REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
GRANGE BUILDERS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
GRANGE BUILDERS LLP |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GRANGE BUILDERS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Lawford House |
Albert Place |
London |
N3 1QA |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
3,074,905 |
3,411,996 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
3,074,905 |
3,411,996 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 3,074,905 | 3,411,996 |
Amounts due from members | 6 | (168,302 | ) | (63,496 | ) |
2,906,603 | 3,348,500 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Grange Builders LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales and work done, excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures fittings and equipment | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The limited liability partnership only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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 profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the LLP would receive for the asset if it were to be sold at the reporting date. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions are recognised when the limited liability partnership has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that it will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the period in which they are incurred. |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and equivalents |
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stock and work in progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans and overdrafts are secured by stock of land and properties held by Grange Builders LLP, an unlimited debenture and properties owned by Mr T J W Grange as well as a personal guarantee.These borrowings are repayable on demand.The security is in favour of Lloyds Bank TSB. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank behind other non-secured creditors. There are no restrictions in the LLP agreement on the ability of members to reduce the amounts classified as 'Members' capital. |
11. | CONTINGENT LIABILITIES |
Grange Builders LLP has contingent liabilities in respect to NHBRC guarantees issued with all new developed houses.The overall liability cannot be quantified but is covered by insurance. |
GRANGE BUILDERS LLP (REGISTERED NUMBER: OC350007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | RELATED PARTY DISCLOSURES |
1. M/s N J Grange and Mr G L Grange are Designated Members of Grange Builders LLP.Mr T J Grange,M/s J E Grange, Mrs K L Grange and the Trevor Grange Discretionary Trust are members of Grange Builders LLP. |
2.Lea Croft Software Limited was a UK registered company of which Mr T J W Grange was a director and shareholder with his brother Mr B E Grange. |
Grange Builders LLP had previously provided working capital to Lea Croft Software Limited (a company now in liquidation).The balance due from Lea Croft Software Ltd of £260,263, as at 31st March 2017 was transferred to Retail Express Software Limited and subsequently transferred to Retail Express Holdings Ltd by an Asset Purchase Agreement (APA). Retail Express Holdings Ltd is a UK registered company of which Mr T J W Grange is a director and shareholder with his brother Mr B E Grange. |
3. The amount owed by Lea Croft Software Ltd at the balance sheet date was £10,263 (2022-£60,263). |
4. As at 31st March 2023, Grange Builders LLP owed the Trevor Grange Discretionary Trust the sum of £87,000 (2022- £40,000). |
5. During the year, sales totalling £42,000 (2022 - £18,500), were made to the member, Ms N J Grange. These were at market value. |
6. During the year, sales totalling £31,250 (2022- £150,000), were made to the members, Mr and Mrs G Grange. These were made at market value. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties were Mr T J Grange, Mrs J E Grange, Mr G L Grange, Ms N J Grange, Ms K L Grange and The Trevor Grange Discretionary Trust. |
14. | MEMBERS' CAPITAL AND REPAYMENT OF CAPITAL |
In accordance with the LLP agreement, the profits of the LLP are to be allocated to the Members as follows: |
Firstly, there shall be credited to each member an amount equal to the Fixed Profit Share for that member, if any, and |
Secondly, after allowing for the above, the balance shall be allocated between the designated members in such proportions as the designated members determine. |
Allocated profit is included within 'loans and other debts due to members' in 'other amounts'. |
In accordance with the LLP agreement, there shall be paid to each member in each month such sum as drawings as the designated members determine. Any further drawings shall only be made with the agreement of the designated members. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
The capital requirements of the partnership are determined by the members and are reviewed regularly. |
15. | TAXATION |
Tax payable on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements. |