members use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year was 5 (2022 - 5).

3

Tangible fixed assets

Plant and machinery
£

Fixtures and fittings
£

Total
£

Cost

At 1 April 2022

6,590

29,840

36,430

At 31 March 2023

6,590

29,840

36,430

Depreciation

At 1 April 2022

6,183

29,840

36,023

Charge for the year

81

-

81

At 31 March 2023

6,264

29,840

36,104

Net book value

At 31 March 2023

326

-

326

At 31 March 2022

407

-

407

4

Investment property

2023
 £

At 1 April 2022 and at 31 March 2023

4,952,972


The members of the LLP are of the opinion that the carried forward valuation is a reasonable estimation of the fair value of investment property at 31 March 2023.

There has been no valuation of investment property by an independent valuer in the year.

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

5

Debtors

2023
 £

2022
 £

Trade debtors

4,603

65,209

Other debtors

648

-

Prepayments and accrued income

2,979

3,166

Total current trade and other debtors

8,230

68,375

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

163,540

163,540

Trade creditors

5,333

18

Accruals and deferred income

143,424

136,814

Taxation and social security

33,548

32,787

345,845

333,159

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Bank loans and overdrafts

163,540

163,540

Bank borrowings are secured on property owned by the LLP.

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

1,023,611

1,187,151

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Bank loans and overdrafts

1,023,611

1,187,151

Bank borrowings are secured on property owned by the LLP.

 

Bridge Mills (Property) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors: Amounts falling due after more than one year (continued)

Included in the creditors are the following amounts due after more than five years:

2023
 £

2022
 £

After more than five years by instalments

-

17,515