Silverfin false 05/04/2023 06/04/2022 05/04/2023 Mr I Winrow 01/06/2007 Mrs S L Winrow 01/06/2007 28 April 2023 OC328716 2023-04-05 OC328716 bus:Director1 2023-04-05 OC328716 bus:Director2 2023-04-05 OC328716 2022-04-05 OC328716 core:CurrentFinancialInstruments 2023-04-05 OC328716 core:CurrentFinancialInstruments 2022-04-05 OC328716 core:InvestmentPropertyIncludedWithinPPE 2022-04-05 OC328716 core:PlantMachinery 2022-04-05 OC328716 core:Vehicles 2022-04-05 OC328716 core:FurnitureFittings 2022-04-05 OC328716 core:InvestmentPropertyIncludedWithinPPE 2023-04-05 OC328716 core:PlantMachinery 2023-04-05 OC328716 core:Vehicles 2023-04-05 OC328716 core:FurnitureFittings 2023-04-05 OC328716 2022-04-06 2023-04-05 OC328716 bus:FullAccounts 2022-04-06 2023-04-05 OC328716 bus:SmallEntities 2022-04-06 2023-04-05 OC328716 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 OC328716 bus:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC328716 bus:Director1 2022-04-06 2023-04-05 OC328716 bus:Director2 2022-04-06 2023-04-05 OC328716 core:PlantMachinery 2022-04-06 2023-04-05 OC328716 core:Vehicles 2022-04-06 2023-04-05 OC328716 2021-04-06 2022-04-05 OC328716 core:InvestmentPropertyIncludedWithinPPE 2022-04-06 2023-04-05 OC328716 core:FurnitureFittings 2022-04-06 2023-04-05 OC328716 core:CurrentFinancialInstruments 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Company No: OC328716 (England and Wales)

WEST PENNINE PROPERTIES LLP

Unaudited Financial Statements
For the financial year ended 05 April 2023
Pages for filing with the registrar

WEST PENNINE PROPERTIES LLP

Unaudited Financial Statements

For the financial year ended 05 April 2023

Contents

WEST PENNINE PROPERTIES LLP

BALANCE SHEET

As at 05 April 2023
WEST PENNINE PROPERTIES LLP

BALANCE SHEET (continued)

As at 05 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,395,619 1,398,435
1,395,619 1,398,435
Current assets
Debtors 5 1,915 2,560
Cash at bank and in hand 21,744 52,383
23,659 54,943
Creditors: amounts falling due within one year 6 ( 7,243) ( 5,832)
Net current assets 16,416 49,111
Total assets less current liabilities 1,412,035 1,447,546
Net assets attributable to members 1,412,035 1,447,546
Represented by
Loans and other debts due to members within one year
Other amounts 1,404,185 1,439,696
1,404,185 1,439,696
Members' other interests
Members' capital classified as equity 7,850 7,850
7,850 7,850
1,412,035 1,447,546
Total members' interests
Loans and other debts due to members 1,404,185 1,439,696
Members' other interests 7,850 7,850
1,412,035 1,447,546

For the financial year ending 05 April 2023 the LLP 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.

Members' responsibilities:

The financial statements of West Pennine Properties LLP (registered number: OC328716) were approved and authorised for issue by the Board of Directors on 28 April 2023. They were signed on its behalf by:

Mr I Winrow
Designated member
WEST PENNINE PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
WEST PENNINE PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

West Pennine Properties LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 597a Chorley Old Road, Bolton, BL1 6BL, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the fair value of amounts receivable for rental, service charge and insurance income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings not depreciated
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents include monies held at banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the LLP’s accounting policies, the members are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the members have made in the process of applying the LLP’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

4. Tangible assets

Investment property Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 06 April 2022 1,369,912 5,536 26,000 17,261 1,418,709
At 05 April 2023 1,369,912 5,536 26,000 17,261 1,418,709
Accumulated depreciation
At 06 April 2022 0 2,501 17,773 0 20,274
Charge for the financial year 0 759 2,057 0 2,816
At 05 April 2023 0 3,260 19,830 0 23,090
Net book value
At 05 April 2023 1,369,912 2,276 6,170 17,261 1,395,619
At 05 April 2022 1,369,912 3,035 8,227 17,261 1,398,435

5. Debtors

2023 2022
£ £
Other debtors 1,915 2,560

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 2,416 2,012
Other creditors 4,827 3,820
7,243 5,832

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