Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-3102022-04-01falseNo description of principal activity0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC319819 2022-04-01 2023-03-31 OC319819 2021-04-01 2022-03-31 OC319819 2023-03-31 OC319819 2022-03-31 OC319819 c:FreeholdInvestmentProperty 2023-03-31 OC319819 c:FreeholdInvestmentProperty 2022-03-31 OC319819 c:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 OC319819 c:CurrentFinancialInstruments 2023-03-31 OC319819 c:CurrentFinancialInstruments 2022-03-31 OC319819 c:Non-currentFinancialInstruments 2023-03-31 OC319819 c:Non-currentFinancialInstruments 2022-03-31 OC319819 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC319819 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC319819 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC319819 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC319819 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC319819 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 OC319819 e:FRS102 2022-04-01 2023-03-31 OC319819 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC319819 e:FullAccounts 2022-04-01 2023-03-31 OC319819 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC319819 5 2022-04-01 2023-03-31 OC319819 e:PartnerLLP1 2022-04-01 2023-03-31 OC319819 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC319819 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC319819 c:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 OC319819 c:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 OC319819 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC319819 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 OC319819 f:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure


Registered number: OC319819












UK COMMERCIAL PROPERTY (EXETER) LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

UK COMMERCIAL PROPERTY (EXETER) LLP

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 9



 
REGISTERED NUMBER:OC319819
UK COMMERCIAL PROPERTY (EXETER) LLP

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
4,750,000
4,600,000

  
4,750,000
4,600,000

Current assets
  

Debtors: amounts falling due within one year
 5 
207,017
505,871

Bank and cash balances
  
5,821
157,990

  
212,838
663,861

Creditors: Amounts Falling Due Within One Year
 6 
(205,272)
(2,816,573)

Net current assets/(liabilities)
  
 
 
7,566
 
 
(2,152,712)

Total assets less current liabilities
  
4,757,566
2,447,288

Creditors: amounts falling due after more than one year
 7 
(2,517,541)
-

  
2,240,025
2,447,288

  

Net assets
  
2,240,025
2,447,288


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
2,745,205
3,102,468

  
2,745,205
3,102,468

Members' other interests
  

Members' capital classified as equity
  
1,700,000
1,700,000

Revaluation reserve classified as equity
  
(2,205,180)
(2,355,180)

  
 
(505,180)
 
(655,180)

  
2,240,025
2,447,288


Total members' interests
  

Loans and other debts due to members
 9 
2,745,205
3,102,468

Members' other interests
  
(505,180)
(655,180)

  
2,240,025
2,447,288


Page 1


 
REGISTERED NUMBER:OC319819
UK COMMERCIAL PROPERTY (EXETER) LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

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

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




G Egan
For and on behalf of Egan Lawson Investments Limited
Designated member

Date: 22 December 2023

The notes on pages 4 to 9 form part of these financial statements.

UK Commercial Property (Exeter) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 

UK COMMERCIAL PROPERTY (EXETER) LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023








EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
-
245,665
245,665
-
-
245,665

Members' interests after profit for the year
1,700,000
(2,355,180)
245,665
(409,515)
3,000,352
3,000,352
2,590,837

Other division of profits
-
-
(245,665)
(245,665)
245,665
245,665
-

Drawings on account and distribution of profit
-
-
-
-
(143,549)
(143,549)
(143,549)

Amounts due to members
3,102,468
3,102,468

Balance at 31 March 2022
1,700,000
(2,355,180)
-
(655,180)
3,102,468
3,102,468
2,447,288

Loss for the year available for discretionary division among members
 
-
-
(156,092)
(156,092)
-
-
(156,092)

Members' interests after profit for the year
1,700,000
(2,355,180)
(156,092)
(811,272)
3,102,468
3,102,468
2,291,196

Other division of losses
-
-
306,092
306,092
(306,092)
(306,092)
-

Movement in reserves
-
150,000
(150,000)
-
-
-
-

Drawings on account and distribution of profit
-
-
-
-
(51,171)
(51,171)
(51,171)

Amounts due to members
2,745,205
2,745,205

Balance at 31 March 2023 
1,700,000
(2,205,180)
-
(505,180)
2,745,205
2,745,205
2,240,025

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

UK Commercial Property (Exeter) LLP is a limited liability partnership registered in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets 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 the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees


The average monthly number of employees, during the year was 0 (2022 - 0).

Page 7

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
4,600,000


Surplus on revaluation
150,000



At 31 March 2023
4,750,000

The 2023 valuations were made by the members, on an open market value for existing use basis.







5.


Debtors

2023
2022
£
£


Trade debtors
48,194
59,260

Other debtors
155,966
442,563

Prepayments and accrued income
2,857
4,048

207,017
505,871



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
2,604,315

Trade creditors
25,837
13,622

Other taxation and social security
-
2,419

Other creditors
63,977
68,700

Accruals and deferred income
115,458
127,517

205,272
2,816,573


Bank loans shown above are secured by a fixed and floating charge over the investment property.

Page 8

 

UK COMMERCIAL PROPERTY (EXETER) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,517,541
-

2,517,541
-


Bank loans shown above are secured by a fixed and floating charge over the investment property.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
2,604,315

Amounts falling due 1-2 years

Bank loans
2,517,541
-



2,517,541
2,604,315



9.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
2,745,205
3,102,468

2,745,205
3,102,468

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
2,745,205
3,102,468

2,745,205
3,102,468

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 9