Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity24truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC374425 2023-04-01 2024-03-31 OC374425 2022-04-01 2023-03-31 OC374425 2024-03-31 OC374425 2023-03-31 OC374425 c:OfficeEquipment 2023-04-01 2024-03-31 OC374425 c:OfficeEquipment 2024-03-31 OC374425 c:OfficeEquipment 2023-03-31 OC374425 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC374425 c:CurrentFinancialInstruments 2024-03-31 OC374425 c:CurrentFinancialInstruments 2023-03-31 OC374425 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC374425 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC374425 d:FRS102 2023-04-01 2024-03-31 OC374425 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC374425 d:FullAccounts 2023-04-01 2024-03-31 OC374425 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC374425 c:WithinOneYear 2024-03-31 OC374425 c:WithinOneYear 2023-03-31 OC374425 c:BetweenOneFiveYears 2024-03-31 OC374425 c:BetweenOneFiveYears 2023-03-31 OC374425 2 2023-04-01 2024-03-31 OC374425 d:PartnerLLP3 2023-04-01 2024-03-31 OC374425 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC374425 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC374425 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC374425










CHASESTEAD SPECIAL PROJECTS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CHASESTEAD SPECIAL PROJECTS LLP
REGISTERED NUMBER:OC374425

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
-
95

Current assets
  

Stocks
 5 
7,893
7,893

Debtors: amounts falling due within one year
 6 
155,197
60,258

Cash at bank and in hand
 7 
441,303
133,881

  
604,393
202,032

Creditors: amounts falling due within one year
 8 
(508,335)
(181,981)

Net current assets
  
 
 
96,058
 
 
20,051

  

Net assets
  
96,058
20,146


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
96,054
20,142

Members' other interests
  

Members' capital classified as equity
  
4
4

  
96,058
20,146


Total members' interests
  

Loans and other debts due to members
 9 
96,054
20,142

Members' other interests
  
4
4

  
96,058
20,146


Page 1

 
CHASESTEAD SPECIAL PROJECTS LLP
REGISTERED NUMBER:OC374425
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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: 




................................................
Robin Moore
Designated Member

Date: 6 November 2024


The notes on pages 3 to 9 form part of these financial statements.

Chasestead Special Projects LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The LLP is a limited liability partnership incorporated in England and Wales.
The registered office and principal place of business is Icknield Way, Letchworth Garden City, Hertfordshire, SG6 1JX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP, rounded to the nearest whole £1..

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

Page 4

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.6

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 FRS 102 Section 1A - Small Entities and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of Comprehensive Income and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

Page 5

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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 6

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 4).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
635



At 31 March 2024

635



Depreciation


At 1 April 2023
540


Charge for the year on owned assets
95



At 31 March 2024

635



Net book value



At 31 March 2024
-



At 31 March 2023
95

Page 7

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Work in progress
7,893
7,893



6.


Debtors

2024
2023
£
£


Trade debtors
153,816
56,858

Other debtors
1,381
3,400

155,197
60,258



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
441,303
133,881



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
503,370
152,481

Other taxation and social security
451
-

Other creditors
14
-

Accruals and deferred income
4,500
29,500

508,335
181,981


2024
2023
£
£

Other taxation and social security

VAT control
451
-

451
-


Page 8

 
CHASESTEAD SPECIAL PROJECTS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
(96,054)
(20,142)

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
(96,054)
(20,142)

Loans and other debts due to Members rank equally with debts due to ordinary creditors in the event of a winding up.


10.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
3,778
9,067

Later than 1 year and not later than 5 years
-
3,778

3,778
12,845


11.


Related party transactions

Chasestead Limited is a company related by common ownership. During the year materials were purchased from Chasestead Limited of £439,890 (2023 - £515,971). At the year end a balance of £222,192 (2023: £145,530) was owed to Chasestead Limited and is included within trade creditors. 
Chasestead Group Limited is a company related by common ownership. During the year management charges of £190,000 (£2023 - £nil) was charged to Chasestead Limited. At the year end a balance of £258,000 (2023: £nil) was owed to Chasestead Group Limited and is included within trade creditors.
Chasestead LV Limited is also a company related by common ownership. At they year end a balance of
£1,381 (2023: £1,381) was owed from Chasestead LV Limited and is included within other debtors.

 
Page 9