Caseware UK (AP4) 2023.0.135 2023.0.135 truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22023-04-06falseProperty investment2false OC437152 2023-04-06 2024-04-05 OC437152 2022-04-06 2023-04-05 OC437152 2024-04-05 OC437152 2023-04-05 OC437152 c:FreeholdInvestmentProperty 2024-04-05 OC437152 c:FreeholdInvestmentProperty 2023-04-05 OC437152 c:CurrentFinancialInstruments 2024-04-05 OC437152 c:CurrentFinancialInstruments 2023-04-05 OC437152 c:Non-currentFinancialInstruments 2024-04-05 OC437152 c:Non-currentFinancialInstruments 2023-04-05 OC437152 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-05 OC437152 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-05 OC437152 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-05 OC437152 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-05 OC437152 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-04-05 OC437152 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-04-05 OC437152 d:FRS102 2023-04-06 2024-04-05 OC437152 d:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC437152 d:FullAccounts 2023-04-06 2024-04-05 OC437152 d:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC437152 d:PartnerLLP1 2023-04-06 2024-04-05 OC437152 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-04-05 OC437152 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-05 OC437152 c:FurtherSpecificReserve2ComponentTotalEquity 2024-04-05 OC437152 c:FurtherSpecificReserve2ComponentTotalEquity 2023-04-05 OC437152 e:PoundSterling 2023-04-06 2024-04-05 iso4217:GBP xbrli:pure

Registered number: OC437152










Manor Grove Property LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 5 April 2024

 
Manor Grove Property LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Manor Grove Property LLP for the year ended 5 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Manor Grove Property LLP for the year ended 5 April 2024 which comprise the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 19 December 2024Our work has been undertaken solely to prepare for your approval the financial statements of Manor Grove Property LLP and state those matters that we have agreed to state to the Manor Grove Property LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Manor Grove Property LLP and its members for our work or for this report. 

It is your duty to ensure that Manor Grove Property LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Manor Grove Property LLP. You consider that Manor Grove Property LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Manor Grove Property LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Canterbury
6 January 2025
Page 1

 
Manor Grove Property LLP
Registered number: OC437152

Balance sheet
As at 5 April 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,334,000
2,334,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,331
1,308

Cash at bank and in hand
  
21,937
16,766

  
23,268
18,074

Creditors: Amounts Falling Due Within One Year
 6 
(6,886)
(7,440)

Net current assets
  
 
 
16,382
 
 
10,634

Total assets less current liabilities
  
2,350,382
2,344,634

Creditors: amounts falling due after more than one year
 7 
(563,482)
(563,482)

  

Net assets
  
1,786,900
1,781,152


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
1,668,355
1,727,936

Other reserves classified as equity
  
118,545
53,216

  
 
1,786,900
 
1,781,152

  
1,786,900
1,781,152


Total members' interests
  

Members' other interests
  
1,786,900
1,781,152

  
1,786,900
1,781,152


Page 2

 
Manor Grove Property LLP
Registered number: OC437152

Balance sheet (continued)
As at 5 April 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 6 January 2025.




S N S Penrose
Designated member

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Manor Grove Property LLP
 

 
Notes to the financial statements
For the year ended 5 April 2024

1.


General information

Manor Grove Property LLP is a limited liability partnership incorporated in England & Wales. The registered office is Highfields Seven Star Green, Eight Ash Green, Colchester, Essex, England, CO6 3QB. The principal activity is that of property investment. 

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:

Rendering of services

Revenue 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 revenue 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.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 4

 
Manor Grove Property LLP
 

 
Notes to the financial statements
For the year ended 5 April 2024

2.Accounting policies (continued)

 
2.5

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 the Statement of comprehensive income.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the members and 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 profit or loss.

 
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

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.

 
2.9

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.

 
2.10

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.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 5

 
Manor Grove Property LLP
 

 
Notes to the financial statements
For the year ended 5 April 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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
Page 6

 
Manor Grove Property LLP
 

 
Notes to the financial statements
For the year ended 5 April 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

retained.

Derecognition of financial liabilities

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


3.


Employees




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


4.


Investment property


Freehold investment property

£



Valuation


At 6 April 2023
2,334,000



At 5 April 2024
2,334,000

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



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

2024
2023
£
£


Historic cost
2,334,000
2,334,000


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
1,331
1,308


Page 7

 
Manor Grove Property LLP
 

 
Notes to the financial statements
For the year ended 5 April 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Accruals and deferred income
6,886
7,440



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
563,482
563,482



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
563,482
563,482

563,482
563,482



Page 8