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REGISTERED NUMBER: OC346243 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MERIDIAN SOUTH DEVELOPMENTS LLP

MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MERIDIAN SOUTH DEVELOPMENTS LLP

GENERAL INFORMATION
for the year ended 31 March 2023







DESIGNATED MEMBERS: Castlehaven Developments Limited
Foxstone Estates Limited





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: OC346243 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243)

ABRIDGED BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 - 1,061,235

CURRENT ASSETS
Stocks 6,135,148 6,118,309
Debtors 306,833 408,177
Cash at bank 937,121 286,173
7,379,102 6,812,659
CREDITORS
Amounts falling due within one year 813,102 1,003,092
NET CURRENT ASSETS 6,566,000 5,809,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,566,000

6,870,802

CREDITORS
Amounts falling due after more than one year 6,566,000 6,566,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

-

304,802

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

-

304,802

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 - 304,802
Amounts due from members (19,619 ) -
(19,619 ) 304,802

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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.

MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243)

ABRIDGED BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 December 2023 and were signed by:





Foxstone Estates Limited - Designated member

MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Meridian South Developments 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Other income
Rental income is generated from properties which are fully developed and held as stock with the intention to sell. Rental income is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors.

Investment property
During the year, a property with a cost value of £341,839 was reclassified from investment property to stock as the property was being held for development and resale rather than asset appreciation and generating rental income. During the year, the property was impaired by £100,000 due to adverse market conditions.

Stocks and work-in-progress
Work-in-progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred relating to site development to the date of the financial statements.

During the year, a property with a cost value of £341,839 was reclassified from investment property to stock as the property was being held for development and resale rather than for asset appreciation and generating rental income.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - 1 ).

MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,061,235
Disposals (719,396 )
Reclassification (341,839 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1,061,235


5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 6,566,000 6,566,000

The bank loans are secured by way of a fixed and floating charge over the properties held by the company.

6. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are unsecured.

7. RELATED PARTY DISCLOSURES

At the balance sheet date, the partnership was owed £280,214 (2022: £286,215) by Meridian South Limited, a company in which the designated members have joint control.