Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the LLP during the year was that of property investment. There have been no changes in the principal activitiy of the LLP since the last annual report.20falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC331817 2023-04-01 2024-03-31 OC331817 2022-04-01 2023-03-31 OC331817 2024-03-31 OC331817 2023-03-31 OC331817 c:FreeholdInvestmentProperty 2023-04-01 2024-03-31 OC331817 c:FreeholdInvestmentProperty 2024-03-31 OC331817 c:FreeholdInvestmentProperty 2023-03-31 OC331817 c:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 OC331817 c:CurrentFinancialInstruments 2024-03-31 OC331817 c:CurrentFinancialInstruments 2023-03-31 OC331817 c:CurrentFinancialInstruments 6 2024-03-31 OC331817 c:CurrentFinancialInstruments 6 2023-03-31 OC331817 c:Non-currentFinancialInstruments 2024-03-31 OC331817 c:Non-currentFinancialInstruments 2023-03-31 OC331817 c:Non-currentFinancialInstruments 6 2024-03-31 OC331817 c:Non-currentFinancialInstruments 6 2023-03-31 OC331817 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC331817 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC331817 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC331817 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC331817 e:FRS102 2023-04-01 2024-03-31 OC331817 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC331817 e:FullAccounts 2023-04-01 2024-03-31 OC331817 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC331817 2 2023-04-01 2024-03-31 OC331817 e:PartnerLLP1 2023-04-01 2024-03-31 OC331817 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC331817 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC331817 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC331817 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC331817 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC331817










PLYMOUTH GROVE RESIDENTIAL LLP

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
PLYMOUTH GROVE RESIDENTIAL LLP
REGISTERED NUMBER: OC331817

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment Property
 5 
50,117,295
47,016,769

Current assets
  

Debtors: amounts falling due within one year
 6 
1,869,905
1,448,563

Cash at bank and in hand
 7 
1,651,445
1,650,765

  
3,521,350
3,099,328

Creditors: Amounts Falling Due Within One Year
 8 
(3,363,676)
(2,469,691)

Net current assets
  
 
 
157,674
 
 
629,637

Total assets less current liabilities
  
50,274,969
47,646,406

Creditors: amounts falling due after more than one year
 9 
(62,148,560)
(65,733,851)

  
(11,873,591)
(18,087,445)

  

Net liabilities
  
(11,873,591)
(18,087,445)


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
31,939,293
25,725,439

Members' other interests
  

Members' capital classified as equity
  
100
100

Other reserves classified as equity
  
(43,812,984)
(43,812,984)

  
 
(43,812,884)
 
(43,812,884)

  
(11,873,591)
(18,087,445)


Total members' interests
  

Loans and other debts due to members
 11 
31,939,293
25,725,439

Members' other interests
  
(43,812,884)
(43,812,884)

  
(11,873,591)
(18,087,445)


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.
Page 1

 
PLYMOUTH GROVE RESIDENTIAL LLP
REGISTERED NUMBER: OC331817

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


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 24 December 2024.




Mr R A Everton
Designated member

The notes on pages 3 to 8 form part of these financial statements.

Plymouth Grove Residential 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

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Plymouth Grove Residential LLP is a limited liability partnership, limited by members' capital, and incorporated in England and Wales, registered number OC331817. The registered office is Suite 3, 31 Station Road, Cheadle Hulme, Cheadle, SK8 5AF.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, including the disclosure and presentation requirements of Section 1A applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The designated members acknowledge that the LLP is in a net liability position at the period end. The swap position which are out of the money, were entered into to manage the LLP's exposure to variability in cashflows required to service its loan obligations. In assessing the appropriateness of the going concern basis of preparation, the members have taken into account the key risks of the business, and have considered the LLP's business model and availability of cash resources. The LLP has structured its finance in such a way that indexed rental income received will allow the company to meet its liabilities, including loan financing as they fall due. The members have as required undertaken to financially support the LLP. Accordingly, the members consider that it is appropriate to prepare the financial statements on a going concern basis.

  
2.4

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. Revenue for the rendering of services is recognised in the period in which the services are provided in accordance with rental agreement.

  
2.5

Interest payable

Interest payable is recognised using the effective interest method, which takes into account related fees and transaction costs. 

Page 3

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the rental income yield of the property appropriately discounted. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.9

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.

 
2.10

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.

 
2.11

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

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.12

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Derivatives, including interest rate swaps and inflation rate swaps, 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 income as appropriate. The LLP does not currently apply hedge accounting for interest rate and inflation rate derivatives.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 section 1A requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from estimates.
Critical accounting estimates and assumptions
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the actual results.
Critical areas of judgement
The LLP makes judgements in applying its accounting policies as described below:
An estimation is required on future SONIA rates when accounting for loan facilities held at amortised cost, based on current market data. Actual rates will vary from forecast over the loan lifetime, rendering the effective interest rate calculated as an estimate subject to these variations.
The valuation of the interest rate swaps held requires estimation of the cost of capital associated with the loan facility and future SONIA rates over the lifetime of the swap which is based on current market data.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.

Page 5

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 0).


5.


Investment property


Investment properties

£



Valuation


At 1 April 2023
47,016,769


Additions at cost
526


Surplus on revaluation
3,100,000



At 31 March 2024
50,117,295

The investment properties were valued by independent surveyors in January 2024. Mr RA Everton, a designated member of the LLP, does not consider the valuation to be different as at 31 March 2024.








6.


Debtors

2024
2023
£
£


Trade debtors
168,791
41,400

Other debtors
1,624,923
1,335,177

Prepayments and accrued income
76,192
71,986

1,869,906
1,448,563



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,651,445
1,650,765


Page 6

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
956,843
-

Trade creditors
80,595
78,105

Other taxation and social security
60,488
66,129

Other creditors
15,308
21,196

Accruals and deferred income
1,549,498
1,831,359

Financial instruments
700,944
472,902

3,363,676
2,469,691



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
39,272,064
40,497,474

Financial instrument (swap)
22,876,496
25,236,377

62,148,560
65,733,851


Other loan comprise a loan accounted for at amortised cost. The loan is repayable in full at the end of the loan term.
The loan is secured by a charge over all property and assets of the LLP, present and future.
For details of interest rate swap refer to note 10.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£



Repayable other than by instalments
39,272,064
40,497,474



Page 7

 
PLYMOUTH GROVE RESIDENTIAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Other financial Instruments

The fair value of the LLP's derivatives are as follows:

Notional
2024
Notional
2023
Fair value
2024
Fair value
2023
£
£
£
£
39,370,000

39,370,000

23,577,440
 
25,709,279
 

Derivative financial liabilities measured at fair value through profit or loss comprise of interest rate swaps used to manage the LLP's exposure to variability in cashflows in respect of the LLP's loan obligations.The SWAP position matures in 2042, matching that of the loan. The fair value is determined using the forward curve for SONIA and based on market values of equivalent instruments at the balance sheet date.


11.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
31,939,293
25,725,439

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

2024
2023
£
£



Falling due within one year
31,939,293
25,725,439

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


12.


Pension commitments


13.


Related party transactions

At the balance sheet date £1,623,123 (2023 - £1,335,177) was due from Plymouth Grove Residential Investment LP, a Limited Partnership in which Mr R A Everton and Mrs J A Everton are limited partners.
Mr R A Everton and Mrs J A Everton rented office space from the LLP and were charged £1,000 (2023 - £1,000) during the year.

14.


Controlling party

The LLP is controlled by the designated member Mr R A Everton.

Page 8