Limited Liability Partnership registration number OC323881 (England and Wales)
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
St. Paul's Developments Ltd
Fitzalan Estates Limited
LLP registration number
OC323881
Registered office
6a Hall Annex Thorncliffe Park Estate
Newton Chambers Road
Chapeltown
Sheffield
South Yorkshire
England
S35 2PH
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Svenska Handelsbanken AB
7th Floor
3 St Paul's Place
129 Norfolk Street
Sheffield
S1 2JE
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Notes to the financial statements
10 - 13
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The members present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the limited liability partnership continued to be that of the acquisition of land, its reclamation and enhancement of value through obtaining planning consents, development and ultimate sale of developments.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

St. Paul's Developments Ltd
Fitzalan Estates Limited
Statement of members' responsibilities

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Small LLPs exemption

In preparing this report, the members have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006 (as applied to Limited Liability Partnerships by regulation 3of the Limited Liability Partnerships Regulations 2008) and the Statement of Recommended Practice ('SORP'), 'Accounting by Limited Liability Partnerships'.

Approved by the members on 23 August 2024 and signed on behalf by:
23 August 2024
St. Paul's Developments Ltd
Designated Member
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
- 3 -
Opinion

We have audited the financial statements of Smithy Wood Business Parks Development LLP (the 'limited liability partnership') for the year ended 30 November 2023 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 limited liability partnership’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
- 4 -
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:

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, was as follows:

 

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

and from our commercial knowledge and experience of the limited liability partnership;

financial statements or the operations of the LLP;

enquiries of management and inspecting legal correspondence; and

alert to instances of non-compliance throughout the audit.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
- 5 -

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by:

 

knowledge of actual, suspected and alleged fraud;

regulations; and

 

To address the risk of fraud through management bias and override of controls, we:

 

of potential bias;

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures

which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may

involve deliberate concealment or collusion

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Lisa Leighton
Senior Statutory Auditor
For and on behalf of BHP LLP
27 August 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2023
2022
£
£
Turnover
75,811
1,599,458
Cost of sales
(9,960)
(869,467)
Gross profit
65,851
729,991
Administrative expenses
(41,080)
(35,010)
Other operating income
-
100
Profit for the financial year before members' remuneration and profit shares
24,771
695,081
Members' remuneration charged as an expense
(24,771)
(695,081)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 7 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3,092,776
3,088,676
Debtors
4
59,659
54,853
Cash at bank and in hand
78,028
337,857
3,230,463
3,481,386
Creditors: amounts falling due within one year
5
(170,450)
(196,144)
Net current assets and net assets attributable to members
3,060,013
3,285,242
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,060,013
3,285,242

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 23 August 2024 and are signed on their behalf by:
23 August 2024
St. Paul's Developments Ltd
Designated member
Limited Liability Partnership registration number OC323881 (England and Wales)
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Members' interests at 1 December 2022
3,285,242
3,285,242
3,285,242
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
24,771
24,771
24,771
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
3,310,013
3,310,013
3,310,013
Drawings on account and distributions of profit
(250,000)
(250,000)
(250,000)
Members' interests at 30 November 2023
3,060,013
3,060,013
3,060,013
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2022
£
£
£
Members' interests at 1 December 2021
3,990,161
3,990,161
3,990,161
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
695,081
695,081
695,081
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
4,685,242
4,685,242
4,685,242
Drawings on account and distributions of profit
(1,400,000)
(1,400,000)
(1,400,000)
Members' interests at 30 November 2022
3,285,242
3,285,242
3,285,242
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
1
Accounting policies
Limited liability partnership information

Smithy Wood Business Parks Development LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6a Hall Annex Thorncliffe Park Estate, Newton Chambers Road, Chapeltown, Sheffield, South Yorkshire, England, S35 2PH.

 

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue arising from the sale of land and property. It is stated at the fair value of consideration receivable, net of value added tax, rebates and discounts.

 

Revenue from the sale of land and property is recognised when the significant risks and benefits of ownership of the property have transferred to the buyer based on specific contract terms.

 

Rentals under operating leases are credited to the Statement of Comprehensive Income on a straight line basis over the lease term. Benefits allowed as an incentive to sign an operating lease are recognised on a straight line basis over the period.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
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.

1.4
Stocks

Stocks comprise of land development costs. They are stated at the lower of cost and net realisable value, after provisions.

 

Cost is based on the cost of direct expenditure, labour and attributable overheads.

 

Net realisable value is the estimated selling price less all further costs to complete and all costs to be incurred in marketing and selling.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 11 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
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.

1.6
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Stock held is reviewed for impairments against the open market continuously throughout the year and at the Balance Sheet date by reference to external sources and where necessary independent valuations. Management use these valuations to decide whether an impairment is required.

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,991
1,701
Other debtors
3,287
6,277
Prepayments and accrued income
47,381
46,875
59,659
54,853
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
289
30,565
Other creditors
170,161
165,579
170,450
196,144
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Operating lease commitments
Lessor

At the reporting end date the limited liability partnership had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
177,228
259,821
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200falsefalseOC3238812022-12-012023-11-30OC323881bus:PartnerLLP12022-12-012023-11-30OC323881bus:PartnerLLP22022-12-012023-11-30OC3238812023-11-30OC3238812021-12-012022-11-30OC323881bus:LimitedLiabilityPartnershipLLP2022-12-012023-11-30OC323881bus:FRS1022022-12-012023-11-30OC323881bus:Audited2022-12-012023-11-30OC323881bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP