Limited Liability Partnership registration number OC319009 (England and Wales)
CHITTS HILL LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA
CHITTS HILL LLP
CONTENTS
Page
LLP Information
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 7
CHITTS HILL LLP
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
118,786
118,043
Cash at bank and in hand
1,694
2,437
120,480
120,480
Creditors: amounts falling due within one year
5
(480)
(480)
Net current assets and net assets attributable to members
120,000
120,000
Represented by:
Members' other interests
Members' capital classified as equity
120,000
120,000
120,000
120,000
Total members' interests
Amounts due from members
(118,786)
(118,043)
Members' other interests
120,000
120,000
1,214
1,957

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 30 June 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.

CHITTS HILL LLP
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 29 November 2023 and are signed on their behalf by:
29 November 2023
Seaford Properties Limited
B J Cadman Developments Limited
Designated member
Designated Member
Limited Liability Partnership Registration No. OC319009
CHITTS HILL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 July 2022
120,000
-
120,000
(118,043)
(118,043)
1,957
Loss for the financial year available for discretionary division among members
-
(743)
(743)
-
-
(743)
Members' interests after loss for the year
120,000
(743)
119,257
(118,043)
(118,043)
1,214
Allocation of loss for the financial year
-
743
743
(743)
(743)
-
Members' interests at 30 June 2023
120,000
-
120,000
(118,786)
(118,786)
1,214
Amounts due to members
-
Amounts due from members, included in debtors
(118,786)
(118,786)
CHITTS HILL LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 July 2021
120,000
-
120,000
(117,137)
(117,137)
2,863
Loss for the financial year available for discretionary division among members
-
(906)
(906)
-
-
(906)
Members' interests after loss for the year
120,000
(906)
119,094
(117,137)
(117,137)
1,957
Allocation of loss for the financial year
-
906
906
(906)
(906)
-
Members' interests at 30 June 2022
120,000
-
120,000
(118,043)
(118,043)
1,957
Amounts due to members
-
Amounts due from members, included in debtors
(118,043)
(118,043)
CHITTS HILL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Chitts Hill LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 North Hill, Colchester, Essex, CO1 1DZ. The principal place of business is 8 Cherry Orchard, Harwich Road, Ardleigh, Colchester, Essex, England, CO7 7XE.

 

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 2021, 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. The principal accounting policies adopted are set out below.

1.2
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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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.

CHITTS HILL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.3
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.

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.

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by members
118,786
118,043
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
480
480
CHITTS HILL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Loans and other debts due to members

Upon the winding up of the LLP the balance of assets of the LLP after discharging the liabilities of the LLP shall be applied in paying to each member:

 

- any unpaid profits which are due to him;

- his share of the LLP capital;

- his share of any balance in the same proportion as he was, at the date of determination, entitled to share the profits of the LLP.

 

It the amount available is insufficient to discharge in full any payment to be made under the above sub-paragraphs, the payment shall be made to the members pro rata to the amounts that they would have received had the amount been sufficient.

 

There are no such restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.

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