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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,101
1,101
1,101
xbrli:pure
xbrli:shares
iso4217:GBP
OC333103
2022-11-01
2023-12-31
OC333103
2023-12-31
OC333103
2022-10-31
OC333103
2022-01-01
2022-10-31
OC333103
2022-10-31
OC333103
2021-12-31
OC333103
core:FurnitureFittings
2022-11-01
2023-12-31
OC333103
core:MotorVehicles
2022-11-01
2023-12-31
OC333103
bus:Director1
2022-11-01
2023-12-31
OC333103
core:FurnitureFittings
2022-10-31
OC333103
core:FurnitureFittings
2023-12-31
OC333103
core:MotorVehicles
2023-12-31
OC333103
core:WithinOneYear
2023-12-31
OC333103
core:WithinOneYear
2022-10-31
OC333103
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
OC333103
core:Non-currentFinancialInstruments
2023-12-31
OC333103
core:Non-currentFinancialInstruments
2022-10-31
OC333103
core:FurnitureFittings
2022-10-31
OC333103
bus:SmallEntities
2022-11-01
2023-12-31
OC333103
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-12-31
OC333103
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-12-31
OC333103
bus:LimitedLiabilityPartnershipLLP
2022-11-01
2023-12-31
OC333103
bus:FullAccounts
2022-11-01
2023-12-31
REGISTERED NUMBER:
OC333103
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
|
31 Dec 23 |
31 Oct 22 |
Note |
£ |
£ |
|
|
|
Fixed assets
Tangible assets |
5 |
55,762 |
23,570 |
Investments |
6 |
1,101 |
1,101 |
|
-------- |
-------- |
|
56,863 |
24,671 |
|
|
|
|
Current assets
Debtors |
7 |
1,708,675 |
2,447,994 |
Cash at bank and in hand |
1,740,834 |
3,163,996 |
|
------------ |
------------ |
|
3,449,509 |
5,611,990 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,423,556 |
2,164,450 |
|
------------ |
------------ |
Net current assets |
1,025,953 |
3,447,540 |
|
------------ |
------------ |
Total assets less current liabilities |
1,082,816 |
3,472,211 |
|
------------ |
------------ |
Net assets |
1,082,816 |
3,472,211 |
|
------------ |
------------ |
|
|
|
|
Represented by:
Loans and other debts due to members
Members' capital classified as a liability |
9 |
1,000 |
1,000 |
Other amounts |
9 |
2,102,252 |
2,102,252 |
|
------------ |
------------ |
|
2,103,252 |
2,103,252 |
|
|
|
|
Members' other interests
Other reserves |
(1,020,436) |
1,368,959 |
|
------------ |
------------ |
|
1,082,816 |
3,472,211 |
|
------------ |
------------ |
|
|
|
Total members' interests
Amounts due from members |
(2,000) |
(2,000) |
Loans and other debts due to members |
9 |
2,103,252 |
2,103,252 |
Members' other interests |
(1,020,436) |
1,368,959 |
|
------------ |
------------ |
|
1,080,816 |
3,470,211 |
|
------------ |
------------ |
|
|
|
|
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.
Statement of Financial Position (continued) |
|
31 December 2023
For the period 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
.
These financial statements were approved by the
members
and authorised for issue on
25 September 2024
, and are signed on their behalf by:
Early Associates LLP |
Designated Member |
|
Registered number:
OC333103
Notes to the Financial Statements |
|
Period from 1 November 2022 to 31 December 2023
The LLP is registered in England and Wales. The address of the registered office is 5th Floor, Parsonage Chambers, 3 The Parsonage, Manchester, M3 4JE.
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 2018 (SORP 2018).
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.
Consolidation
The LLP has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 on the basis that the LLP and its subsidiary undertakings comprise a small group.
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships, and has not prepared group account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where management judgement has been applied that have the most significant effect on the amounts recognised in the financial statements are the assessment of the amount of developers return due to the partnership on the projects in process, and the consideration of potential contingent liabilities in relation to certain guarantees provided within the projects in process.
Revenue recognition
Revenue represents fees receivable in respect of development management services and is recognised to the extent that the limited liability partnership obtains the rights to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. Revenue from group companies is recognised to the extent that it is receivable from its external clients revenue recognition.
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'.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
Motor vehicles |
- |
25% straight line |
|
Equipment |
- |
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to
14
(2022:
10
).
|
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 November 2022 |
34,835 |
– |
|
60,900 |
Additions |
– |
53,600 |
– |
53,600 |
|
-------- |
-------- |
-------- |
--------- |
At 31 December 2023 |
34,835 |
53,600 |
|
114,500 |
|
-------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 November 2022 |
19,735 |
– |
|
37,330 |
Charge for the period |
5,721 |
12,283 |
|
21,408 |
|
-------- |
-------- |
-------- |
--------- |
At 31 December 2023 |
25,456 |
12,283 |
|
58,738 |
|
-------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 December 2023 |
9,379 |
41,317 |
|
55,762 |
|
-------- |
-------- |
-------- |
--------- |
At 31 October 2022 |
15,100 |
– |
|
23,570 |
|
-------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 November 2022 and 31 December 2023 |
1,101 |
|
------- |
Impairment |
|
At 1 November 2022 and 31 December 2023 |
– |
|
------- |
|
|
Carrying amount |
|
At 31 December 2023 |
1,101 |
|
------- |
At 31 October 2022 |
1,101 |
|
------- |
|
|
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
Trade debtors |
66,847 |
269,084 |
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest |
1,338,831 |
1,350,558 |
Other debtors |
302,997 |
828,352 |
|
------------ |
------------ |
|
1,708,675 |
2,447,994 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
Trade creditors |
62,830 |
93,646 |
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
– |
636,489 |
Social security and other taxes |
132,089 |
185,902 |
Other creditors |
2,228,637 |
1,248,413 |
|
------------ |
------------ |
|
2,423,556 |
2,164,450 |
|
------------ |
------------ |
|
|
|
9. |
Loans and other debts due to members |
|
|
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
Loans from members |
2,102,252 |
2,102,252 |
Other amounts |
1,000 |
1,000 |
|
------------ |
------------ |
|
2,103,252 |
2,103,252 |
|
------------ |
------------ |
|
|
|
10. |
Related party transactions |
|
|
Early Associates LLP
- a designated member of the LLP Early Associates LLP
has provided working capital to the LLP in the form of loan notes. At 31 December 2023 the amount outstanding was £2,102,252 (31 October 2022: £2,102,252) and this is included within loans and other debts due to members. Loan funding provided by the members and outstanding at the year end is repayable upon dates between on demand and the date of the termination of the LLP, and attracts interest (treated as members' remuneration charged as an expense) of between Nil and LIBOR plus 2.5%. No interest has been charged on the loan nor recognised within members remuneration charged as an expense. The LLP has advanced a loan to Early Associates LLP
amounting to £2,000 (2022 - £2,000) and this is included within amounts due from members. This loan is unsecured and carries no interest. Early Associates LLP
, as a designated member, is entitled to a share of the profits earned by the LLP. On 1 January 2016. Early Associates LLP
gifted its right to future shares in the profits of the LLP and interest earned on loan notes to Genr8 Investments Limited. Genr8 Investments Limited - a designated member of the LLP At 31 December 2023 the company was gifted the share of profits allocated (but undistributed) to Early Associates LLP
of £2,102,252 (31 October 2022 - £2,102,252) and interest earned on loan notes of nil (2022 - nil). Genr8 Smithfield Hotel Limited On the 14 November 2022, the company left the group and was no longer a group entity from that date. Included within other creditors is £1,000 (2022 - £1,000) representing amounts due to the company. Included within Other Debtors is £nil (2022 "Amounts due from group undertakings" - £311,915) representing monies due from the company. Included within Other Creditors is £252,280 (2022 "Amounts due to group undertakings" - £632,289) representing amounts owed to the company. Genr8 Smithfield Works Limited On the 14 November 2022, the company left the group and was no longer a group entity from that date. Included within Other Debtors is £9,606 (2022 "Amounts owed by group undertakings" - £705,168) representing monies due from the company. The LLP received £77,198 (2022 - £191,511) from the company during the period in respect of directors, development management fees and historic costs. Smithfield (Stoke) Management Company Limited - subsidiary company Included within other creditors is £1 (2022 - £1) representing amounts due to the subsidiary company. Included within other debtors is £10,000 (2022 - £10,000 ) representing working capital advanced which was repayable on demand, unsecured and carries no interest. The LLP paid £606 (2022 - £1,265) to the subsidiary in respect of management fees incurred. Genr8 Management Services Limited - a fellow subsidiary of Genr8 Investments Limited Included within amounts due from group undertakings is £266,548 (2022 - £333,476) representing monies due from the subsidiary. The LLP received management fees of £258,609 (2022 - £144,806) in relation to services provided to Genr8 Management Services Limited. Included within amounts due to group undertakings is £nil (2022 - £4,200) representing amounts owed to the subsidiary. The LLP paid amounts of £nil (2022 - £62,453) in relation to services provided by the subsidiary. Genr8 Rochdale Limited - the LLP has a 50% interest in Genr8 Rochdale Limited Included within trade debtors is an amount of £150,036 (2022: £140,624) owed by the company. Included within other creditors is £100 (2022 - £100) representing amounts due to Genr8 Rochdale Limited. The LLP received £423,747 (2022 - £3,066,062) from Genr8 Rochdale Limited during the period in respect of directors, development management fees and historic costs. The LLP also received a dividend of £nil (2022: £362,500) from the company.
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.