Limited Liability Partnership registration number OC401379 (England and Wales)
FERNHURST PROPERTY DEVELOPMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
FERNHURST PROPERTY DEVELOPMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr I K Adam-Smith
Mrs H Adam-Smith
Limited liability partnership number
OC401379
Registered office
High Buildings Farm
Vann Road
Fernhurst
Haslemere
Surrey
GU27 3NL
FERNHURST PROPERTY DEVELOPMENTS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FERNHURST PROPERTY DEVELOPMENTS LLP
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,337
6,538
Investment property
4
3,363,899
3,335,816
3,370,236
3,342,354
Current assets
Debtors
5
267
14,761
Cash at bank and in hand
3,989
12,604
4,256
27,365
Creditors: amounts falling due within one year
6
(82,885)
(75,459)
Net current liabilities
(78,629)
(48,094)
Total assets less current liabilities
3,291,607
3,294,260
Creditors: amounts falling due after more than one year
7
(1,900,000)
(1,900,000)
Net assets attributable to members
1,391,607
1,394,260
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,000
2,000
Other amounts
1,389,607
1,392,260
1,391,607
1,394,260

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 October 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 and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

FERNHURST PROPERTY DEVELOPMENTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 29 July 2024 and are signed on their behalf by:
29 July 2024
Mr I K Adam-Smith
Designated member
Limited Liability Partnership Registration No. OC401379
FERNHURST PROPERTY DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Fernhurst Property Developments LLP is a limited liability partnership incorporated in England and Wales. The registered office is High Buildings Farm, Vann Road, Fernhurst, Haslemere, Surrey, GU27 3NL.

 

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 December 2021, 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, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At 31 October 2023 the LLP has net current liabilities of £78,629 (2022 - £48,094).

 

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future based upon their continued support. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable, excluding value added tax. Rental income is recognised on an accruals basis.

1.4
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.

FERNHURST PROPERTY DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties

Investment property is included at fair value. Any gains or losses are recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents 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.

1.9
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.

FERNHURST PROPERTY DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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, 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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2022
64,954
Additions
879
At 31 October 2023
65,833
Depreciation and impairment
At 1 November 2022
58,416
Depreciation charged in the year
1,080
At 31 October 2023
59,496
Carrying amount
At 31 October 2023
6,337
At 31 October 2022
6,538
FERNHURST PROPERTY DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 November 2022
3,335,816
Additions
28,083
At 31 October 2023
3,363,899

Investment properties are measured at fair value with the members determining this valuation to reflect the fair value as at 31 October 2023.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
2,906,624
2,878,541
Accumulated depreciation
(438,236)
(380,104)
Carrying amount
2,470,192
2,499,281
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
267
14,761
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
82,885
75,459
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,900,000
1,900,000
FERNHURST PROPERTY DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Secured debts

The following secured debts are included within creditors:

 

Bank loans: £1,900,000 (2022 - £1,900,000)

 

A loan made by Kleinwort Hambros on 2 July 2021 is secured on a first mortgage on High Buildings Farm.

9
Loans and other debts due to members

In the event of the winding up of the LLP any surplus of assets of the LLP over its liabilities remaining at the conclusion of the winding up (after all money due to the creditors of the LLP and all expenses of the winding up) shall be payable by the liquidator to the Members, first in paying to the Members their capital contributions and secondly, in paying to the Members the balance remaining, in accordance with the respective proportions to which the Members would be entitled if they were all Outgoing Members.

10
Related party transactions

A balance of £44,000 (2022 - £50,000) was outstanding at the balance sheet date regarding an amount loaned to the LLP by the father of one of the designated members. This amount is included within other creditors. Interest is being charged on the balance at a rate of 2.59% per annum.

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