0 22 August 2024 false false false false false false false false false false false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,056,454 3,150 1,059,604 1,059,604 1,056,454 xbrli:pure xbrli:shares iso4217:GBP OC350097 2022-12-01 2023-11-30 OC350097 2023-11-30 OC350097 2022-11-30 OC350097 bus:Director1 2022-12-01 2023-11-30 OC350097 core:WithinOneYear 2023-11-30 OC350097 core:WithinOneYear 2022-11-30 OC350097 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 OC350097 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-11-30 OC350097 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 OC350097 core:Non-currentFinancialInstruments 2023-11-30 OC350097 core:Non-currentFinancialInstruments 2022-11-30 OC350097 bus:SmallEntities 2022-12-01 2023-11-30 OC350097 bus:Audited 2022-12-01 2023-11-30 OC350097 bus:FullAccounts 2022-12-01 2023-11-30 OC350097 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 OC350097 bus:LimitedLiabilityPartnershipLLP 2022-12-01 2023-11-30
REGISTERED NUMBER: OC350097
Wavendon Residential Properties LLP
Filleted Financial Statements
30 November 2023
Wavendon Residential Properties LLP
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wavendon Residential Properties LLP
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
1,059,604
1,056,454
Current assets
Debtors
5
4,625,043
Cash at bank and in hand
429,829
65,814
---------
------------
429,829
4,690,857
Creditors: amounts falling due within one year
6
241,607
6,643
---------
------------
Net current assets
188,222
4,684,214
------------
------------
Total assets less current liabilities
1,247,826
5,740,668
------------
------------
Net assets
1,247,826
5,740,668
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
1,247,826
5,740,668
------------
------------
Members' other interests
Other reserves
------------
------------
1,247,826
5,740,668
------------
------------
Total members' interests
Amounts due from members
(1)
Loans and other debts due to members
7
1,247,826
5,740,668
Members' other interests
------------
------------
1,247,826
5,740,667
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
Wavendon Residential Properties LLP
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the members and authorised for issue on 22 August 2024 , and are signed on their behalf by:
D Phillips Properties Limited
Designated Member
Registered number: OC350097
Wavendon Residential Properties LLP
Notes to the Financial Statements
Year ended 30 November 2023
1.
General information
Wavendon Residential Properties LLP is a limited liability partnership registered in England and Wales. The address of the registered office is D N S House, 382 Kenton Road, Harrow, Middlesex, United Kingdom, HA3 8DP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017). There were no material departures from that standard.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The principal accounting policies adopted in preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.
Going concern
As at the point of authorising the accounts, and for the foreseeable future, the members consider the going concern assumption to still be appropriate. The members acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the members to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.
Investments
As stated in note 4, the investment relates to land held by the LLP for future development. This is held at cost on the basis that the land is held for development purposes as opposed to long term capital gain or rental income. Rental income earned is generated on a proportion of the land in relation to its current use, however this is incidental to the company's aims.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4.
Investments
Other investments other than loans
£
Cost
At 1 December 2022
1,056,454
Additions
3,150
------------
At 30 November 2023
1,059,604
------------
Impairment
At 1 December 2022 and 30 November 2023
------------
Carrying amount
At 30 November 2023
1,059,604
------------
At 30 November 2022
1,056,454
------------
Investments comprise development property, carried in the financial statements at cost.
There is a landowners agreement dated 10 May 2010 with The Warden and Scholars of the House or College of Scholars of Merton College of Oxford, the income derived from this investment is apportioned, and the income in the accounts of Wavendon Residential Properties LLP represents the partnership's half share.
5.
Debtors
2023
2022
£
£
Trade debtors
4,625,000
Other debtors
43
----
------------
4,625,043
----
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,800
Social security and other taxes
233,307
Other creditors
6,500
6,643
---------
-------
241,607
6,643
---------
-------
7.
Loans and other debts due to members
2023
2022
£
£
Loans from members
283,935
Amounts owed to members in respect of profits
1,247,826
5,456,733
------------
------------
1,247,826
5,740,668
------------
------------
If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up, after payment of all money due to creditors of the LLP and all expenses of the winding up, the liquidator shall pay the surplus sum to the Members in accordance with the respective proportions to which the Members share profits.
8.
Summary audit opinion
The auditor's report for the year dated 22 August 2024 was unqualified .
The senior statutory auditor was Sunil Phakkey FCCA , for and on behalf of Pritchard Fellows & Co .
9.
Related party transactions
Consultancy services of £12,500 (2022 - £5,000) were received from D Phillips Properties Limited whose director is a designated member within the LLP.