Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseProperty development00falsetrue OC434679 2023-04-01 2024-03-31 OC434679 2022-04-01 2023-03-31 OC434679 2024-03-31 OC434679 2023-03-31 OC434679 c:CurrentFinancialInstruments 2024-03-31 OC434679 c:CurrentFinancialInstruments 2023-03-31 OC434679 c:Non-currentFinancialInstruments 2024-03-31 OC434679 c:Non-currentFinancialInstruments 2023-03-31 OC434679 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC434679 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC434679 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC434679 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC434679 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 OC434679 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 OC434679 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC434679 d:FRS102 2023-04-01 2024-03-31 OC434679 d:Audited 2023-04-01 2024-03-31 OC434679 d:FullAccounts 2023-04-01 2024-03-31 OC434679 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC434679 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC434679 2 2023-04-01 2024-03-31 OC434679 d:PartnerLLP1 2023-04-01 2024-03-31 OC434679 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC434679 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC434679 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC434679 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC434679










NEW ROAD STEVENAGE INVESTMENT LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
NEW ROAD STEVENAGE INVESTMENT LLP
 

CONTENTS



Page
Balance Sheet
1 - 3
Reconciliation of Members' Interests
4
Notes to the Financial Statements
5 - 10


 
NEW ROAD STEVENAGE INVESTMENT LLP
REGISTERED NUMBER: OC434679

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Non-Current Assets
  

Dectors: amounts falling due after more than one year
 7 
712,758
547,024

  
712,758
547,024

Current assets
  

Debtors: amounts falling due within one year
 4 
4,989,727
3,397,914

Cash at bank and in hand
 5 
120,666
7,565,234

  
5,110,393
10,963,148

Creditors: Amounts Falling Due Within One Year
 6 
(648,837)
(3,433,246)

Net current assets
  
 
 
4,461,556
 
 
7,529,902

Total assets less current liabilities
  
5,174,314
8,076,926

Creditors: amounts falling due after more than one year
 7 
(712,758)
(547,024)

  
4,461,556
7,529,902

Provisions for liabilities
  

Other provisions
 8 
(411,756)
(2,521,441)

  
 
 
(411,756)
 
 
(2,521,441)

Net assets attributable to members
  
4,049,800
5,008,461

Page 1

 
NEW ROAD STEVENAGE INVESTMENT LLP
REGISTERED NUMBER: OC434679
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
1,509,683
5,008,461

  
1,509,683
5,008,461

Members' other interests
  

Members' capital classified as equity
  
2,540,117
-

  
 
2,540,117
 
-

  
4,049,800
5,008,461


Total members' interests
  

Loans and other debts due to members
 9 
1,509,683
5,008,461

Members' other interests
  
2,540,117
-

  
4,049,800
5,008,461


Page 2

 
NEW ROAD STEVENAGE INVESTMENT LLP
REGISTERED NUMBER: OC434679
    
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 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 5 to 10 form part of these financial statements.

Page 3

 
NEW ROAD STEVENAGE 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 
-
(20,778)
(20,778)


Balance at 1 April 2022 
-
-
14,290,906
(20,778)
14,270,128
14,270,128

Balance at 1 April 2022
 
14,290,906
14,290,906
-
(20,778)
(20,778)
14,270,128

Members' remuneration charged as an expense
-
-
-
6,173,551
6,173,551
6,173,551

Repayment of capital
(14,290,906)
(14,290,906)
-
-
-
(14,290,906)

Repayment of debt
-
-
-
(1,144,312)
(1,144,312)
(1,144,312)

Amounts due to members
 


5,008,461
5,008,461


Balance at 31 March 2023
 
-
-
-
5,008,461
5,008,461
5,008,461

Members' remuneration charged as an expense
-
-
-
(3,498,778)
(3,498,778)
(3,498,778)

Amounts introduced by members
2,540,117
2,540,117
-
-
-
2,540,117

Amounts due to members
 


1,509,683
1,509,683


Balance at 31 March 2024 
2,540,117
2,540,117
-
1,509,683
1,509,683
4,049,800

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 4

 
NEW ROAD STEVENAGE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

New Road Stevenage Investment LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales under the Limited Liability Partnership 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 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 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 5

 
NEW ROAD STEVENAGE 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

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.

 
2.8

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.

 
2.9

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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
NEW ROAD STEVENAGE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

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
Page 7

 
NEW ROAD STEVENAGE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

derivative contract is entered into, with costs being charged to the Profit and Loss Account. They are subsequently measured at fair value with changes in 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.



  
2.12

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.


3.


Employees

The entity has no employees.

The average monthly number of members during the year was 2 (2023: 2).


4.


Debtors

Page 8

 
NEW ROAD STEVENAGE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
£
£

Due after more than one year

Retentions
712,758
547,024


2024
2023
£
£

Due within one year

Other debtors
160,448
8,408

Prepayments and accrued income
4,829,279
3,389,506

4,989,727
3,397,914



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
120,666
7,565,234



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
10,320
41,240

Accruals and deferred income
638,517
3,392,006

648,837
3,433,246



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Contractor retentions
712,758
547,024


Page 9

 
NEW ROAD STEVENAGE INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Provisions





Onerous contracts

£





At 1 April 2023
2,521,441


Charged to profit or loss
(2,109,685)



At 31 March 2024
411,756


9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,509,683
5,008,461



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


10.


Subsequent events

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


11.


Auditors' information



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

The audit report was signed on 8 August 2024 by Abdultaiyab Pisavadi BSc FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 10