Limited Liability Partnership Registration No. OC412318 (England and Wales)
WOODSIDE AVENUE DEVELOPMENTS LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WOODSIDE AVENUE DEVELOPMENTS LLP
CONTENTS
Page
LLP information
1
Members' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
11
Notes to the financial statements
12 - 14
WOODSIDE AVENUE DEVELOPMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Vivid Housing Limited
Aspect (Eastleigh) Limited
Limited liability partnership number
OC412318
Manager for administration and
Peter Hammond
company secretarial matters
c/o TIAA Limited
Artillery House
Fort Fareham
Fareham
PO14 1AH
Registered office
Artillery House
Fort Fareham
Newgate Lane
Fareham
PO14 1AH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WOODSIDE AVENUE DEVELOPMENTS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The members present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the limited liability partnership during the period was that of social housing property development.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Vivid Housing Limited
Aspect (Eastleigh) Limited
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

WOODSIDE AVENUE DEVELOPMENTS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the members
Mr D. Brown
Ms S. King
for and on behalf of
for and on behalf of
Vivid Housing Limited
Aspect (Eastleigh) Limited
Designated Member
Designated Member
6 March 2024
6 March 2024
WOODSIDE AVENUE DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOODSIDE AVENUE DEVELOPMENTS LLP
- 4 -
Opinion

We have audited the financial statements of Woodside Avenue Developments LLP (the 'limited liability partnership') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect ot going concern are described in the relevant section of this report.

WOODSIDE AVENUE DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE DEVELOPMENTS LLP
- 5 -

Other information

The members are responsible for the other information. The other information comprises the information included in the members' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the members are responsible for assessing the limited liability partnership’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

WOODSIDE AVENUE DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE DEVELOPMENTS LLP
- 6 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

•    We identified areas of laws and regulations that could reasonably be expected to have a material effect     on the financial statements from our general commercial and sector experience, and through discussion     with those charged with governance of the entity and other management (as required by auditing     standards), and discussed with those charged with governance of the entity and other management the     policies and procedures regarding compliance with laws and regulations;

•    We considered the legal and regulatory frameworks directly applicable to the financial statements     reporting framework (FRS 102 and the Companies Act 2006 as applied to limited liability partnerships);

•    We considered the nature of the industry, the control environment and business performance, including     the key drivers for members' remuneration and distributions;

•    We communicated identified laws and regulations throughout our team and remained alert to any     indications of non-compliance throughout the audit;

•    We considered the procedures and controls that the limited liability partnership has established to     address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management     monitors those programmes and controls.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

WOODSIDE AVENUE DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODSIDE AVENUE DEVELOPMENTS LLP
- 7 -

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our auditors report.

 

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Blake FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
Office: Portsmouth
8 March 2024
WOODSIDE AVENUE DEVELOPMENTS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Release of construction accruals
-
203,103
Interest payable and similar expenses
4
-
(442,478)
Loss for the financial year before taxation
-
(239,375)
Loss for the financial year before members' remuneration and profit shares
-
0
(239,375)
Loss for the financial year before members' remuneration and profit shares
-
0
(239,375)
Members' remuneration charged as an expense
-
(49,164)
Loss for the financial year available for discretionary division among members
-
(288,539)
The notes on pages 12 to 14 form part of these financial statements
WOODSIDE AVENUE DEVELOPMENTS LLP
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,000
11,188
Creditors: amounts falling due within one year
4
-
(10,188)
Net current assets
1,000
1,000
Represented by:
Members' other interests
Members' capital classified as equity
1,000
1,000
Total members' interests
Members' other interests
1,000
1,000

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

The financial statements were approved by the members and authorised for issue on 6 March 2024 and are signed on their behalf by:
06 March 2024
Mr D. Brown
Ms S. King
for and on behalf of
for and on behalf of
Vivid Housing Limited
Aspect (Eastleigh) Limited
Designated member
Designated Member
Limited Liability Partnership Registration No. OC412318
The notes on pages 12 to 14 form part of these financial statements
WOODSIDE AVENUE DEVELOPMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Total
2023
£
£
Members' interests at 1 April 2022
1,000
1,000
Profit for the financial year available for discretionary division among members
-
-
Members' interests after profit for the year
1,000
1,000
Members' interests at 31 March 2023
1,000
1,000
WOODSIDE AVENUE DEVELOPMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors]
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 April 2021
88,642
288,539
377,181
-
-
377,181
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
49,164
49,164
49,164
Loss for the financial year available for discretionary division among members
-
(288,539)
(288,539)
-
-
(288,539)
Members' interests after loss and remuneration for the year
88,642
-
88,642
49,164
49,164
137,806
Repayments of capital
(87,642)
-
(87,642)
-
-
(87,642)
Drawings
-
-
-
(49,164)
(49,164)
(49,164)
Members' interests at 31 March 2022
1,000
-
1,000
-
-
1,000
The notes on pages 12 to 14 form part of these financial statements
WOODSIDE AVENUE DEVELOPMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Limited liability partnership information

Woodside Avenue Developments LLP is a limited liability partnership incorporated in England and Wales. The registered office is Artillery House, Fort Fareham, Newgate Lane, Fareham, PO14 1AH.

 

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 January 2017, 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. The principal accounting policies adopted are set out below.

1.2
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Assets in the course of construction are not depreciated.

WOODSIDE AVENUE DEVELOPMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.4
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 initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. 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.

1.5
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are accounted for in accordance with the accrual model within FRS 102. Government grants received in relation to tangible fixed assets are credited to the profit and loss account over the useful life of the related asset, except where the asset is an appreciating asset, whereby government grants are credited to the profit and loss account on realisation of the asset.

WOODSIDE AVENUE DEVELOPMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.6

Going concern

At 31st March 2022 the LLP ceased operating following its successful completion of its responsibilities in respect of the Woodside Avenue Development. At the date of signing these financial statements the LLP is dormant and is expected to remain dormant for the foreseeable future. As a dormant LLP, the members are satisfied that the LLP has sufficient funding and support to continue as a dormant LLP for the foreseeable future. Hence the members have prepared these financial statements on the going concern basis.

2
Employees

The company had no employees during the period.

2023
2022
Number
Number
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,000
11,188

Debtors due within one year relate to balances due from related parties.

4
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
-
10,188
5
Loans and other debts due to members

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

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