IRIS Accounts Production v24.3.2.46 OC418322 designated member 1.8.23 31.3.24 31.3.24 19.12.24 0 0 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4183222023-07-31OC4183222024-03-31OC4183222023-08-012024-03-31OC4183222022-07-31OC4183222022-08-012023-07-31OC4183222023-07-31OC418322ns15:EnglandWales2023-08-012024-03-31OC418322ns14:PoundSterling2023-08-012024-03-31OC418322ns10:PartnerLLP12023-08-012024-03-31OC418322ns10:LimitedLiabilityPartnershipLLP2023-08-012024-03-31OC418322ns10:SmallEntities2023-08-012024-03-31OC418322ns10:Audited2023-08-012024-03-31OC418322ns10:SmallCompaniesRegimeForAccounts2023-08-012024-03-31OC418322ns10:LimitedLiabilityPartnershipsSORP2023-08-012024-03-31OC418322ns10:FullAccounts2023-08-012024-03-31OC418322ns10:PartnerLLP22023-08-012024-03-31OC418322ns10:RegisteredOffice2023-08-012024-03-31OC418322ns5:CurrentFinancialInstruments2024-03-31OC418322ns5:CurrentFinancialInstruments2023-07-31OC418322ns5:Non-currentFinancialInstruments2024-03-31OC418322ns5:Non-currentFinancialInstruments2023-07-31OC418322ns5:RevaluationReserve2024-03-31OC418322ns5:RevaluationReserve2023-07-31OC418322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC418322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-31OC418322ns5:CurrentFinancialInstruments2023-08-012024-03-31OC418322ns5:Non-currentFinancialInstruments2023-08-012024-03-31OC418322ns5:RevaluationReserve2023-07-31
REGISTERED NUMBER: OC418322 (England and Wales)















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: C Morjaria
N Morjaria





REGISTERED OFFICE: 38 Newdigate Road
Coventry
United Kingdom
CV6 5ES





REGISTERED NUMBER: OC418322 (England and Wales)





AUDITORS: Accumen Business Consultancy Limited
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 34,380,000 34,380,000

CURRENT ASSETS
Debtors 7 243,321 12,748
Cash at bank 73,773 59,647
317,094 72,395
CREDITORS
Amounts falling due within one year 8 21,945,672 20,789,629
NET CURRENT LIABILITIES (21,628,578 ) (20,717,234 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,751,422

13,662,766

CREDITORS
Amounts falling due after more than one year 9 11,521 23,044
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 2,841,118 2,841,118
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


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 19 December 2024 and were signed by:





N Morjaria - Designated member

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 34,380,000
NET BOOK VALUE
At 31 March 2024 34,380,000
At 31 July 2023 34,380,000

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 - 7,738
Other debtors 243,321 5,010
243,321 12,748

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.7.23
£    £   
Bank loans and overdrafts 21,510,979 20,142,052
Trade creditors 2,389 1
Amounts owed to group undertakings 407,453 627,453
Taxation and social security 1,516 1,268
Other creditors 23,335 18,855
21,945,672 20,789,629

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 11,521 23,044

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 2,841,118

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tejinder Saran (Senior Statutory Auditor)
for and on behalf of Accumen Business Consultancy Limited

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.