Silverfin false 31/01/2024 01/02/2023 31/01/2024 16-24 Clare Street Limited Partnership 28/02/2018 Bristol Clare Street Limited 01/04/2023 Coppergate Property Management Ltd 01/04/2023 22/07/2021 25 November 2024 OC421242 2024-01-31 OC421242 bus:Director1 2024-01-31 OC421242 bus:Director2 2024-01-31 OC421242 bus:Director3 2024-01-31 OC421242 2023-01-31 OC421242 core:CurrentFinancialInstruments 2024-01-31 OC421242 core:CurrentFinancialInstruments 2023-01-31 OC421242 core:Non-currentFinancialInstruments 2024-01-31 OC421242 core:Non-currentFinancialInstruments 2023-01-31 OC421242 2023-02-01 2024-01-31 OC421242 bus:FullAccounts 2023-02-01 2024-01-31 OC421242 bus:SmallEntities 2023-02-01 2024-01-31 OC421242 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 OC421242 bus:LimitedLiabilityPartnershipLLP 2023-02-01 2024-01-31 OC421242 bus:Director1 2023-02-01 2024-01-31 OC421242 bus:Director2 2023-02-01 2024-01-31 OC421242 bus:Director3 2023-02-01 2024-01-31 OC421242 2022-02-01 2023-01-31 OC421242 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: OC421242 (England and Wales)

16-24 CLARE STREET BRISTOL LLP

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

16-24 CLARE STREET BRISTOL LLP

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

16-24 CLARE STREET BRISTOL LLP

BALANCE SHEET

As at 31 January 2024
16-24 CLARE STREET BRISTOL LLP

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 3,809,314 3,600,000
3,809,314 3,600,000
Current assets
Debtors 4 0 51,607
0 51,607
Creditors: amounts falling due within one year 5 ( 287,453) ( 3,600)
Net current (liabilities)/assets (287,453) 48,007
Total assets less current liabilities 3,521,861 3,648,007
Creditors: amounts falling due after more than one year 6 ( 2,339,696) ( 2,335,204)
Net assets attributable to members 1,182,165 1,312,803
Represented by
Members' other interests
Members' capital classified as equity 2,859,272 2,900,976
Other reserves (1,677,107) (1,588,173)
1,182,165 1,312,803
1,182,165 1,312,803
Total members' interests
Members' other interests 1,182,165 1,312,803
1,182,165 1,312,803

For the financial year ending 31 January 2024 the LLP 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.

Members' responsibilities:

The financial statements of 16-24 Clare Street Bristol LLP (registered number: OC421242) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Bristol Clare Street Limited
Designated member
16-24 CLARE STREET BRISTOL LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 January 2024
16-24 CLARE STREET BRISTOL LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 January 2024
EQUITY
Members' other interests
Total members' interests
Members' capital (classified as equity) Other reserves Total Total
£ £ £ £
Balance at 01 February 2022 1,315,030 (1,476,263) (161,233) (161,233)
Loss for the financial year available for discretionary division among members 0 (111,910) (111,910) (111,910)
Members' interest after loss for the financial year 1,315,030 (1,588,173) (273,143) (273,143)
Introduced by members 1,585,946 0 1,585,946 1,585,946
Balance at 31 January 2023 2,900,976 (1,588,173) 1,312,803 1,312,803
Loss for the financial year available for discretionary division among members 0 (88,934) (88,934) (88,934)
Members' interest after loss for the financial year 2,900,976 (1,677,107) 1,223,869 1,223,869
Repayment of capital (41,704) 0 (41,704) (41,704)
Balance at 31 January 2024 2,859,272 (1,677,107) 1,182,165 1,182,165

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

16-24 CLARE STREET BRISTOL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
16-24 CLARE STREET BRISTOL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

16-24 Clare Street Bristol LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 34-38 Hill Rise Holbrooke House, Richmond, TW10 6UA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent that is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 being measured at 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.

Members' participation rights

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.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 3,600,000
Additions 209,314
As at 31 January 2024 3,809,314

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 4,145,658 3,936,344

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 0 51,414
Other debtors 0 193
0 51,607

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 287,453 3,600

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 2,339,696 2,335,204

The long term loans are secured by fixed charges over the assets of the entity.