REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Five Chimneys Business Park LLP |
Previously known as |
Five Chimneys Eggs LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Five Chimneys Business Park LLP |
Previously known as |
Five Chimneys Eggs LLP |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Five Chimneys Business Park LLP |
previously known as Five Chimneys Eggs LLP |
General Information |
for the Year Ended 30 June 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Report of the Members |
for the Year Ended 30 June 2023 |
The members present their report with the financial statements of the LLP for the year ended 30 June 2023. |
CHANGE OF NAME |
The LLP passed a special resolution on 3 April 2023 changing its name from Five Chimneys Eggs LLP to Five Chimneys Business Park LLP. |
PRINCIPAL ACTIVITIES |
The principal activities of the LLP in the year under review were that of egg farming and the construction and operation of a business park for commercial rental units. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £73,431 (2022 - £433,133 profit). |
MEMBERS' INTERESTS |
The allocation of profits to members occurs periodically during the year. |
Profits are allocated on a basis set out in the members' agreement. The level and timing of cash drawings in respect of fixed and residual profits is determined by management, taking into account the cash requirements of the partnership for operating and investing activities. Any drawings in excess of allocated profits during the year are recoverable from the members. |
The capital requirement of the partnership is determined by management. Each member subscribes capital, which represents the total capital of the partnership and no interest is payable on this capital. |
Joining members must subscribe capital on the basis set out in the members' agreement, according to the needs of the partnership. |
Retiring members' capital share is returned to the retiring member unless other arrangements are agreed. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Five Chimneys Business Park LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Five Chimneys Business Park LLP for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Five Chimneys Business Park LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Five Chimneys Business Park LLP and state those matters that we have agreed to state to the members of Five Chimneys Business Park LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Five Chimneys Business Park LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Five Chimneys Business Park 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 Five Chimneys Business Park LLP. You consider that Five Chimneys Business Park 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 Five Chimneys Business Park 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. |
Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Income Statement |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(93,015 | ) | 284,028 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(37,015 | ) | 335,435 |
Gain/loss on revaluation of investment property |
- |
120,000 |
(37,015 | ) | 455,435 |
Interest payable and similar expenses |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
710,874 |
787,150 |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Balance Sheet - continued |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
269,440 |
345,716 |
MEMBERS' OTHER INTERESTS |
Fair value reserve | 12 |
710,874 | 787,150 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 269,440 | 345,716 |
Members' other interests | 441,434 | 441,434 |
710,874 | 787,150 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Five Chimneys Business Park LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent it is probable that economic benefit will flow to the partnership and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes. |
Turnover from the sale of goods is recognised upon dispatch or collection of the goods by the customer. |
Turnover from amounts chargeable in respect of rental income is recognised when it is receivable and in the period to which it relates. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Pension costs and other post-retirement benefits |
The partnership contributes to employees' pension schemes. Contributions payable are charged to the income statement in the period to which they relate. |
Members |
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'. |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
At the balance sheet date the partnership owned assets under hire purchase contracts with net book value of £31,252 (2022 - £8,056). |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
Reclassification/transfer | 302,075 |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2018 | 321,434 |
Valuation in 2022 | 120,000 |
Cost | 846,635 |
1,288,069 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 846,635 | 278,566 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Five Chimneys Business Park LLP (Registered number: OC341028) |
previously known as Five Chimneys Eggs LLP |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 251,927 | 316,365 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 28,066 | 5,794 |
Bank loans | 709,257 | 816,832 |
Bank borrowings are secured by way of a debenture over land owned by the partners. The partners have also given a personal guarantee limited to £100,000. |
Hire purchase lending is secured against the assets concerned. |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. |
Any reduction in members' other interests are subject to approval by management. |
12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2022 |
and 30 June 2023 |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date an LLP under common control owed Five Chimneys Business Park LLP £262,752 (2022 - £262,752). This balance is unsecured, interest free and repayable on demand. |
At the balance sheet date Five Chimneys Business Park LLP owed a company under common control £300,000 (2022 - £300,000). This balance is unsecured, interest free and repayable on demand. |