Registered No. OC375444 (England and Wales)
Bespoke Developments Ketton LLP
Unaudited accounts
for the year ended 30 April 2023
Bespoke Developments Ketton LLP
LLP Information
for the year ended 30 April 2023
Designated members
Mrs Angela Vaughan
Registered Number
OC375444 (England and Wales)
Registered Office
UNIT 3F SHREWSBURY AVENUE
PETERBOROUGH
CAMBRIDGESHIRE
PE2 7EY
ENGLAND
Accountants
LeeP Accountants
Unit 3F Forward Hs, Aston Business Park
Shrewsbury Avenue, Woodston
Peterborough
Cambridgeshire
PE2 7EY
Chartered Accountants' report to the members on the preparation of the unaudited statutory financial statements of Bespoke Developments Ketton LLP for the year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of
Bespoke Developments Ketton LLP for the year ended
30 April 2023 as set out on pages
4 -
8 from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the members of Bespoke Developments Ketton LLP, as a body, in accordance with the terms of our engagement letter dated 23 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Bespoke Developments Ketton LLP and state those matters that we have agreed to state to the members of Bespoke Developments Ketton LLP, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bespoke Developments Ketton LLP and its members as a body for our work or for this report.
It is your duty to ensure that Bespoke Developments Ketton LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bespoke Developments Ketton LLP. You consider that Bespoke Developments Ketton LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bespoke Developments Ketton LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
LeeP Accountants
Chartered Accountants
Unit 3F Forward Hs, Aston Business Park
Shrewsbury Avenue, Woodston
Peterborough
Cambridgeshire
PE2 7EY
12 March 2024
Bespoke Developments Ketton LLP
Statement of financial position
as at 30 April 2023
Tangible assets
1,766,319
2,657,742
Cash at bank and in hand
5,756
39,465
Creditors: amounts falling due within one year
(134,939)
(167,909)
Net current liabilities
(92,011)
(70,135)
Total assets less current liabilities
1,674,397
2,587,963
Creditors: amounts falling due after more than one year
(655,561)
(1,283,613)
Net assets attributable to members
1,018,836
1,304,350
Loans and other debts due to members
(85,595)
(52,543)
Revaluation reserve
1,034,142
1,312,282
Other reserves
70,289
44,611
Bespoke Developments Ketton LLP
Statement of financial position
as at 30 April 2023 (continued)
Loans and other debts due to members
(85,595)
(52,543)
Members' other interests
1,104,431
1,356,893
For the year ending 30 April 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 12 March 2024.
Mr Lee Jay Vaughan
Designated member
Limited Liability Partnership Registration No. OC375444
Bespoke Developments Ketton LLP
Notes to the Accounts
for the year ended 30 April 2023
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5 years
Computer equipment
4 years
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties.
Loans and borrowing are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised costs using the effective interest rate method, less impairment.
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
Rents receivable on the freehold investment property under the terms of the operating lease are included in the profit and loss account on a receivable basis.
Capital based government grants are included within accruals and deferred income in the balance sheet and credited to trading profit over the expected useful economic lives of the assets to which they relate.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Bespoke Developments Ketton LLP
Notes to the Accounts
for the year ended 30 April 2023
Bespoke Developments Ketton LLP is a limited liability partnership, incorporated in England and Wales, registration number OC375444. Its registered office is UNIT 3F SHREWSBURY AVENUE, PETERBOROUGH, CAMBRIDGESHIRE, PE2 7EY, ENGLAND.
3
Intangible fixed assets
Other
Intangible Assets relate to investments into the business Website
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2022
2,746,277
270
-
18,362
14,163
2,779,072
Additions
-
-
21,149
-
2,085
23,234
Revaluations
(278,140)
-
-
-
-
(278,140)
Disposals
(636,750)
-
-
-
-
(636,750)
At 30 April 2023
1,831,387
270
21,149
18,362
16,248
1,887,416
At 1 May 2022
96,197
202
-
16,968
7,963
121,330
Charge for the year
5,080
68
2,467
697
2,200
10,512
On disposals
(10,745)
-
-
-
-
(10,745)
At 30 April 2023
90,532
270
2,467
17,665
10,163
121,097
At 30 April 2023
1,740,855
-
18,682
697
6,085
1,766,319
At 30 April 2022
2,650,080
68
-
1,394
6,200
2,657,742
In previous financial years, the land & buildings were revalued upwards by an aggregate value of £1.3M
Bespoke Developments Ketton LLP
Notes to the Accounts
for the year ended 30 April 2023
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
13,448
Trade creditors
39,136
32,992
Amounts owed to group undertakings and other participating interests
75,268
75,268
Taxes and social security costs
17,421
12,133
Other creditors
(64)
20,165
Deferred income
1,792
12,562
Creditors due within one year is comprised of trade creditors, rental deposits from tenants and amounts due to related parties
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
635,402
1,283,613
7
Loans and other debts due to members
2023
2022
Members' capital classified as a liability
132,735
132,735
Amounts due to members in respect of profits
(218,330)
(185,278)
Amounts falling due within one year
(85,595)
(52,543)
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).