Limited Liability Partnership registration number OC338342 (England and Wales)
TREBOR DEVELOPMENTS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
TREBOR DEVELOPMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
R S Tattrie
Miss L Townsend
LLP registration number
OC338342
Registered office
Beech House
Lydiate Business Park
Lydiate Ash
Bromsgrove
Worcestershire
B61 0QL
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TREBOR DEVELOPMENTS LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 19
TREBOR DEVELOPMENTS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The members present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of property development, the provision of development services and strategic advice to clients in the public and private sector.

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:

R S Tattrie
Miss L Townsend
Auditor

Ormerod Rutter Limited were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

 

Approved by the members on 12 September 2024 and signed on behalf by:
12 September 2024
R S Tattrie
Designated Member
TREBOR DEVELOPMENTS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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.

TREBOR DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREBOR DEVELOPMENTS LLP
- 3 -
Opinion

We have audited the financial statements of Trebor Developments LLP (the 'limited liability partnership') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows 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.

TREBOR DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREBOR DEVELOPMENTS 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the partnership and industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates and judgmental areas of the financial statements such as the recognition of deferred tax asset. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

TREBOR DEVELOPMENTS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREBOR DEVELOPMENTS LLP
- 5 -

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.

Colm McGrory FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
13 September 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TREBOR DEVELOPMENTS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2024
2023
Notes
£
£
Turnover
11,193,702
21,914,037
Cost of sales
(1,512,937)
(6,442,170)
Gross profit
9,680,765
15,471,867
Administrative expenses
(1,576,699)
(1,285,683)
Operating profit
3
8,104,066
14,186,184
Interest receivable and similar income
7
42,327
20,143
Interest payable and similar expenses
8
(231)
-
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
8,146,162
14,206,327

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

TREBOR DEVELOPMENTS LLP
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
16,671
30,547
Investments
10
5
5
16,676
30,552
Current assets
Debtors
12
2,702,497
8,588,640
Cash at bank and in hand
879,604
2,168,847
3,582,101
10,757,487
Creditors: amounts falling due within one year
13
(1,466,757)
(1,030,181)
Net current assets
2,115,344
9,727,306
Total assets less current liabilities and net assets attributable to members
2,132,020
9,757,858
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
2,130,760
9,756,598
Members' other interests
Members' capital classified as equity
1,260
1,260
2,132,020
9,757,858
The financial statements were approved by the members and authorised for issue on 12 September 2024 and are signed on their behalf by:
12 September 2024
R S Tattrie
Designated member
Limited Liability Partnership registration number OC338342 (England and Wales)
TREBOR DEVELOPMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 July 2023
1,260
-
1,260
9,756,598
9,756,598
9,757,858
Profit for the financial year available for discretionary division among members
-
8,146,162
8,146,162
-
-
8,146,162
Members' interests after profit for the year
1,260
8,146,162
8,147,422
9,756,598
9,756,598
17,904,020
Allocation of profit for the financial year
-
(8,146,162)
(8,146,162)
8,146,162
8,146,162
-
Drawings on account and distributions of profit
-
-
-
(15,772,000)
(15,772,000)
(15,772,000)
Members' interests at 30 June 2024
1,260
-
1,260
2,130,760
2,130,760
2,132,020
TREBOR DEVELOPMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 July 2022
1,800
-
1,800
14,961,295
14,961,295
14,963,095
Profit for the financial year available for discretionary division among members
-
14,206,327
14,206,327
-
-
14,206,327
Members' interests after profit for the year
1,800
14,206,327
14,208,127
14,961,295
14,961,295
29,169,422
Allocation of profit for the financial year
-
(14,206,327)
(14,206,327)
14,206,327
14,206,327
-
Introduced by members
60
-
60
1,317,816
1,317,816
1,317,876
Repayments of capital
(600)
-
(600)
-
-
(600)
Repayment of debt (including members' capital classified as a liability)
-
-
-
(1,317,816)
(1,317,816)
(1,317,816)
Drawings on account and distributions of profit
-
-
-
(19,411,024)
(19,411,024)
(19,411,024)
Members' interests at 30 June 2023
1,260
-
1,260
9,756,598
9,756,598
9,757,858
TREBOR DEVELOPMENTS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
14,442,154
19,595,163
Interest paid
(231)
-
Net cash inflow from operating activities
14,441,923
19,595,163
Investing activities
Purchase of tangible fixed assets
(1,493)
(33,578)
Interest received
42,327
20,143
Net cash generated from/(used in) investing activities
40,834
(13,435)
Financing activities
Capital introduced by members (classified as debt or equity)
-
1,317,876
Repayment of capital or debt to members
-
(1,318,416)
Payments to members
(15,772,000)
(19,411,024)
Net cash used in financing activities
(15,772,000)
(19,411,564)
Net (decrease)/increase in cash and cash equivalents
(1,289,243)
170,164
Cash and cash equivalents at beginning of year
2,168,847
1,998,683
Cash and cash equivalents at end of year
879,604
2,168,847
TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Trebor Developments LLP is a limited liability partnership incorporated in England and Wales. The registered office is Beech House, Lydiate Business Park, Lydiate Ash, Bromsgrove, Worcestershire, B61 0QL.

 

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

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.

1.4
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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Distributions to members are classified as financing cash flows within the cash flow statement because they represent claims on cash flows by the providers of capital to the LLP.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers and office equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the limited liability partnership has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.8
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.

1.9
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.

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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.

1.10
Employee benefits

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

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
15,369
12,848
Operating lease charges
41,120
40,011
4
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
10,750
10,750
For other services
All other non-audit services
17,035
15,700
5
Employees

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

2024
2023
Number
Number
9
9

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
975,866
2,001,954
Social security costs
108,367
168,266
Pension costs
36,060
33,155
1,120,293
2,203,375
6
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
2024
2023
£
£
Profit attributable to the member with the highest entitlement
7,738,854
12,636,368
TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42,327
20,143
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
42,327
20,143
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
231
-
9
Tangible fixed assets
Computers and office equipment
£
Cost
At 1 July 2023
59,806
Additions
1,493
At 30 June 2024
61,299
Depreciation and impairment
At 1 July 2023
29,259
Depreciation charged in the year
15,369
At 30 June 2024
44,628
Carrying amount
At 30 June 2024
16,671
At 30 June 2023
30,547
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in joint ventures
11
5
5
TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
11
Joint ventures
Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
Deeside Regeneration Limited
England & Wales
Ordinary
50.00

The investment of £5 represents the 50% investment in the Joint Venture, Deeside Regeneration Limited on 25 February 2019.

The latest available financial statements for Deeside Regeneration Limited show a loss of £1,462 for the year ended 31 March 2023 (2022: £2,514 profit).

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
625,825
480,661
Other debtors
1,993,892
8,036,882
Prepayments and accrued income
82,780
71,097
2,702,497
8,588,640
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,696
17,231
Other taxation and social security
21,613
22,917
Other creditors
1,095,850
795,705
Accruals and deferred income
325,598
194,328
1,466,757
1,030,181
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,060
33,155

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
15
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
2,130,760
9,756,598

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

16
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
34,750
34,750
Between two and five years
65,156
99,906
99,906
134,656
17
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with signifcant influence over the LLP
-
-
-
10,798
Entities over which the LLP has joint control
65,000
68,254
-
-
Other related parties
2,430,000
1,050,000
-
-

Management charges of £nil (2023: £10,798) were incurred by the LLP from an entity with significant influence over the LLP during the year. The trading balance due to the entity with significant influence over the LLP in respect of other charges as at 30 June 2024 was £nil (2023: £nil).

TREBOR DEVELOPMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Related party transactions
(Continued)
- 19 -

During the year, sales of £65,000 (2023: £68,254) were made to an entity over which the LLP has joint control. The trading balance due from the entity over which the LLP has joint control at 30 June 2024 was £nil (2023: £nil).

 

The entity over which the LLP has joint control is a related party by virtue of the members of the LLP being directors of the company.

 

During the year, sales of £2,430,000 (2023: £1,050,000) were made to another related party. The trading balance due from the other related party at 30 June 2024 was £1,005,304 (2023: £10,000).

 

The other related party is a related party by virtue of the members of the LLP being members of the related party.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,005,304
10,000
18
Cash generated from operations
2024
2023
£
£
Profit for the year
8,146,162
14,206,327
Adjustments for:
Finance costs recognised in profit or loss
231
-
Investment income recognised in profit or loss
(42,327)
(20,143)
Depreciation and impairment of tangible fixed assets
15,369
12,848
Movements in working capital:
Decrease in stocks
-
189,675
Decrease in debtors
5,886,143
10,870,659
Increase/(decrease) in creditors
436,576
(4,302,203)
Decrease in deferred income
-
(1,362,000)
Cash generated from operations
14,442,154
19,595,163
19
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
2,168,847
(1,289,243)
879,604
Loans and other debts due to members:
- Other amounts due to members
(9,756,598)
7,625,838
(2,130,760)
Balances including members' debt
(7,587,751)
6,336,595
(1,251,156)
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