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Registered number: OC326797









BATTERSEA PLACE LLP









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
BATTERSEA PLACE LLP
 

INFORMATION




Designated Members


LifeCare Residences Limited (designated)
 Battersea Place Retirement Village Limited (designated)

LLP registered number

OC326797

Registered office

15 Savile RowLondonW1S 3PJ

Independent auditors

White Hart Associates (London) Limited2nd Floor, Nucleus House2 Lower Mortlake RoadRichmondTW9 2JA


 
BATTERSEA PLACE LLP
 

CONTENTS



Page
Members' Report
1 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 15

 
BATTERSEA PLACE LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The members present their annual report together with the audited financial statements of Battersea Place LLP (the "LLP") for the year ended 31 March 2023
 

Principal activities
 
 
The principal object of the LLP is property development.
 
 
Members
 
 
LifeCare Residences Limited (designated)
Battersea Place Retirement Village Llimited (designated)
 

 
Allocation of profits
 
 
Any profits are shared among the members as governed by the Partnership Agreement.
 
 
Members are remunerated solely out of the profits of the partnership and final allocation of profits to members in accordance with the Partnership Agreement.
 
 
During the year, loss of £12,505 (2022: profits of £746,202) were distrubted to members. See note 10 for further information.
During the year, the partnership made a distribution of £2,900,000 (2022 - £Nil) to its members from its retained profit.
 

Capital
 
 
The members may only contribute to the partnership's capital in accordance with the Partnership Agreement
 
 
Policy for drawings, subscriptions and repayment of members' capital
 
 
The Partnership Agreement governs policies for member's drawings, subscriptions and repayment of members' capital.
No drawings or other payments can be made to or on behalf of any member, other than by distribution of profits, without the consent of the members. The partnership will reserve, out of profits before distribution, sufficient funds to provide for the working capital requirements of the business.
 
 
Page 1

 
BATTERSEA PLACE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
The members at the time when this Members' Report is approved has confirmed that:

so far as that members are aware, there is no relevant audit information of which the LLP's auditors are unaware, and

these members have taken all the steps that ought to have been taken as a members in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 
Page 2

 
BATTERSEA PLACE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Auditors
 
 
The independent auditors of Battersea Place LLP is White Hart Associates (London) Limited.
All the current members have taken all steps that they ought to have taken to make themselves aware of any information needed by the partnership's auditors for the purpose of their audit and to establish that the auditor is aware of that information. The members are not aware of any relevant audit information of which the auditors are unaware.
The auditorsWhite Hart Associates (London) Limitedhave indicated their willingness to continue in office. The designated members will propose a motion re-appointing the auditors at a meeting of the members.
The report of the members has been prepared in accordance with the provisions applicable to the companies subject to the Small Companies Regime of the Companies Act 2006 (as applied to small Limited Liabilities Partnerships).
 

This report was approved by the members on 8 February 2024 and signed on their behalf by:
 
 

J M S Smart
Chief Executive Officer
LifeCare Residences Limited

Page 3

 
BATTERSEA PLACE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE LLP
 

Opinion
 

We have audited the financial statements of Battersea Place LLP (the 'LLP') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 4

 
BATTERSEA PLACE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime and take advantage of the small companies' exemptions in preparing the members' report.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or has no realistic alternative but to do so.


Page 5

 
BATTERSEA PLACE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. In particular revenue recognition as well as the valuation of investment properties and property plant and equipment, are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
BATTERSEA PLACE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE LLP (CONTINUED)


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

8 February 2024
Page 7

 
BATTERSEA PLACE LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£000
£000

  

Turnover
  
-
1,266

Cost of sales
  
-
(507)

Gross profit
  
 
-
 
759

Administrative expenses
  
(12)
(13)

Operating (loss)/profit
  
 
(12)
 
746

(Loss)/profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
(12)
 
746

Other comprehensive income for the year
  

  

Total comprehensive income for the year
  
(12)
746

The notes on pages 11 to 15 form part of these financial statements.
Page 8

 
BATTERSEA PLACE LLP
REGISTERED NUMBER: OC326797

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 7 
6,282
6,285

Cash at bank and in hand
 8 
1
1

  
6,283
6,286

Creditors: Amounts Falling Due Within One Year
 9 
(5,164)
(2,254)

Net current assets
  
 
 
1,119
 
 
4,032

Total assets less current liabilities
  
1,119
4,032

  

Net assets
  
1,119
4,032


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Other reserves classified as equity
 10 
1,119
4,032

  
 
1,119
 
4,032

  
1,119
4,032


Total members' interests
  

Members' other interests
  
1,119
4,032

  
1,119
4,032


The financial statements have been prepared 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 on 8 February 2024.




J M S Smart
Chief Executive Officer
LifeCare Residences Limited
Designated member

The notes on pages 11 to 15 form part of these financial statements.
Page 9

 
BATTERSEA PLACE LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Other reserves
Total equity

£000
£000


At 1 April 2021
3,286
3,286


Comprehensive income for the year

Profit for year for discretionary division among members
746
746



At 1 April 2022
4,032
4,032


Comprehensive income for the year

Loss for year for discretionary division among members
(12)
(12)

Distribution of profits
(2,900)
(2,900)


At 31 March 2023
1,120
1,120

The notes on pages 11 to 15 form part of these financial statements.
Page 10

 
BATTERSEA PLACE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Battersea Place LLP is a limited Liability Partnership incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the information page and the nature of the partnership's operations and its principal activities are set out in the members' report.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 – reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”:
•  the requirements of Section 7 statement of Cash Flows;
•  the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d)
•  the requirements of Section 11 Financial instruments paragraphs 11.42, 11.44 to 11.45,
   11.47, 11.48(a), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,                        12.29(a), 12.29(b) and 12.29A; and
•  the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of LifeCare Residences Limited as at 31 March 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Going concern

These accounts have been prepared on a going concern basis.
The Partnership and it’s parent company, LifeCare Residences Limited, meets its day-to-day working capital requirements primarily through its income, bank loan facilities and when required, the continuing support of its shareholders. The directors prepare financial forecasts and monitor performance of the Partnership on an ongoing basis and have prepared a financial projection for a period of 12 months from the date of approval of the financial statements. 

Page 11

 
BATTERSEA PLACE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value.
 
 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

 
BATTERSEA PLACE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Accruals (note 9) 
In order to provide for all valid liabilities which exist at the statement of financial position date, the partnership is required to accrue for certain costs or expenses which have not been invoiced and therefore the amount of which cannot be known with certainty such accruals are based on management's best judgement and past experience.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Sales of completed development property
-
1,266

-
1,266


All turnover arose within the United Kingdom.
Page 13

 
BATTERSEA PLACE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Auditors' remuneration

Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements totalled £6,000 (2022 - 6,000).


6.


Employees

There are no employees other than the members, who did not receive any remuneration (2022 - £Nil).


7.


Debtors

2023
2022
£000
£000


Trade debtors
1
-

Amounts owed by group undertakings
6,281
6,281

Other debtors
-
4

6,282
6,285



8.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
1
1

1
1



9.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
11
24

Amounts owed to group undertakings
5,052
2,061

Accruals and deferred income
101
169

5,164
2,254


Amounts owed to group undertakings are unsecured, not interest bearing and are repayable on demand.

Page 14

 
BATTERSEA PLACE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Reconciliation of members' interests 




EQUITY
Members' other interests
Other reserves
Total

£000
£000

Balance at 31 March 2022
4,032
4,032

Loss for the year available for discretionary division among members
 
(13)
(13)

Members' interests after profit for the year
4,019
4,019

Dividends paid
(2,900)
(2,900)

Balance at 31 March 2023 
1,119
1,119

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.


11.


Related party transactions

The partnership has taken exemption under FRS 102 section 1AC.35 from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.


12.


Controlling party

The partnership's immediate parent company is LifeCare Residences Limited. At 31 March 2023, the company's ultimate controlling shareholders are the family trusts of Cliff and Sue Cook.

Page 15