Limited Liability Partnership registration number OC343900 (England and Wales)
GRACEWOOD GROUP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GRACEWOOD GROUP LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GRACEWOOD GROUP LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,602
3
Investment property
5
9,678,717
9,609,914
Investments
6
5,461,825
5,461,825
15,170,144
15,071,742
Current assets
Debtors
7
12,384,337
11,550,340
Investments
8
957,270
1,033,841
Cash at bank and in hand
71,133
2,195,085
13,412,740
14,779,266
Creditors: amounts falling due within one year
9
(5,194,110)
(6,329,818)
Net current assets
8,218,630
8,449,448
Total assets less current liabilities
23,388,774
23,521,190
Creditors: amounts falling due after more than one year
10
(5,000,000)
(7,000,000)
Net assets attributable to members
18,388,774
16,521,190
Represented by:
Loans and other debts due to members within one year
11
Amounts due in respect of profits
522,423
415,350
Other amounts
14,529,523
12,443,376
15,051,946
12,858,726
Members' other interests
11
Other reserves classified as equity
3,336,828
3,662,464
18,388,774
16,521,190

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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

GRACEWOOD GROUP LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 4 April 2024 and are signed on their behalf by:
04 April 2024
Michael Docker
Designated member
Limited Liability Partnership Registration No. OC343900
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Gracewood Group LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

 

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 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 during the year.
1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Basic financial liabilities

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

 

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. If not, they are presented as non-current liabilities.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).

3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
5
5

 

GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
316,566
Additions
37,000
Disposals
(55,464)
At 31 March 2023
298,102
Depreciation and impairment
At 1 April 2022
316,563
Depreciation charged in the year
7,400
Eliminated in respect of disposals
(55,463)
At 31 March 2023
268,500
Carrying amount
At 31 March 2023
29,602
At 31 March 2022
3
5
Investment property
2023
£
Fair value
At 1 April 2022
9,609,914
Additions through external acquisition
540,463
Disposals
(471,660)
At 31 March 2023
9,678,717

In the opinion of the members, the fair value of the investment properties is not materially different to the carrying value in the accounts as at the balance sheet date.

 

The historical cost of the investment properties in the valuation above is £6,206,249 (2022: £5,848,687).

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,200,980
2,200,980
Other investments
3,260,845
3,260,845
5,461,825
5,461,825

Other investments represents the members' interest in their capital accounts of Estates and Lets 3 LLP which were assigned to Gracewood Group LLP on 24 July 2009.

GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,384,337
11,550,340
8
Current asset investments
2023
2022
£
£
Other investments
957,270
1,033,841

The above investments are measured at fair value.

9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
348,197
2,085,709
Trade creditors
49,689
49,716
Other creditors
4,796,224
4,194,393
5,194,110
6,329,818
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,000,000
7,000,000

The bank loans are secured .

GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
11
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
3,662,464
12,858,726
12,858,726
16,521,190
Profit for the financial year available for discretionary division among members
196,787
-
-
196,787
Members' interests after profit for the year
3,859,251
12,858,726
12,858,726
16,717,977
Allocation of profit for the financial year
(522,423)
522,423
522,423
-
Introduced by members
-
4,307,112
4,307,112
4,307,112
Repayment of debt (including members' capital classified as a liability)
-
(2,636,315)
(2,636,315)
(2,636,315)
Members' interests at 31 March 2023
3,336,828
15,051,946
15,051,946
18,388,774
12
Related party transactions

Included within debtors are amounts totalling £2,565,503 (2022: £1,356,128) due from companies in which Gracewood Group LLP holds a participating interest.

 

Included within debtors are amounts totalling £9,767,617 (2022: £9,626,366) due from companies in which Mr and Mrs Docker have a participating interest.

 

Included within creditors are amounts totalling £3,737,970 (2022: £3,600,706) due to companies in which Gracewood Group LLP holds a participating interest.

 

Included within creditors is an amount of £49,689 (2022: £41,236) due to a company in which Mr and Mrs Docker have a participating interest.

 

Included within creditors is an amount of £849,644 (2022: £474,532) due to a limited liability partnership in which Mr and Mrs Docker are members.

 

During the year Gracewood Group LLP paid £26,521 (2022: £20,034) to a company controlled by Mr and Mrs Docker for letting and management services in respect of the limited liability partnership's investment properties.

 

During the year Gracewood Group LLP purchased goods and services amounting to £576,073 (2022: £205,609) to a company in which Mr Docker is a director.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300falseOC3439002022-04-012023-03-31OC3439002023-03-31OC343900bus:PartnerLLP12022-04-012023-03-31OC3439002021-04-012022-03-31OC343900bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC343900bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC343900bus:FRS1022022-04-012023-03-31OC343900bus:AuditExemptWithAccountantsReport2022-04-012023-03-31OC343900bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares