Limited Liability Partnership registration number OC422310 (England and Wales)
WOODSIDE AVENUE HOMES LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WOODSIDE AVENUE HOMES LLP
CONTENTS
Page
LLP Information
1
Members' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Reconciliation of members' interests
11 - 12
Notes to the financial statements
13 - 17
WOODSIDE AVENUE HOMES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Vivid Housing Limited
Aspect (Eastleigh) Limited
Limited liability partnership number
OC422310
Manager for administration and
Peter Hammond
company secretarial matters
c/o TIAA Limited
Artillery House
Fort Fareham
Fareham
PO14 1AH
Registered office
Artillery House
Fort Fareham
Newgate Lane
Fareham
PO14 1AH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WOODSIDE AVENUE HOMES LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The members present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the limited liability partnership was that of a property investment company.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Vivid Housing Limited
Aspect (Eastleigh) Limited
Statement of members' responsibilities

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 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

TC Group were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

WOODSIDE AVENUE HOMES LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

On behalf of the members
Mr D. Brown
Ms S. King
for and on behalf of
for and on behalf of
Vivid Housing Limited
Aspect (Eastleigh) Limited
Designated Member
Designated Member
6 March 2024
6 March 2024
WOODSIDE AVENUE HOMES LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOODSIDE AVENUE HOMES LLP
- 4 -
Opinion

We have audited the financial statements of Woodside Avenue Homes LLP (the 'limited liability partnership') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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' 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 limited liability partnership’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.

WOODSIDE AVENUE HOMES LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE HOMES LLP
- 5 -

Other information

The members are responsible for the other information. The other information comprises the information included in the members' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WOODSIDE AVENUE HOMES LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE HOMES LLP
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

•    We identified areas of laws and regulations that could reasonably be expected to have a material effect     on the financial statements from our general commercial and sector experience, and through discussion     with those charged with governance of the entity and other management (as required by auditing     standards), and discussed with those charged with governance of the entity and other management the     policies and procedures regarding compliance with laws and regulations;

•    We considered the legal and regulatory frameworks directly applicable to the financial statements     reporting framework (FRS 102 and the Companies Act 2006 as applied to limited liability partnerships);

•    We considered the nature of the industry, the control environment and business performance, including     the key drivers for members' remuneration and distributions;

•    We communicated identified laws and regulations throughout our team and remained alert to any     indications of non-compliance throughout the audit;

•    We considered the procedures and controls that the limited liability partnership has established to     address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management     monitors those programmes and controls.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our auditors report.

WOODSIDE AVENUE HOMES LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE HOMES LLP
- 7 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's 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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Blake FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
Office: Portsmouth
8 March 2024
WOODSIDE AVENUE HOMES LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
975,156
940,767
Administrative expenses
(302,445)
(337,843)
Operating profit
672,711
602,924
Interest payable and similar expenses
5
(495,000)
(1,762,334)
Fair value gains and losses on investment properties
3
260,000
545,000
Profit/(loss) for the financial year before members' remuneration and profit shares
437,711
(614,410)
Profit/(loss) for the financial year before members' remuneration and profit shares
437,711
(614,410)
Members' remuneration charged as an expense
(55,000)
(195,815)
Profit/(loss) for the financial year available for discretionary division among members
382,711
(810,225)
The notes on pages 13 to 17 form part of these financial statements
WOODSIDE AVENUE HOMES LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
21,955,000
21,695,000
Current assets
Debtors
4
428,596
374,488
Creditors: amounts falling due within one year
5
(19,021,325)
(19,089,928)
Net current liabilities
(18,592,729)
(18,715,440)
Total assets less current liabilities
3,362,271
2,979,560
Represented by:
Members' other interests
Members' capital classified as equity
2,111,971
2,111,971
Other reserves classified as equity
1,250,300
867,589
3,362,271
2,979,560
WOODSIDE AVENUE HOMES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£
£
£
£
- 10 -
Total members' interests
Members' other interests
3,362,271
2,979,560

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 6 March 2024 and are signed on their behalf by:
06 March 2024
Mr D. Brown
Ms S. King
for and on behalf of
for and on behalf of
Vivid Housing Limited
Aspect (Eastleigh) Limited
Designated member
Designated Member
Limited Liability Partnership Registration No. OC422310
The notes on pages 13 to 17 form part of these financial statements
WOODSIDE AVENUE HOMES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
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 (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
2,111,971
867,589
2,979,560
-
-
2,979,560
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
55,000
55,000
55,000
Profit for the financial year available for discretionary division among members
-
382,711
382,711
-
-
382,711
Members' interests after profit and remuneration for the year
2,111,971
1,250,300
3,362,271
55,000
55,000
3,417,271
Drawings
-
-
-
(55,000)
(55,000)
(55,000)
Members' interests at 31 March 2023
2,111,971
1,250,300
3,362,271
-
-
3,362,271
tes
WOODSIDE AVENUE HOMES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
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 (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 April 2021
2,111,971
1,677,814
3,789,785
-
-
3,789,785
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
195,815
195,815
195,815
Loss for the financial year available for discretionary division among members
-
(810,225)
(810,225)
-
-
(810,225)
Members' interests after loss and remuneration for the year
2,111,971
867,589
2,979,560
195,815
195,815
3,175,375
Drawings
-
0
-
-
(195,815)
(195,815)
(195,815)
Members' interests at 31 March 2022
2,111,971
867,589
2,979,560
-
-
2,979,560
WOODSIDE AVENUE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Limited liability partnership information

Woodside Avenue Homes LLP is a limited liability partnership incorporated in England and Wales. The registered office is Artillery House, Fort Fareham, Newgate Lane, Fareham, PO14 1AH.

 

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable from tenancies during the period, and is measured at the fair value of the consideration receivable, exclusive of value added tax.

 

1.3
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.

WOODSIDE AVENUE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the constriction cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

WOODSIDE AVENUE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are accounted for in accordance with the accrual model within FRS 102. Government grants received in relation to tangible fixed assets are credited to the profit and loss account over the useful life of the related assets, except where the asset is an appreciating asset, whereby government grants are credited to the profit and loss account on realisation of the asset.

2
Employees

The LLP had no employees during the year.

3
Investment property
2023
£
Fair value
At 1 April 2022
21,695,000
Net gains or losses through fair value adjustments
260,000
At 31 March 2023
21,955,000
WOODSIDE AVENUE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Investment property
(Continued)
- 16 -

Investment property comprises land and property at Leah Gardens, Eastleigh Hampshire, otherwise known as the "Woodside Avenue Development" . The investment property was acquired from a related party that had been established for the development of the properties as a joint venture, the related party being a limited liability partnership with common designated members to Woodside Avenue Homes LLP.

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Savills Chartered Surveyors, who are not connected with the limited liability partnership.

 

Market rent properties were valued using an open market basis by reference to market evidence of sales value of similar properties. Affordable housing has been valued on an existing use basis for social housing as defined by the Royal Institute of Chartered Surveyors.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,616
18,133
Other debtors
191,109
147,346
Prepayments and accrued income
207,871
209,009
428,596
374,488
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
18,999,742
18,998,742
Accruals and deferred income
21,583
91,186
19,021,325
19,089,928
WOODSIDE AVENUE HOMES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Creditors: amounts falling due within one year
(Continued)
- 17 -

The LLP was the recipient of a repayable grant amounting to £18,998,742 that qualifies to be accounted for under FRS 102 Section 24 Government grants. The grant was from a related party and was received to assist in funding the development of affordable housing at the Woodside Avenue development. Under the terms of the grant agreement the grant is repayable from future net revenues generated from the Woodside Avenue development.

 

The terms of the grant agreement are such that they entitle the grantor to variable cash flows from the LLP, dependent on when cash flows are paid to the LLP members and proportional to those cash flows. Where members of the LLP are paid amounts out of the profits of the LLP (Members remuneration charged as an expense), which do not diminish the amount of capital they have subscribed in the LLP, then the equivalent cash flows due to the grantor are treated as a finance cost, as they do not diminish the grant principal payable to the grantor. Where members of the LLP are repaid capital they have subscribed, then the equivalent cash flows due to the grantor under the grant agreement are treated as a repayment of the grant principal.

 

Grants are treated as repayable within one year in line with the grantor's ability to wind up the company under clause 5.2 of the grant agreement. However, certain conditions need to be fulfilled to enable the the grantor to enact this clause. Furthermore, the grantor has confirmed they have no intention of demanding repayment within 12 months of the balance sheet date and, as such, the grantor views the balance as due in greater than one year.

 

6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Related party transactions

Included within other debtors is £191,109 (2022 - £124,651) owed from related parties under common control and within other creditors is £1,000 owed to related parties under common control. There are no formal terms in respect of these balances.

8
Members' transactions

During the year, the LLP made payments totalling £55,000 (2022 - £195,815) in respect of the distribution of profits, to certain members of the LLP, in accordance with the LLP agreement.

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