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Registered number: OC335231










East Kent Opportunities LLP










Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
East Kent Opportunities LLP
Registered number: OC335231

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
915,672
1,163,328

  
915,672
1,163,328

Current assets
  

Debtors: amounts falling due within one year
 5 
7,812,254
7,225,780

Cash at bank and in hand
 6 
1,081,541
1,351,484

  
8,893,795
8,577,264

Creditors: Amounts Falling Due Within One Year
 7 
(125,908)
(209,641)

Net current assets
  
 
 
8,767,887
 
 
8,367,623

  

Net assets
  
9,683,559
9,530,951


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
9,961,000
9,961,000

Other reserves classified as equity
  
(277,441)
(430,049)

  
 
9,683,559
 
9,530,951

  
9,683,559
9,530,951


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(7,812,254)
(7,225,780)

Members' other interests
  
9,683,559
9,530,951

  
1,871,305
2,305,171


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 



Kent County Council
Thanet District Council
Designated member
Designated member
Date: 12 November 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
East Kent Opportunities LLP
 

Statement of changes in equity
For the year ended 31 March 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£


At 1 April 2022
9,961,000
(514,955)
9,446,045


Comprehensive income for the year

Profit for year for discretionary division among members
-
128,129
128,129

Allocated profit
-
(128,129)
(128,129)


Contributions by and distributions to members

Transfer to/from profit and loss account
-
84,906
84,906



At 1 April 2023
9,961,000
(430,049)
9,530,951


Comprehensive income for the year

Profit for year for discretionary division among members
-
166,134
166,134

Allocated profit
-
(166,134)
(166,134)


Contributions by and distributions to members

Transfer to/from profit and loss account
-
152,608
152,608


At 31 March 2024
9,961,000
(277,441)
9,683,559

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
East Kent Opportunities LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

East Kent Opportunities LLP is a limited liability partnership incorporated in England. The address of the registered office is Room 3.17, Session House, County Road, Maidstone, Kent, ME14 1XG. The principal activities of the LLP can be found within the Members' report.

2.Accounting policies

  
2.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies. 
The company's financial statements are presented to the nearest Pound.
The following principal accounting policies at 2.2 to 2.8 have been applied.

 
2.2

Going concern

The LLP has £1,081,541 included in cash at the bank. The LLP meets its day to day working capital requirements through these reserves. As a consequence, the members believe that the LLP is well placed to manage its business risks successfully.
After making enquiries, the members have a reasonable expectation that the LLP has adequate financial resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

  
2.3
Tangible fixed assets

Land is recorded at fair value at the date of the revaluation less any accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers and updated by the members at the year end.
Revaluation gains and losses are recognised in the Statement of comprehensive income.
Land is not depreciated.
At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
East Kent Opportunities LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash 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 amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

 
2.7

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 the effective interest method.

Page 4

 
East Kent Opportunities LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The entity has no employees other than the members, who did not receive any remuneration (2023 -£NIL).





The entity has no employees.


4.


Tangible fixed assets





Freehold  land

£



Cost or valuation


At 1 April 2023
1,163,328


Disposals
(247,656)



At 31 March 2024
915,672







Net book value




At 31 March 2024
915,672



At 31 March 2023
1,163,328

The 2021 valuations were made based on valuations undertaken by Savills (UK) Limited Chartered Surveryors as at 25 February 2021. The 2024 valuations were made by the directors on a fair value basis. It is the opinion of the directors that the value at the balance sheet date is the same as at the valuation date. 


5.


Debtors

2024
2023
£
£


Amounts due from members
7,812,254
7,225,780

7,812,254
7,225,780


Page 5

 
East Kent Opportunities LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,081,541
1,351,484

1,081,541
1,351,484



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
106,041
200,276

Accruals and deferred income
19,867
9,365

125,908
209,641



8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 13 November 2024 by Mark Attwood FCCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.

Page 6