Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31002024-03-31false2023-04-01falseProperty development00false OC437085 2023-04-01 2024-03-31 OC437085 2022-04-01 2023-03-31 OC437085 2024-03-31 OC437085 2023-03-31 OC437085 2022-04-01 OC437085 7 2023-04-01 2024-03-31 OC437085 7 2022-04-01 2023-03-31 OC437085 8 2023-04-01 2024-03-31 OC437085 8 2022-04-01 2023-03-31 OC437085 10 2023-04-01 2024-03-31 OC437085 10 2022-04-01 2023-03-31 OC437085 d:CurrentFinancialInstruments 2024-03-31 OC437085 d:CurrentFinancialInstruments 2023-03-31 OC437085 d:Non-currentFinancialInstruments 2024-03-31 OC437085 d:Non-currentFinancialInstruments 2023-03-31 OC437085 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC437085 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC437085 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 OC437085 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 OC437085 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 OC437085 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 OC437085 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 OC437085 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 OC437085 e:UnitedKingdom 2023-04-01 2024-03-31 OC437085 e:UnitedKingdom 2022-04-01 2023-03-31 OC437085 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 OC437085 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 OC437085 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC437085 f:FRS102 2023-04-01 2024-03-31 OC437085 f:Audited 2023-04-01 2024-03-31 OC437085 f:FullAccounts 2023-04-01 2024-03-31 OC437085 f:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC437085 2 2023-04-01 2024-03-31 OC437085 f:PartnerLLP1 2023-04-01 2024-03-31 OC437085 f:PartnerLLP2 2023-04-01 2024-03-31 OC437085 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC437085 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC437085 d:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC437085 d:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC437085










PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP










MEMBERS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

INFORMATION




Designated Members

Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund IV LP)
Wrenbridge (Basingstoke) LLP

LLP registered number

OC437085

Registered office

38 Seymour Street
London
W1H 7BP

Independent auditors

Sumer Auditco Limited
Statutory Auditor
14th Floor
33 Cavendish Square
London
W1G 0PW


 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 6
Profit and Loss Account
7
Balance Sheet
8 - 10
Reconciliation of Members' Interests
11
Statement of Cash Flows
12
Notes to the Financial Statements
13 - 19


 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Priestley Road Basingstoke Investment LLP (the "LLP") for the year ended 31 March 2024
 

Principal activities
 
 
The principal object of the LLP is that of property development
 
 
Designated Members
 
 
Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund IV LP) and Wrenbridge (Basingstoke) LLP were Designated Members of the LLP throughout the year.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 March 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP. Profits are allocated and divided between members automatically. Automatic division of profits is recognised as Members' renumeration charged as an expense in the Profit and Loss Account and based on the Members' agreement. Members draw a proportion of their profit shares, subject to the cash requirements of the business.
 

Going concern
 
 
The LLP is currently reliant on its members for financial support. The members are committed to sustaining the LLP and its property development 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.
 
 
Page 1

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgements and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 487 of the Companies Act 2006.
 

This report was approved by the members on 8 August 2024 and signed on their behalf by:
 
 


................................................
Mr P Richings
for and on behalf of Bridges Property Alternatives Fund IV (General Partner) LLP
Designated Member


  

Page 2

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

Opinion
 

We have audited the financial statements of Priestley Road Basingstoke Investment LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:


give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 LLP'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 to going concern are described in the relevant sections of this report.


Page 3

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED)


Other information
 

The Other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the Other information contained within the Annual ReportOur opinion on the financial statements does not cover the Other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 2, 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED)


Auditors' 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 Auditors' 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.


Extend to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the LLP and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
We obtained an understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included, but were not limited to, the Companies Act 2006, the Statement of Recommended Practice for LLPs and taxation legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the LLP’s ability to operate or to avoid a material penalty.
As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue and profit/loss recognition. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same, concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; challenging assumptions and judgements made by management in their significant accounting estimates; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
Page 5

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED)




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Abdultaiyab Pisavadi BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
14th Floor
33 Cavendish Square
London
W1G 0PW

8 August 2024
Page 6

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
17,845,857
35,435,035

Cost of sales
  
(18,743,903)
(25,384,030)

Gross (loss)/profit
  
(898,046)
10,051,005

Administrative expenses
  
(23,822)
(119,074)

Operating (loss)/profit
  
(921,868)
9,931,931

Exceptional items
  
-
195,277

Interest receivable and similar income
  
107,033
50,922

  

(Loss)/profit for the year before members' remuneration and profit shares
  
(814,835)
10,178,130

Members' remuneration charged as an expense
  
814,835
(10,178,130)

Result for the year available for discretionary division among members
  
-
-

The notes on pages 13 to 19 form part of these financial statements.

Page 7

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
REGISTERED NUMBER: OC437085

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Non-Current Assets
  

Debtors: amounts falling due after more than one year
 7 
282,006
57,589

  
282,006
57,589

Current assets
  

Debtors: amounts falling due within one year
 7 
2,239,797
605,829

Cash at bank and in hand
 8 
3,018,061
10,931,615

  
5,257,858
11,537,444

Creditors: Amounts Falling Due Within One Year
 9 
(967,061)
(742,992)

Net current assets
  
 
 
4,290,797
 
 
10,794,452

Total assets less current liabilities
  
4,572,803
10,852,041

Creditors: amounts falling due after more than one year
 10 
(282,006)
(57,589)

  
4,290,797
10,794,452

Provisions for liabilities
  

Other provisions
 11 
-
(688,820)

  
 
 
-
 
 
(688,820)

Net assets attributable to members
  
4,290,797
10,105,632


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
4,290,797
9,985,326

  
4,290,797
9,985,326

Members' other interests
  

Members' capital classified as equity
  
-
120,306

  
 
-
 
120,306

  
4,290,797
10,105,632


Total members' interests
  

Loans and other debts due to members
 12 
4,290,797
9,985,326

Members' other interests
  
-
120,306

  
4,290,797
10,105,632

Page 8

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
REGISTERED NUMBER: OC437085
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 9

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
REGISTERED NUMBER: OC437085
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 8 August 2024 by:




................................................
Mr P Richings
for and on behalf of Bridges Property Alternatives
Fund IV (General Partner) LLP
Designated Member

The notes on pages 13 to 19 form part of these financial statements.

Page 10

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR 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
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members 

-
(192,804)
(192,804)


Balance at 1 April 2022 

-
-
24,923,111
(192,804)
24,730,307
24,730,307

Members' remuneration charged as an expense
-
-
-
10,178,130
10,178,130
10,178,130

Amounts introduced by members (as restated)
427,666
427,666
-
-
-
427,666

Repayment of capital
 
(25,230,471)
(25,230,471)
-
-
-
(25,230,471)

Amounts due to members
 


9,985,326
9,985,326


Balance at 31 March 2023
 
120,306
120,306
-
9,985,326
9,985,326
10,105,632

Members' remuneration charged as an expense
-
-
-
(814,835)
(814,835)
(814,835)

Repayment of capital
(120,306)
(120,306)
-
-
-
(120,306)

Amounts repaid to members
 
-
-
-
(4,879,694)
(4,879,694)
(4,879,694)

Amounts due to members
 


4,290,797
4,290,797


Balance at 31 March 2024 
-
-
-
4,290,797
4,290,797
4,290,797

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 11

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/Profit for the financial year before members’ remuneration
(814,835)
10,178,130

Adjustments for:

Interest received
(107,033)
(50,922)

Decrease in stocks
-
20,832,123

(Increase)/decrease in debtors
(1,858,385)
3,274,458

Increase in creditors
448,486
758,243

(Decrease)/increase in provisions
(688,820)
688,820

Net cash generated from operating activities before transactions with members

(3,020,587)
35,680,852

Cash flows from investing activities

Interest received
107,033
50,922

Net cash from investing activities

107,033
50,922

Cash flows from financing activities

Members' capital contributed
-
427,666

Members' capital repaid
(120,306)
(25,230,471)

Distribution paid to members
(4,879,694)
-

Net cash from financing activities
(5,000,000)
(24,802,805)

Net (decrease)/increase in cash and cash equivalents
(7,913,554)
10,928,969

Cash and cash equivalents at beginning of year
10,931,615
2,646

Cash and cash equivalents at the end of year
3,018,061
10,931,615


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,018,061
10,931,615

3,018,061
10,931,615


The notes on pages 13 to 19 form part of these financial statements.

Page 12

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Priestley Road Basingstoke Investment LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales under the Limited Liability Partnerships Act 2000. 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 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 sustaining the LLP and its property development 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

Turnover


Sale of property

Turnover comprises proceeds from the sale of property and is recognised on legal completion of the transaction.

Rendering of services

Turnover 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 turnover 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.

 
2.4

Interest income

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

 
2.5

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.

Page 13

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Taxation

Taxation on all the LLP's profits is solely the liability of individual members and is not dealt with in these financial statements.
 
  
2.7

Exceptional items

Exceptional items are transactions that the LLP has presented separately due to their size or incidence.

 
2.8

Debtors

Debtors are initially measured at the transaction price and are measured subsequently carried at amortised cost using the effective interest method, less any impairment. Debtors classified as due within one year are not amortised.

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 14

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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 their 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Profit and Loss Account. They are subsequently measured at fair value with changes to the Profit and Loss Account.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Profit and Loss Account. 
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow 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.

  
2.13

Construction contracts

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. This is normally measured by the proportion of the contract costs incurred for work performed to date compared to the estimated contract costs, except, where this would not be representative of the stage of completion. The cost recognised for the main subcontractor is based on certified valuations. However, in the event of the valuation being mid-month, there is a pro-rata estimation of the percentage completion using a linear approach based on the number of days between the previous and next valuation. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable.
If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.
When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision.

Page 16

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of property
-
32,586,500

Contract income
17,845,857
2,848,535

17,845,857
35,435,035


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,845,857
35,435,035



4.


Auditors' remunerations

During the year, the LLP obtained the following services from the LLP's auditors:


2024
2023
£
£



Fees payable to the LLP's auditors for the audit of the LLP's financial statements
13,500
13,500


5.


Employees



The entity has no employees.
The average monthly number of members during the year was 2 (2023: 2).


6.


Interest receivable

2024
2023
£
£


Other interest receivable
107,033
50,922


7.


Debtors

2024
2023
Page 17

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Debtors (continued)

£
£

Due after more than one year

Trade debtors
282,006
57,589


2024
2023
£
£

Due within one year

Other debtors
8,559
-

Prepayments and accrued income
2,231,238
605,829

2,239,797
605,829



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,018,061
10,931,615



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
20,026
27,298

Other taxation and social security
-
107,365

Contractor retentions
282,005
-

Accruals and deferred income
665,030
608,329

967,061
742,992



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Contractor retentions
282,006
57,589


Page 18

 
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Provisions





Onerous contracts

£





At 1 April 2023
688,820


Charged to profit or loss
(688,820)



At 31 March 2024
-


12.


Loans and other amounts due to members


2024
2023
£
£



Other amounts due to members
4,290,797
9,985,326



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


13.


Subsequent events

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

 
Page 19