REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
COVENTRY PARKSIDE DEVELOPMENTS LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
COVENTRY PARKSIDE DEVELOPMENTS LLP |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 August 2023 to 31 March 2024 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
COVENTRY PARKSIDE DEVELOPMENTS LLP |
GENERAL INFORMATION |
for the period 1 August 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Coventry University |
Technology Park |
Puma Way |
Coventry |
CV1 2TT |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
STATEMENT OF FINANCIAL POSITION |
31 March 2024 |
31.3.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
12,739,901 |
13,639,722 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
9,898,783 |
10,798,604 |
MEMBERS' OTHER INTERESTS |
Revaluation reserve | 11 |
12,739,901 | 13,639,722 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 9,898,783 | 10,798,604 |
Members' other interests | 2,841,118 | 2,841,118 |
12,739,901 | 13,639,722 |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
STATEMENT OF FINANCIAL POSITION - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 August 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Coventry Parkside Developments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018). |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical costs basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the income statement. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Revenue recognition |
Rental income from operating leases is recognised on a straight-line basis over the lease term. |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued annually to fair value and any changes in fair value are recognised in profit or loss. |
Financial instruments |
The LLP holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the LLP and their measurement basis are as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. |
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's 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 statement of financial position. |
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 statement of financial position. |
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 statement of financial position 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 statement of financial position within 'Members' other interests'. |
Finance leases and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
5. | AUDITORS' REMUNERATION |
Period |
1.8.23 |
to | Year Ended |
31.3.24 | 31.7.23 |
£ | £ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 4,800 | 4,800 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 July 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 34,380,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The bank loan is secured on the property to which it relates. |
COVENTRY PARKSIDE DEVELOPMENTS LLP (REGISTERED NUMBER: OC418322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans |
The bank loan is secured on the property to which it relates. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.24 | 31.7.23 |
£ | £ |
Amounts owed to members in respect of profits | 9,898,783 | 10,798,604 |
Falling due within one year | 9,898,783 | 10,798,604 |
The amounts in 'Loans and other debts due to members' would rank above other creditors. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 August 2023 |
and 31 March 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
During the year the LLP received rent amounting to £1,100,000 (2023: £1,650,000) from Coventry |
Skyline Developments Limited, a company under common control. |