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Registered number: OC447740










NORMAN PLACE (READING) LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
NORMAN PLACE (READING) LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 8


 
NORMAN PLACE (READING) LLP
REGISTERED NUMBER: OC447740

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Stock
 4 
9,775,997

Debtors: amounts falling due within one year
 5 
279,691

Cash at bank and in hand
 6 
633

  
10,056,321

Creditors: amounts falling due within one year
 7 
(206,544)

Net current assets
  
 
 
9,849,777

Total assets less current liabilities
  
9,849,777

  

Net assets
  
9,849,777


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
(189,258)

  
(189,258)

Members' other interests
  

Members' capital classified as equity
  
10,039,035

  
 
10,039,035

  
9,849,777


Total members' interests
  

Loans and other debts due to members
 8 
(189,258)

Members' other interests
  
10,039,035

  
9,849,777


Page 1

 
NORMAN PLACE (READING) LLP
REGISTERED NUMBER: OC447740
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

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 profit and loss account 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 on                        by 31 July 2024.




................................................
Paul Richings 
for and bahalf of Bridges Property Alternatives Fund V (General Partner) LLP 
(acting in its capacity of general partner of Bridges Property Alternatives Fund V LP)
Designated Member

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
NORMAN PLACE (READING) LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Total
Other amounts
Total
Total

£
£
£
£
£

Balance at 12 June 2023
-
-
-
-
-

Other division of losses
-
-
(189,258)
(189,258)
(189,258)

Amounts introduced by members
10,039,035
10,039,035
-
-
10,039,035

Amounts due to members
(189,258)
(189,258)

Balance at 31 March 2024 
10,039,035
10,039,035
(189,258)
(189,258)
9,849,777

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
NORMAN PLACE (READING) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Norman Place (Reading) LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales. The address of its registered office is 38 Seymour Street, London, W1H 7BP.

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

Going concern

The LLP is currently reliant on its members for financial support. The members are committed to the
sustainment of the LLP and its activities, and their forecasts indicate that the LLP has the resources
to continue operating for at least 12 months from the date the financial statements are authorised.
The members have concluded that it is appropriate that the financial statements be prepared on a
going concern basis.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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 the profit and loss account.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost of sales comprises direct costs only. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.



Page 4

 
NORMAN PLACE (READING) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at the 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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.
 
Page 5

 
NORMAN PLACE (READING) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Financial liabilities


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at the transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is not reflected where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual rights to future cash flows expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The entity has no employees.
The average monthly number of members during the period was 2.


4.


Stocks

2024
£

Property under development
9,775,997

9,775,997


Page 6

 
NORMAN PLACE (READING) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Debtors

2024
£


Other debtors
239,514

Prepayments and accrued income
40,177

279,691



6.


Cash and cash equivalents

2024
£

Cash at bank and in hand
633

633



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
185,568

Amounts owed to group undertakings
59

Accruals and deferred income
20,917

206,544



8.


Loans and other amounts due from members


2024
£



Other amounts due from members
(189,258)

(189,258)


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

Page 7

 
NORMAN PLACE (READING) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Subsequent events

There have been no significant subsequent events to report since 31 March 2024 up to the date of approval of these financial statements.


10.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 31 July 2024 by Abdultaiyab Pisavadi BSc FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 8