REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BRIP 5 (MAIDENHEAD) LLP |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BRIP 5 (MAIDENHEAD) LLP |
BRIP 5 (MAIDENHEAD) LLP (REGISTERED NUMBER: OC439816) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BRIP 5 (MAIDENHEAD) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Batchworth Lock House |
99 Church Street |
Rickmansworth |
WD3 1JJ |
BRIP 5 (MAIDENHEAD) LLP (REGISTERED NUMBER: OC439816) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
100 |
100 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 100 | 100 |
100 | 100 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 100 | 100 |
Amounts due from members | 4 | (9,535 | ) | (4,780 | ) |
(9,435 | ) | (4,680 | ) |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
BRIP 5 (MAIDENHEAD) LLP (REGISTERED NUMBER: OC439816) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
BRIP 5 (Maidenhead) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Functional and presentation currency |
The LLP'S functional and presentational currency is GBP. |
Basis of preparation other than going concern |
The financial statements have been prepared on a break up basis as the members proposed to wind up the partnership. |
The financial statements include adjustments that are necessary to reflect the break up basis of preparation. |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue recognition |
Revenue consists of the sales of residential houses net of discounts and sales incentives. Sales of houses are recognised on legal completion. |
Cost of sales |
Home building cost of sales include land, construction, design, advertising and site overheads. All such costs are written off on a site by site basis by comparing turnover to date for the whole site, and applying the resulting proportion to the total forecast costs. |
Finance costs |
Interest incurred by the company is charged to the profit or loss account in that period. It is charged to the profit or loss account in accordance with the stage of completion of the development. |
Stocks and work in progress |
Stocks, including land held for and in the course of development, are valued at the lower cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the stocks and work in progress to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
Stocks are valued on a first in, first out (FIFO) basis. |
Land stock is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts. |
Property stock, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges attributable to the development. |
Financial instruments |
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. |
BRIP 5 (MAIDENHEAD) LLP (REGISTERED NUMBER: OC439816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Division and distribution of profits |
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. |
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires decision to be made by the LLP, which it has the unconditional right to avoid making. |
The LLP divides profit automatically. Automatic divisions of profits are recognised as "Members remuneration charged as an expense" in the profit or loss accounts. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method , less any impairment. |
Cash and cash equivalents |
Cash is represented by in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
BRIP 5 (MAIDENHEAD) LLP (REGISTERED NUMBER: OC439816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Bank loans |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Bank loans |
Loans |
Bank loan and other loans are secured by a registered charge by way of fixed and floating charge over the land and all property. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking of the LLP is BRIP 5 (Maidenhead BC) LLP, incorporated in England and Wales with registered address at Grafton House, Pury Hill Business Park, Towcester, Northamptonshire NN12 7LS. |
The ultimate controlling party is Barwood Capital Holdings Limited, a company registered in England and Wales. |