Limited Liability Partnership registration number OC426723 (England and Wales)
TREVETH DEVELOPMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TREVETH DEVELOPMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Treveth Holdings LLP
Cornwall Council
LLP registration number
OC426723
Registered office
County Hall
Treyew Road
Truro
Cornwall
United Kingdom
TR1 3AY
Auditor
Azets Audit Services
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
TREVETH DEVELOPMENT LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7 - 8
Reconciliation of members' interests
9 - 10
Notes to the financial statements
11 - 16
TREVETH DEVELOPMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership is the development of properties for sale or for retention by other related entities.

Members' drawings, contributions and repayments

There is currently no intention for members to make any drawings or for any distributions to be made to members. A formal policy will be established as the limited liability partnership’s operations develop.

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:

Treveth Holdings LLP
Cornwall Council
Auditor

Azets Audit Services 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.

Statement of disclosure to auditor

The designated members of the LLP who held office at the date of approval of this annual report confirms that:

 

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 23 October 2024 and signed on behalf by:
23 October 2024
Treveth Holdings LLP
Cornwall Council
Designated Member
Designated Member
TREVETH DEVELOPMENT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 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.

TREVETH DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREVETH DEVELOPMENT LLP
- 3 -
Opinion

We have audited the financial statements of Treveth Development LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and notes 1 to 10 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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.

TREVETH DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREVETH DEVELOPMENT 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.

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.

TREVETH DEVELOPMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREVETH DEVELOPMENT LLP
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Matthew Webb
Senior Statutory Auditor
For and on behalf of Azets Audit Services
25 October 2024
Chartered Accountants
Statutory Auditor
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
TREVETH DEVELOPMENT LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Turnover
21,656,688
291,604
Project expenses
(27,443,017)
(1,141,908)
Gross loss
(5,786,329)
(850,304)
Administrative expenses
(42,361)
(12,663)
Operating loss
(5,828,690)
(862,967)
Interest receivable and similar income
8,054
2
Interest payable and similar expenses
4
(224,231)
(258,334)
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members
(6,044,867)
(1,121,299)
TREVETH DEVELOPMENT LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks and work in progress
5
35,906,104
30,234,913
Debtors
6
330,154
6,190,489
Cash at bank and in hand
31,686
557,712
36,267,944
36,983,114
Creditors: amounts falling due within one year
7
(3,719,351)
(3,329,375)
Net current assets
32,548,593
33,653,739
Creditors: amounts falling due after more than one year
8
(1,815,000)
(3,678,766)
Net assets attributable to members
30,733,593
29,974,973
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
100
100
Other amounts
38,927,832
32,124,345
38,927,932
32,124,445
Members' other interests
Other reserves classified as equity
(8,194,339)
(2,149,472)
30,733,593
29,974,973
Total members' interests
Loans and other debts due to members
38,927,932
32,124,445
Members' other interests
(8,194,339)
(2,149,472)
30,733,593
29,974,973

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

TREVETH DEVELOPMENT LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 8 -
The financial statements were approved by the members and authorised for issue on 23 October 2024 and are signed on their behalf by:
23 October 2024
Treveth Holdings LLP
Cornwall Council
Designated member
Designated Member
Limited Liability Partnership Registration No. OC426723
TREVETH DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
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
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
32,124,345
Members' interests at 1 April 2023
(2,149,472)
100
32,124,345
32,124,445
29,974,973
Loss for the financial year available for discretionary division among members
(6,044,867)
-
-
-
(6,044,867)
Members' interests after loss for the year
(8,194,339)
100
32,124,345
32,124,445
23,930,106
Introduced by members
-
-
6,803,487
6,803,487
6,803,487
Members' interests at 31 March 2024
(8,194,339)
100
38,927,832
38,927,932
30,733,593
TREVETH DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
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
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
16,665,803
Members' interests at 1 April 2022
(1,028,173)
100
16,665,803
16,665,903
15,637,730
Loss for the financial year available for discretionary division among members
(1,121,299)
-
-
-
(1,121,299)
Members' interests after loss for the year
(2,149,472)
100
16,665,803
16,665,903
14,516,431
Introduced by members
-
-
15,458,542
15,458,542
15,458,542
Members' interests at 31 March 2023
(2,149,472)
100
32,124,345
32,124,445
29,974,973
TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Treveth Development LLP is a limited liability partnership incorporated in England and Wales. The registered office is County Hall, Treyew Road, Truro, Cornwall, United Kingdom, TR1 3AY.

 

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This limited liability partnership is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this limited liability partnership, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The limited liability partnership has therefore taken advantage of exemptions from the following disclosure requirements:

The financial statements of the limited liability partnership are consolidated in the financial statements of Cornwall Council. These consolidated financial statements are available from its registered office, County Hall, Treyew Road, Truro, TR1 3AY.

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. Specifically Treveth Holdings LLP has provided a letter of support confirming that it will provide financial support as necessary, including, but not limited to, provision of working capital funding and ongoing and further provision of intercompany loans, to enable the limited liability partnership to settle in full all valid creditors or claims and ensure the limited liability partnership remains a going concern for a period of at least 18 months from 23 September 2024. In addition existing facilities provided by Treveth Holdings LLP are not required to be repaid until the limited liability partnership has sufficient available funds. Accordingly, the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue from consultancy services and management charges is recognised as the services are performed.

 

Revenue from the sale of residential properties is recognised on legal completion,

TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
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.

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to compete and sell.

 

Work in progress comprises planning fees, direct materials, labour costs, site overheads, associated professional charges, other attributable overheads and borrowing costs capitalised.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised 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.

TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors, 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.

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.

 

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.

TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. Grants relating to development projects are recognised in Project Expenses as a deduction from the related expense. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.9

Borrowing costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities include the inputs and estimates used in determining the carrying amount of stocks and work in progress, including impairment (which requires estimation of costs to complete and sales values) and the apportionment of cost of sales on sale of completed properties.

TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
10
Interest payable to group undertakings
3,053,389
1,690,619
Interest capitalised
(2,829,158)
(1,432,295)
Total finance costs
224,231
258,334
5
Stocks and work in progress
2024
2023
£
£
Work in progress
31,325,104
30,234,913
Properties for resale
4,581,000
-
35,906,104
30,234,913

The above figures are net of impairment provisions of £10,052,635 (2023: £5,870,136).

 

Impairment is calculated as the difference between the cost of development and the value that will be realised for the assets being developed.  As most of the properties are sold to other related entities on completion the value is determined by the polices adopted within the Treveth group of entities.  A change to the approach in the financial year has resulted in crystalising the total anticipated loss in the year rather than on completion of the assets under construction in future years.

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,673
108,489
Other debtors
281,481
6,082,000
330,154
6,190,489
TREVETH DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,206,798
2,393,849
Government grants
-
230,353
Other creditors
2,512,553
705,173
3,719,351
3,329,375
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Government grants
1,815,000
3,678,766
9
Loans and other debts due to members

Amounts owed to members are subject to interest at 8.30% (2023: 6.92%) and are repayable on demand. Treveth Holdings LLP and Cornwall Council hold fixed and floating charges over the assets and undertaking of the company. In the event of a winding up the unsecured amounts included in "Loans and other debtors due to members" will rank equally with unsecured creditors.

10
Parent entity

The controlling parent of Treveth Development LLP is Treveth Holdings LLP.

The ultimate controlling party is Cornwall Council by way of its ultimate 100% ownership interest in Treveth Holdings LLP.

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