Limited Liability Partnership Registration No. OC438968 (England and Wales)
Latchets LLP
Formerly Codham Hall (Holdings) LLP
Annual report and unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Latchets LLP
Formerly Codham Hall (Holdings) LLP
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Latchets LLP
Formerly Codham Hall (Holdings) LLP
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
-
3,140,462
Investments
4
28,748,763
-
28,748,763
3,140,462
Current assets
Debtors
5
-
87,084
Cash at bank and in hand
66
890,822
66
977,906
Creditors: amounts falling due within one year
6
-
(283,347)
Net current assets
66
694,559
Total assets less current liabilities and net assets attributable to members
28,748,829
3,835,021
Represented by:
Members' other interests
Members' capital accounts
28,748,829
3,835,021
28,748,829
3,835,021

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 27 September 2024 and are signed on their behalf by:
27 September 2024
C S Padfield
Designated member
Limited Liability Partnership registration number OC438968 (England and Wales)
Latchets LLP
Formerly Codham Hall (Holdings) LLP
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Limited liability partnership information

Latchets LLP is a limited liability partnership incorporated in England and Wales. The registered office is Codham Hall, Codham Hall Lane, Great Warley, Brentwood, Essex, CM13 3JT.

 

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.3
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.

Latchets LLP
Formerly Codham Hall (Holdings) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3

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.

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Unlisted investments 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.

1.6
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.

1.7
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, 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.

Latchets LLP
Formerly Codham Hall (Holdings) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
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.

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.

Latchets LLP
Formerly Codham Hall (Holdings) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Derecognition of financial liabilities

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

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
3,140,461
Additions
35,926
Net gains or losses through fair value adjustments
25,484,113
Disposals
(28,660,500)
At 31 March 2024
-
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
28,748,763
-
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
-
Additions
28,748,763
At 31 March 2024
28,748,763
Carrying amount
At 31 March 2024
28,748,763
At 31 March 2023
-
Latchets LLP
Formerly Codham Hall (Holdings) LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
41,758
Other debtors
-
45,326
-
87,084
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
134,387
Taxation and social security
-
96,572
Other creditors
-
52,388
-
283,347
7
Loans and other debts due to members

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

8
Related party transactions

Latchets LLP is connected to S & J Padfield Estates LLP, S & J Padfield & Partners LLP, S & J Padfield (Farms) Limited, S & J Padfield (Contracts) Limited, S & J Padfield (Handling) Limited, S & J Padfield (Lands) LLP, Codham Hall Estates Limited and Codham Hall Holdings Limited through common designated members and directors.

 

Included within other creditors is a balance of £Nil (2023: £1,318) due to S & J Padfield Estates LLP, a balance of £Nil (2023: £1) owed to S & J Padfield (Lands) LLP and a balance of £Nil (2023: £21,810) due to S & J Padfield & Partners LLP.

 

Services provided from S & J Padfield & Partners LLP amounted to £323,420 (2023: £318,539).

 

On 29 February 2024 the LLP transferred its trade and net assets to Codham Hall Holdings Limited for consideration of £28,748,763 in exchange for ordinary share capital in that company at market valuation.

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