Limited Liability Partnership Registration No. OC380574 (England and Wales)
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
CONTENTS
Page
Members' responsibilities statement
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 8
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
-
579,716
Current assets
Trade and other receivables
4
-
63,666
Current liabilities
5
-
(581,354)
Net current liabilities
-
(517,688)
Total assets less current liabilities and net assets attributable to members
-
62,028
Represented by:
Members' other interests
Members' capital classified as equity
-
1,000
Other reserves classified as equity
-
61,028
-
62,028
Total members' interests
Members' other interests
-
62,028

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

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 11 November 2024 and are signed on their behalf by:
11 November 2024
The Buckinghamshire Group Limited
Designated member
Limited Liability Partnership Registration No. OC380574
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2023
£
£
£
Members' interests at 1 June 2022
1,000
61,028
62,028
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss for the year
1,000
61,028
62,028
Other divisions of profits
-
(61,028)
(61,028)
Repayments of capital
(1,000)
-
(1,000)
Members' interests at 31 May 2023
-
-
-
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2022
£
£
£
Members' interests at 1 June 2021
1,000
61,028
62,028
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss for the year
1,000
61,028
62,028
Members' interests at 31 May 2022
1,000
61,028
62,028
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Ballinderry Limited Liability Partnership is a limited liability partnership incorporated in England and Wales. The registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.

 

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 2018, 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. The principal accounting policies adopted are set out below.

1.2
Going concern

On 1 June 2022, the limited liability partnership transferred its assets and liabilities to its parent company and repaid the members capital. The limited liability partnership has not traded in the year and the financial statements therefore reflect these balance sheet transactions only. From 1 June 2022, the limited liability partnership remained dormant and it will continue to be so for the foreseeable future. As such, as the limited liability partnership remains solvent and could continue to trade in the future, the financial statements have been prepared on a going concern basis.

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.

 

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 profits are automatically divided as they arise, the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

 

Conversely, where profits are divided only after a decision by the LLP or its representative, the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.5
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.

1.6
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 trade and other receivables and 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.

BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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 trade and other payables, 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 payables 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 payables 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.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.8

Taxation

Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
579,716

Fixed asset investments with a carrying amount of £nil (2022: £579,716) have been pledged to secure liabilities of the Group. Details of these liabilities are given in note 7.

Movements in non-current investments
Shares in associates
£
Cost or valuation
At 1 June 2022
579,716
Disposals
(579,716)
At 31 May 2023
-
Carrying amount
At 31 May 2023
-
At 31 May 2022
579,716
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
48,056
Amounts owed by undertakings in which the LLP has a participating interest
-
15,610
-
63,666

Debtors with a carrying amount of £nil (2022: £63,666) have been pledged to secure liabilities of the Group. Details of these liabilities are given in note 7.

5
Current liabilities
2023
2022
£
£
Other payables
-
578,716
Accruals and deferred income
-
2,638
-
581,354
BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Michelle Pettifer.
The auditor was Morris Lane.
7
Financial commitments, guarantees and contingent liabilities

At 31 May 2022, the limited liability partnership had secured borrowings of its ultimate parent company, The Buckinghamshire Group Limited. The borrowings were secured by way of fixed and floating charge over all its assets, a debenture and an intercompany guarantee up to a maximum amount of £13,000,000. At 31 May 2022, the maximum exposure of the company in respect of amounts drawn by the parent company was £8,883,755. During the year, the borrowings for which security had been given were repaid and the limited liability partnership has subsequently been released from the security.

 

At 31 May 2023, the limited liability partnership had contingent liabilities amounting to £nil (2022: £370,290), in respect of interest due on loans made by the operators of a pension fund of which a director of the parent company is a beneficiary. The interest is only payable when specific contingent conditions are conditions are met namely on repayment of the loan balance which is dependant on the disposal of the limited liability partnership’s interest of Alum Care Limited.

 

8
Related party transactions

Included within other receivables is an amount of £nil (2022: £48,056) owed to the limited liability partnership by its ultimate parent company. The loan is interest free and repayable on demand.

 

Included within other receivables is an amount of £nil (2022: £15,610) owed to the limited liability partnership by a company which the LLP has significant influence over. The loan is interest free and repayable on demand.

 

Included within other payables is an amount of £nil (2022: £571,000) owed by the limited liability partnership to the operators of a pension fund of which a director of the parent company is a beneficiary. Please see note 7 for further details.

 

Included within other payables is an amount of £nil (2022: £7,716) owed by the limited liability partnership to a shareholder of the limited liability partnership's ultimate parent company. This loan is interest free and the loan is repayable on demand.

 

On 1 June 2022, as part of a group reorganisation, the limited liability partnership transferred its assets and liabilities to The Buckinghamshire Group Limited.  Included in the transfer were the shares held by the limited liability partnership in Alum Care Limited, a fellow group undertaking, totalling £579,716 and loans due to other related parties of £571,000 and £7,716.

 

BALLINDERRY LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
9
Parent company

The ultimate parent company is The Buckinghamshire Group Limited, whose registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.

The ultimate controlling parties are the directors of The Buckinghamshire Group Limited by virtue of their 80% shareholding of the issued share capital in the company.

The smallest and largest group into which the limited liability partnership is consolidated is The Buckinghamshire Group Limited.

2023-05-312022-06-01false12 November 2024CCH SoftwareCCH Accounts Production 2024.100This audit opinion is unqualifiedfalsefalseOC3805742022-06-012023-05-31OC3805742023-05-31OC380574dpl:Item12022-06-012023-05-31OC380574bus:PartnerLLP12022-06-012023-05-31OC3805742021-06-012022-05-31OC380574bus:LimitedLiabilityPartnershipLLP2022-06-012023-05-31OC380574bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-31OC380574bus:FRS1022022-06-012023-05-31OC380574bus:Audited2022-06-012023-05-31OC380574bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:shares