0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,330,000 12,330,000 12,330,000 xbrli:pure xbrli:shares iso4217:GBP OC419215 2023-01-01 2023-12-31 OC419215 2023-12-31 OC419215 2022-12-31 OC419215 2022-01-01 2022-12-31 OC419215 2022-12-31 OC419215 2021-12-31 OC419215 bus:Director1 2023-01-01 2023-12-31 OC419215 bus:Director2 2023-01-01 2023-12-31 OC419215 core:WithinOneYear 2023-12-31 OC419215 core:WithinOneYear 2022-12-31 OC419215 core:AfterOneYear 2023-12-31 OC419215 core:AfterOneYear 2022-12-31 OC419215 core:BetweenOneFiveYears 2023-12-31 OC419215 core:BetweenOneFiveYears 2022-12-31 OC419215 core:LandBuildings 2023-12-31 OC419215 core:LandBuildings 2022-12-31 OC419215 bus:SmallEntities 2023-01-01 2023-12-31 OC419215 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC419215 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC419215 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC419215 bus:FullAccounts 2023-01-01 2023-12-31 OC419215 core:AfterOneYear 2023-01-01 2023-12-31
REGISTERED NUMBER: OC419215
Canal Basin Developments LLP
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Canal Basin Developments LLP
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
12,330,000
12,330,000
Current assets
Debtors
5
689,791
680,561
Cash at bank and in hand
2,780
16,773
---------
---------
692,571
697,334
Creditors: amounts falling due within one year
6
1,190,149
1,375,703
------------
------------
Net current liabilities
497,578
678,369
-------------
-------------
Total assets less current liabilities
11,832,422
11,651,631
Creditors: amounts falling due after more than one year
7
7,701,201
7,644,080
-------------
-------------
Net assets
4,131,221
4,007,551
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
8
11,338,685
11,215,015
Members' other interests
Revaluation reserve
(7,207,464)
(7,207,464)
Other reserves
-------------
-------------
4,131,221
4,007,551
-------------
-------------
Total members' interests
Loans and other debts due to members
8
11,338,685
11,215,015
Members' other interests
(7,207,464)
(7,207,464)
-------------
-------------
4,131,221
4,007,551
-------------
-------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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) relating to small LLPs.
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 financial statements .
Canal Basin Developments LLP
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 26 September 2024 , and are signed on their behalf by:
Mr C Morjaria
Mr N Morjaria
Designated Member
Designated Member
Registered number: OC419215
Canal Basin Developments LLP
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 38 Newdigate Road, CV6 5ES, Coventry.
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 December 2021 (SORP 2021).
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.
Revenue recognition
Rental income from operating leases is recognised on a straight-line basis over the lease term.
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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
12,330,000
-------------
Depreciation
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 31 December 2023
12,330,000
-------------
At 31 December 2022
12,330,000
-------------
Tangible assets held at valuation
The freehold property was valued by Cushman and Wakefield on 29 January 2020 at Market Value based on Special Assumptions.
5.
Debtors
2023
2022
£
£
Other debtors
689,791
680,561
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
152,636
362,153
Amounts owed to associated interests
764,750
831,750
Other creditors
272,763
181,800
------------
------------
1,190,149
1,375,703
------------
------------
The bank loan is secured against the property owned by the LLP.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,701,201
7,644,080
------------
------------
The bank loan is secured against the property owned by the LLP.
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
11,338,685
11,215,015
-------------
-------------
9.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
755,909
755,909
Later than 1 year and not later than 5 years
12,904,300
13,660,209
-------------
-------------
13,660,209
14,416,118
-------------
-------------