Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseNo description of principal activity2523trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC357896 2023-04-01 2024-03-31 OC357896 2022-04-01 2023-03-31 OC357896 2024-03-31 OC357896 2023-03-31 OC357896 c:FreeholdInvestmentProperty 2024-03-31 OC357896 c:FreeholdInvestmentProperty 2023-03-31 OC357896 c:CurrentFinancialInstruments 2024-03-31 OC357896 c:CurrentFinancialInstruments 2023-03-31 OC357896 c:Non-currentFinancialInstruments 2024-03-31 OC357896 c:Non-currentFinancialInstruments 2023-03-31 OC357896 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC357896 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC357896 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC357896 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC357896 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC357896 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC357896 d:FRS102 2023-04-01 2024-03-31 OC357896 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC357896 d:FullAccounts 2023-04-01 2024-03-31 OC357896 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC357896 2 2023-04-01 2024-03-31 OC357896 d:PartnerLLP1 2023-04-01 2024-03-31 OC357896 d:PartnerLLP2 2023-04-01 2024-03-31 OC357896 d:PartnerLLP3 2023-04-01 2024-03-31 OC357896 d:PartnerLLP4 2023-04-01 2024-03-31 OC357896 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC357896 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC357896 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC357896 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC357896 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC357896 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC357896 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC357896









FPT COMMERCIAL PROPERTIES LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FPT COMMERCIAL PROPERTIES LLP
 

INFORMATION




Designated Members

Mr Alan Frost
Mr Ian Lomas
Mr John Frost
Mr Ashley Highfield

LLP registered number

OC357896

Registered office

1 Burkes ParadeBeaconsfieldBuckinghamshireHP9 1NN

Accountants

Donald Reid Limited18a/20 King StreetMaidenheadBerkshireUnited KingdomSL6 1EF


 
FPT COMMERCIAL PROPERTIES LLP
 

CONTENTS



Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 9


 
FPT COMMERCIAL PROPERTIES LLP
REGISTERED NUMBER: OC357896

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
7,904,500
7,904,500

  
7,904,500
7,904,500

Current assets
  

Debtors: amounts falling due within one year
 5 
206,933
151,682

Cash at bank and in hand
 6 
329,631
397,936

  
536,564
549,618

Creditors: Amounts Falling Due Within One Year
 7 
(307,656)
(266,777)

Net current assets
  
 
 
228,908
 
 
282,841

Total assets less current liabilities
  
8,133,408
8,187,341

Creditors: amounts falling due after more than one year
 8 
(1,513,597)
(1,551,304)

  
6,619,811
6,636,037

  

Net assets
  
6,619,811
6,636,037


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
393,804
410,030

  
393,804
410,030

Members' other interests
  

Members' capital classified as equity
  
3,620,411
3,620,411

Other reserves classified as equity
  
2,605,596
2,605,596

  
 
6,226,007
 
6,226,007

  
6,619,811
6,636,037


Total members' interests
  

Loans and other debts due to members
 10 
393,804
410,030

Members' other interests
  
6,226,007
6,226,007

  
6,619,811
6,636,037


Page 1

 
FPT COMMERCIAL PROPERTIES LLP
REGISTERED NUMBER: OC357896
    
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 on 28 November 2024.




Mr Ian Lomas
Designated member

The notes on pages 4 to 9 form part of these financial statements.

FPT Commercial Properties 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

 
FPT COMMERCIAL PROPERTIES LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified 
as equity)
Capital Appreciation
Total
Loans and Total other debts due to/(from) members
Total
Total

£
£
£
£
£
£

Members' interests after profit for the year
3,620,411
3,027,596
6,648,007
365,227
365,227
7,013,234

Other division of losses
-
-
-
(27,199)
(27,199)
(27,199)

Reserve transfer of the gains and losses to capital appreciation account
-
(422,000)
(422,000)
-
-
(422,000)

Drawings
-
-
-
(349,998)
(349,998)
(349,998)

Reserve transfer of the gains and losses to capital appreciation account
-
-
-
422,000
422,000
422,000

Amounts due to members
410,030
410,030

Balance at 31 March 2023
3,620,411
2,605,596
6,226,007
410,030
410,030
6,636,037

Members' interests after profit for the year
3,620,411
2,605,596
6,226,007
410,030
410,030
6,636,037

Other division of profits
-
-
-
343,774
343,774
343,774

Drawings
-
-
-
(360,000)
(360,000)
(360,000)

Amounts due to members
393,804
393,804

Balance at 31 March 2024 
3,620,411
2,605,596
6,226,007
393,804
393,804
6,619,811

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.

Page 3

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

FPT Commercial Properties LLP is a limited liability partnership registered in England and Wales. The registration number is OC357896. The registered office is 1 Burkes Parade, Beaconsfield, Buckinghamshire, HP9 1NN. 

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Revenue represents amounts receivable for rent. Rent is invoiced quarterly in advance and is spread over the period using the accrual bais, thereby being recognised in the month to which it relates. 

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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 .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

  
2.7

Investment property

Investment property is carried at fair value determined every 3 years by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any different in the nature, location, or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of profit and loss. 

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 6

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Members

The average monthly number of employees, including members, during the year was 25 (2023 - 23).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
7,904,500



At 31 March 2024
7,904,500

The 2024 valuations were made by the members of the LLP, on an open market value for existing use basis.




Page 7

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
102,801
68,294

Other debtors
104,132
76,384

Prepayments and accrued income
-
7,004

206,933
151,682



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
329,631
397,936

329,631
397,936



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,675
7,986

Other taxation and social security
14,742
10,292

Other creditors
148,667
115,229

Accruals and deferred income
120,572
133,270

307,656
266,777



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,513,597
1,551,304

1,513,597
1,551,304


The bank loans totalling £1,513,597 (2023: £1,551,304) are secured by a fixed and floating charge over the Windsor, Wraysbury and Slough properties.

Page 8

 
FPT COMMERCIAL PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
1,513,597
1,551,304


1,513,597
1,551,304


1,513,597
1,551,304





10.


Loans and other debts due to members


2024
2023
£
£



Members' capital treated as debt
393,804
410,030

393,804
410,030

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

2024
2023
£
£



Falling due within one year
393,804
410,030

393,804
410,030

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

Page 9