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Registered number: OC339999
Chertsey Court LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Agnitio Accountants Ltd
Contents
Page
Balance Sheet 1—2
Reconciliation of Members' Interests 3—4
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: OC339999
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,532,960 2,514,999
2,532,960 2,514,999
CURRENT ASSETS
Debtors 5 15,723 10,800
Cash at bank and in hand 13,048 4,757
28,771 15,557
Creditors: Amounts Falling Due Within One Year 6 (26,015 ) (2,125 )
NET CURRENT ASSETS (LIABILITIES) 2,756 13,432
TOTAL ASSETS LESS CURRENT LIABILITIES 2,535,716 2,528,431
Creditors: Amounts Falling Due After More Than One Year 7 (654,979 ) (654,979 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,880,737 1,873,452
REPRESENTED BY:
Equity
Members' other interests
Revaluation reserve 1,232,735 1,232,735
Other reserves 648,002 640,717
1,880,737 1,873,452
TOTAL MEMBERS' INTEREST
Members' other interests 1,880,737 1,873,452
1,880,737 1,873,452
Page 1
Page 2
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr D J Llewellyn
Designated Member
29/08/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Revaluation Reserve Other Reserves Total Equity Other amounts Total members' interest
£ £ £ £ £
Balance at 1 April 2022 1,232,735 638,779 1,871,514 - 1,871,514
Profit/(loss) for the financial year available for discretionary division among members - 1,938 1,938 - 1,938
Members' interests after profit/(loss) for the year 1,232,735 640,717 1,873,452 - 1,873,452
As at 31 March 2023 and 1 April 2023 1,232,735 640,717 1,873,452 - 1,873,452
Members' remuneration charged as an expense, including employment and retirement benefit costs - - - - -
Profit/(loss) for the financial year available for discretionary division among members - 7,285 7,285 - 7,285
Members' interests after profit/(loss) for the year 1,232,735 648,002 1,880,737 - 1,880,737
Other divisions of profits (losses) - - - - -
As at 31 March 2024 1,232,735 648,002 1,880,737 - 1,880,737
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Chertsey Court LLP is a limited liability partnership, incorporated in England & Wales, registered number OC339999 . The Registered Office is 15 St.Andrews Crescent, Cardiff, CF10 3DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
2.4. 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.

Other Financial Assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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
...CONTINUED
Page 4
Page 5
2.4. Financial Instruments - continued

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.

Basic Financial Liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

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.

Other Financial Liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of Financial Liabilities

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



3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 2,533,018
Additions 17,961
As at 31 March 2024 2,550,979
Depreciation
As at 1 April 2023 18,019
As at 31 March 2024 18,019
...CONTINUED
Page 5
Page 6
Net Book Value
As at 31 March 2024 2,532,960
As at 1 April 2023 2,514,999
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,000 7,000
Prepayments and accrued income 10,723 3,800
15,723 10,800
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,115 159
Accruals and deferred income 6,900 1,966
26,015 2,125
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Loans 654,979 654,979
Page 6