Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01Property Development00truetrue OC438479 2023-04-01 2024-03-31 OC438479 2022-04-01 2023-03-31 OC438479 2024-03-31 OC438479 2023-03-31 OC438479 c:CurrentFinancialInstruments 2024-03-31 OC438479 c:CurrentFinancialInstruments 2023-03-31 OC438479 c:CurrentFinancialInstruments 1 2024-03-31 OC438479 c:CurrentFinancialInstruments 1 2023-03-31 OC438479 c:Non-currentFinancialInstruments 2024-03-31 OC438479 c:Non-currentFinancialInstruments 2023-03-31 OC438479 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC438479 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC438479 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC438479 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC438479 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC438479 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC438479 e:FRS102 2023-04-01 2024-03-31 OC438479 e:Audited 2023-04-01 2024-03-31 OC438479 e:FullAccounts 2023-04-01 2024-03-31 OC438479 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC438479 e:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC438479 2 2023-04-01 2024-03-31 OC438479 e:PartnerLLP1 2023-04-01 2024-03-31 OC438479 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC438479 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC438479 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC438479 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC438479










AYLESFORD INVESTMENT LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
AYLESFORD INVESTMENT LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 9


 
AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Stock
 4 
51,923,493
22,786,592

Debtors: amounts falling due within one year
 5 
1,918,757
63,785

Cash at bank and in hand
 6 
924,362
3,703,696

  
54,766,612
26,554,073

Creditors: Amounts Falling Due Within One Year
 7 
(7,519,239)
(66,701)

Net current assets attributable to members
  
 
 
47,247,373
 
 
26,487,372

Total assets less current liabilities
  
47,247,373
26,487,372

Creditors: amounts falling due after more than one year
 8 
(18,829,181)
-

  
28,418,192
26,487,372

  

Net assets attributable to members
  
28,418,192
26,487,372


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
(196,221)
(167,881)

  
(196,221)
(167,881)

Members' other interests
  

Members' capital classified as equity
  
28,614,413
26,655,253

  
 
28,614,413
 
26,655,253

  
28,418,192
26,487,372


Total members' interests
  

Loans and other debts due to members
 10 
(196,221)
(167,881)

Members' other interests
  
28,614,413
26,655,253

  
28,418,192
26,487,372


Page 1

 
AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479
    
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 V (General Partner) LLP
Designated Member

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
AYLESFORD 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
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 

(115,287)
(115,287)


Balance at 1 April 2022 
94,500
94,500
(115,287)
(115,287)
(20,787)

Members' remuneration charged as an expense
-
-
(52,594)
(52,594)
(52,594)

Amounts introduced by members
 
26,560,753
26,560,753
-
-
26,560,753

Amounts due to/ (from) members
 


(167,881)
(167,881)


Balance at 31 March 2023
26,655,253
26,655,253
(167,881)
(167,881)
26,487,372

Members' remuneration charged as an expense
-
-
(28,340)
(28,340)
(28,340)

Amounts introduced by members
4,959,160
4,959,160
-
-
4,959,160

Repayment of capital
 
(3,000,000)
(3,000,000)
-
-
(3,000,000)

Amounts due to /(from) members
 


(196,221)
(196,221)


Balance at 31 March 2024 
28,614,413
28,614,413
(196,221)
(196,221)
28,418,192

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

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Aylesford 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

Interest income

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

 
2.4

Finance costs

Finance costs associated with development of the property, including the loss on the interest rate cap have been capitalised to the stock.

 
2.5

Debtors

Short-term debtors are measured at 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.

 
2.6

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.

 
2.7

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.


Page 4

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.


 
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 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.

Page 5

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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 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.

  
2.10

Critical accounting estimates and judgements

In application of the LLP’s accounting policies,as mentoned above, the members are required to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities. The nature of estimation and judgement means that actual result may differ and may result in a material adjustment to carrying amount of the asset or liability affected in future periods.
Net realisable value of stock
Stock consists of land held for development and is held at the lower of cost and net realisable value. The estimation of the recoverable value of the property under development, is inherently subjective. This is due to certain assumptions that are required to be made about property market performance in the future as well as cost estimation. As a result, the recoverable value is subject to a degree of uncertainty and is determined on the basis of assumptions which may not prove to be accurate.

Page 6

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

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


4.


Stock

2024
2023
£
£

Property under development
51,923,493
22,786,592



5.


Debtors

2024
2023
£
£


Other debtors
1,594,732
63,785

Prepayments and accrued income
99,085
-

Financial instruments
224,940
-

1,918,757
63,785



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
924,362
3,703,696



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,364,923
53,201

Accruals and deferred income
3,154,316
13,500

7,519,239
66,701


Page 7

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
18,829,181
-



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Bank loans
18,829,181
-


The loan shown is secured by fixed and floating charge held over all the assets of the LLP.


10.


Loans and other amounts due to members


2024
2023
£
£



Other amounts due from members
(196,221)
(167,881)



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


11.


Related party transaction

During the year, project and development management fees of £219,106 (2023: £137,250) were charged by a Designated Member of the LLP.


12.


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.

Page 8

 
AYLESFORD INVESTMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


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 9