Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3122022-04-01falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC373623 2022-04-01 2023-03-31 OC373623 2021-04-01 2022-03-31 OC373623 2023-03-31 OC373623 2022-03-31 OC373623 c:Buildings c:ShortLeaseholdAssets 2022-04-01 2023-03-31 OC373623 c:Buildings c:ShortLeaseholdAssets 2023-03-31 OC373623 c:Buildings c:ShortLeaseholdAssets 2022-03-31 OC373623 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 OC373623 c:FreeholdInvestmentProperty 2023-03-31 OC373623 c:FreeholdInvestmentProperty 2022-03-31 OC373623 c:CurrentFinancialInstruments 2023-03-31 OC373623 c:CurrentFinancialInstruments 2022-03-31 OC373623 c:Non-currentFinancialInstruments 2023-03-31 OC373623 c:Non-currentFinancialInstruments 2022-03-31 OC373623 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC373623 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC373623 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC373623 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC373623 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC373623 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 OC373623 d:FRS102 2022-04-01 2023-03-31 OC373623 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC373623 d:FullAccounts 2022-04-01 2023-03-31 OC373623 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC373623 d:PartnerLLP2 2022-04-01 2023-03-31 OC373623 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC373623 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC373623 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC373623 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC373623









BINGWOOD PROPERTY COMPANY LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BINGWOOD PROPERTY COMPANY LLP
REGISTERED NUMBER: OC373623

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
187,555
-

Investment property
 5 
1,758,566
1,202,418

  
1,946,121
1,202,418

Current assets
  

Debtors: amounts falling due within one year
 6 
1,978,014
59,232

Cash at bank and in hand
 7 
15,966
30,028

  
1,993,980
89,260

Creditors: Amounts Falling Due Within One Year
 8 
(56,207)
(1,181,937)

Net current assets/(liabilities)
  
 
 
1,937,773
 
 
(1,092,677)

Total assets less current liabilities
  
3,883,894
109,741

Creditors: amounts falling due after more than one year
 9 
(36,111)
(39,869)

  
3,847,783
69,872

  

Net assets
  
3,847,783
69,872

Page 1

 
BINGWOOD PROPERTY COMPANY LLP
REGISTERED NUMBER: OC373623
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
48,089
48,089

Other amounts
 11 
3,803,786
42,364

  
3,851,875
90,453

Members' other interests
  

Other reserves classified as equity
  
(4,092)
(20,581)

  
 
(4,092)
 
(20,581)

  
3,847,783
69,872


Total members' interests
  

Loans and other debts due to members
 11 
3,851,875
90,453

Members' other interests
  
(4,092)
(20,581)

  
3,847,783
69,872


Page 2

 
BINGWOOD PROPERTY COMPANY LLP
REGISTERED NUMBER: OC373623
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Jeremy Davies
Designated member

Date: 27 February 2024

The notes on pages 4 to 11 form part of these financial statements.

Bingwood Property Company LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 3

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bingwood Property Company LLP is a limited liability partnership incorporated in England and Wales. The registered office is Permanent House, 133 Hammersmith Road, London, W14 0QL.
The limited liability partnership's principal activities are disclosed in the Members' Report. 
The financial statements are presented in Sterling, which is the functional currency of the limited liability partnership.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

Page 6

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Short-term leasehold property

£



Cost or valuation


Additions
208,394



At 31 March 2023

208,394



Depreciation


Charge for the year on owned assets
20,839



At 31 March 2023

20,839



Net book value



At 31 March 2023
187,555



At 31 March 2022
-

Page 7

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022 (as restated)
1,202,418


Additions at cost
610,204


Disposals
(54,056)



At 31 March 2023
1,758,566

The 2023 valuations were made by the designated members, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

As restated
2023
2022
£
£


Historic cost
1,762,658
1,206,510

1,762,658
1,206,510


6.


Debtors

As restated
2023
2022
£
£


Other debtors
1,978,014
59,232

1,978,014
59,232


Page 8

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
15,966
30,028

15,966
30,028



8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
5,556
6,754

Other creditors
49,651
1,174,183

Accruals and deferred income
1,000
1,000

56,207
1,181,937



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,111
39,869

36,111
39,869


Page 9

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,556
6,754


5,556
6,754

Amounts falling due 1-2 years

Bank loans
36,111
39,869


36,111
39,869



41,667
46,623



11.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
48,089
48,089

Other amounts due to members
3,803,786
42,364

3,851,875
90,453

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
3,851,875
90,453

3,851,875
90,453

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 10

 
BINGWOOD PROPERTY COMPANY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Prior year adjustment

A prior year adjustment has been posted to correctly reflect the value of investment properties held by the LLP.

 
Page 11