Limited Liability Partnership Registration No. OC363838 (England and Wales)
GHINN DEVELOPMENT PROJECTS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
GHINN DEVELOPMENT PROJECTS LLP
CONTENTS
Page
LLP information
1
Members' report
3 - 4
Statement of comprehensive income
5
Balance sheet
6 - 7
Notes to the financial statements
8 - 11
The following pages do not form part of the financial statements
Accountants' report
13
Detailed profit and loss account
14
Schedule of administrative expenses
12
GHINN DEVELOPMENT PROJECTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mr G. Ghinn
Ms M. Weeks
Limited liability partnership number
OC363838
Registered office
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
GHINN DEVELOPMENT PROJECTS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
- 2 -

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.

GHINN DEVELOPMENT PROJECTS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 3 -

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

Principal activities

The principal activity of the limited liability partnership continued to be that of building and design.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

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:

Mr G. Ghinn
Ms. M Weeks
GHINN DEVELOPMENT PROJECTS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -

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 G. Ghinn
Designated Member
GHINN DEVELOPMENT PROJECTS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2023
2022
£
£
Administrative expenses
(1,181)
(88)
Loss for the financial year before taxation
(1,181)
(88)
Loss for the financial year before members' remuneration and profit shares
(1,181)
(88)
Loss for the financial year before members' remuneration and profit shares
(1,181)
(88)
Members' remuneration charged as an expense
-
-
Loss for the financial year available for discretionary division among members
(1,181)
(88)
The notes on pages 8 to 11 form part of these financial statements
GHINN DEVELOPMENT PROJECTS LLP
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 6 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
337,904
337,904
Creditors: amounts falling due within one year
4
(372,172)
(370,991)
Net current liabilities
(34,268)
(33,087)
Represented by:
Loans and other debts due to members within one year
5
Amounts due in respect of profits
(33,087)
(32,999)
Members' other interests
5
Other reserves classified as equity
(1,181)
(88)
(34,268)
(33,087)
Total members' interests
5
Loans and other debts due to members
(33,087)
(32,999)
Members' other interests
(1,181)
(88)
(34,268)
(33,087)
GHINN DEVELOPMENT PROJECTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 7 -

For the financial year ended 31 July 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 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 26 July 2024 and are signed on their behalf by:
26 July 2024
Mr G. Ghinn
Designated member
Limited Liability Partnership Registration No. OC363838
GHINN DEVELOPMENT PROJECTS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
1
Accounting policies
Limited liability partnership information

Ghinn Development Projects LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Granary, Hones Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB.

 

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.

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.

1.3
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GHINN DEVELOPMENT PROJECTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 9 -
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 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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GHINN DEVELOPMENT PROJECTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 10 -
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 and loans from fellow group companies 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.

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 fair value though 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees

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

GHINN DEVELOPMENT PROJECTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
337,904
337,904
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
156,923
155,742
Accruals and deferred income
215,249
215,249
372,172
370,991
5
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
£
£
£
£
Amounts due to members
(32,999)
Members' interests at 1 August 2022
(88)
(32,999)
(32,999)
(33,087)
Loss for the financial year available for discretionary division among members
(1,181)
-
-
(1,181)
Members' interests after loss for the year
(1,269)
(32,999)
(32,999)
(34,268)
Allocation of loss for the financial year
88
(88)
(88)
-
Members' interests at 31 July 2023
(1,181)
(33,087)
(33,087)
(34,268)
Amounts due to members
(33,087)
(33,087)
GHINN DEVELOPMENT PROJECTS LLP
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JULY 2023
GHINN DEVELOPMENT PROJECTS LLP
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
2023
2022
£
£
Administrative expenses
Accountancy
1,181
88
1,181
88
GHINN DEVELOPMENT PROJECTS LLP
REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GHINN DEVELOPMENT PROJECTS LLP
- 13 -

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the limited liability partnership for the year ended 31 July 2023.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the limited liability partnership keeps adequate accounting records and prepares financial statements that give “a true and fair view”.

You have determined that the limited liability partnership is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

 

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

TC Group
26 July 2024
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
2023-07-312022-08-01falseCCH SoftwareCCH Accounts Production 2024.100falsetrueOC3638382022-08-012023-07-31OC363838bus:PartnerLLP12022-08-012023-07-31OC363838bus:PartnerLLP22022-08-012023-07-31OC3638382021-08-012022-07-31OC3638382023-07-31OC363838bus:LimitedLiabilityPartnershipLLP2022-08-012023-07-31OC363838bus:FRS1022022-08-012023-07-31OC363838bus:AuditExemptWithAccountantsReport2022-08-012023-07-31OC363838bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP