Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312false2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01Property investmenttruetrue OC429087 2023-04-01 2024-03-31 OC429087 2022-04-01 2023-03-31 OC429087 2024-03-31 OC429087 2023-03-31 OC429087 c:FreeholdInvestmentProperty 2024-03-31 OC429087 c:FreeholdInvestmentProperty 2023-03-31 OC429087 c:CurrentFinancialInstruments 2024-03-31 OC429087 c:CurrentFinancialInstruments 2023-03-31 OC429087 c:Non-currentFinancialInstruments 2024-03-31 OC429087 c:Non-currentFinancialInstruments 2023-03-31 OC429087 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC429087 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC429087 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC429087 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC429087 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-03-31 OC429087 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-03-31 OC429087 d:FRS102 2023-04-01 2024-03-31 OC429087 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC429087 d:FullAccounts 2023-04-01 2024-03-31 OC429087 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC429087 d:PartnerLLP3 2023-04-01 2024-03-31 OC429087 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC429087 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC429087 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC429087 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC429087 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC429087 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC429087 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC429087










HAZELWELL ESTATES LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HAZELWELL ESTATES LLP
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Reconciliation of members' interests
 
 
3
Notes to the financial statements
 
 
4 - 7


 
HAZELWELL ESTATES LLP
REGISTERED NUMBER: OC429087

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 3 
2,221,000
2,221,000

  
2,221,000
2,221,000

Current assets
  

Debtors: amounts falling due within one year
 4 
2,056
1,836

  
2,056
1,836

Creditors: Amounts Falling Due Within One Year
 5 
(7,720)
(2,000)

Net current liabilities
  
 
 
(5,664)
 
 
(164)

Total assets less current liabilities
  
2,215,336
2,220,836

Creditors: amounts falling due after more than one year
 6 
(1,304,061)
(1,304,061)

  
911,275
916,775

  

Net assets
  
911,275
916,775


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
290,273
295,773

  
290,273
295,773

Members' other interests
  

Members' capital classified as equity
  
2
2

Other reserves classified as equity
  
621,000
621,000

  
 
621,002
 
621,002

  
911,275
916,775


Total members' interests
  

Loans and other debts due to members
 8 
290,273
295,773

Members' other interests
  
621,002
621,002

  
911,275
916,775


Page 1

 
HAZELWELL ESTATES LLP
REGISTERED NUMBER: OC429087
    
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 profit and loss account 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 3 December 2024.




L R J Sowerby
Designated member

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
HAZELWELL ESTATES 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)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members 
292,000
292,000


Balance at 1 April 2022 
2
621,000
621,002
292,000
292,000
913,002

Members' remuneration charged as an expense
 
-
-
-
27,546
27,546
27,546

Members' interests after profit for the year
2
621,000
621,002
319,546
319,546
940,548

Amounts introduced by members
 
-
-
-
(23,773)
(23,773)
(23,773)

Amounts due to members
295,773
295,773

Balance at 31 March 2023
2
621,000
621,002
295,773
295,773
916,775

Members' remuneration charged as an expense
 
-
-
-
15,423
15,423
15,423

Members' interests after profit for the year
2
621,000
621,002
311,196
311,196
932,198

Amounts introduced by members
 
-
-
-
(20,922)
(20,922)
(20,922)

Amounts due to members
290,273
290,273

Balance at 31 March 2024 
2
621,000
621,002
290,273
290,273
911,275

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

 
HAZELWELL ESTATES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hazelwell Estates LLP is a Limited Liability Partnership, registered in England and Wales, registration number OC429087. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK 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 following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis as the members will continue to provide the necessary financial support to enable the company to meet its forecast liabilities as they fall due.

 
2.3

Turnover

Turnover comprises rent receivable by the partnership and is recognised when it falls due.

 
2.4

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Borrowing costs

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

 
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 .

Page 4

 
HAZELWELL ESTATES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

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

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.

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

Page 5

 
HAZELWELL ESTATES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

 
2.10

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.


3.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,221,000



At 31 March 2024
2,221,000

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




4.


Debtors

Page 6

 
HAZELWELL ESTATES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
£
£


Prepayments and accrued income
2,056
1,835



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Accruals and deferred income
7,720
2,000



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,304,061
1,304,061


The loans are secured against the investment properties by the way of a fixed charge.


7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
1,304,061
1,304,061



8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
290,273
295,773



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

 
Page 7