Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31investing in Finzeks Reach Property LLP, Finzels Reach Freehold LLP. Finzels Reach Limited and PREV (Bristol Agent) LLP. Historically, it acquired 100% of the secured devt over the mixed use development site located at Finzels Reach, Bristol as well as invested in other reak estate debt opertunities.false02023-04-01false0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC388502 2023-04-01 2024-03-31 OC388502 2022-04-01 2023-03-31 OC388502 2024-03-31 OC388502 2023-03-31 OC388502 c:CurrentFinancialInstruments 2024-03-31 OC388502 c:CurrentFinancialInstruments 2023-03-31 OC388502 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC388502 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC388502 d:FRS102 2023-04-01 2024-03-31 OC388502 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC388502 d:FullAccounts 2023-04-01 2024-03-31 OC388502 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC388502 2 2023-04-01 2024-03-31 OC388502 6 2023-04-01 2024-03-31 OC388502 d:PartnerLLP2 2023-04-01 2024-03-31 OC388502 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC388502 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC388502 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC388502 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC388502 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC388502










PREV (FR) LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PREV (FR) LLP
 

CONTENTS



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


 
PREV (FR) LLP
REGISTERED NUMBER: OC388502

BALANCE SHEET
AS AT 31 MARCH 2024

2024
RESTATED 2023
Note
£
£

Fixed assets
  

Investments
  
301
301

  
301
301

Current assets
  

Debtors: amounts falling due within one year
 4 
158,048
156,831

Cash at bank and in hand
 5 
344,559
351,929

  
502,607
508,760

Creditors: Amounts Falling Due Within One Year
 6 
(4,398)
(8,149)

Net current assets
  
 
 
498,209
 
 
500,611

Total assets less current liabilities
  
498,510
500,912

  

Net assets
  
498,510
500,912


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
498,508
500,910

  
498,508
500,910

Members' other interests
  

Members' capital classified as equity
  
2
2

  
 
2
 
2

  
498,510
500,912


Total members' interests
  

Loans and other debts due to members
  
498,508
500,910

Members' other interests
  
2
2

  
498,510
500,912


Page 1

 
PREV (FR) LLP
REGISTERED NUMBER: OC388502
    
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 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 13 February 2025.




C Allen
 On behalf PREV (Bristol) LLP
Designated member

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

Page 2

 
PREV (FR) 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)
Total
Members' capital (classified as debt)
Total
Total

£
£
£
£
£

Balance at 1 April 2022 
2
2
499,641
499,641
499,643

Members' remuneration charged as an expense
 
-
-
1,269
1,269
1,269

Members' interests after profit for the year
2
2
500,910
500,910
500,912

Amounts due to members
 


500,910
500,910


Balance at 31 March 2023
2
2
500,910
500,910
500,912

Members' remuneration charged as an expense
 
-
-
(2,402)
(2,402)
(2,402)

Members' interests after loss for the year
2
2
498,508
498,508
498,510

Amounts due to members
 


498,508
498,508


Balance at 31 March 2024 
2
2
498,508
498,508
498,510

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

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

 
PREV (FR) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

PREV (FR) LLP is a limited liability partnership incorporated in England and Wales (OC388502). The registered office is Third Floor Queensbury House, 3 Old Burlington Street, London, W1S 3AE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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

Interest income

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

 
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

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 .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

Page 4

 
PREV (FR) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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 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 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.

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
Page 5

 
PREV (FR) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.


3.


Fixed asset investments





RESTATED Investments

£



Cost or valuation


Prior Year Adjustment

301


At 1 April 2023 (as restated)
301



At 31 March 2024
301





4.


Debtors

2024
2023
£
£


Other debtors
158,046
156,829

Called up share capital not paid
2
2

158,048
156,831


Page 6

 
PREV (FR) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
344,559
351,929

344,559
351,929



6.


Creditors: Amounts falling due within one year

RESTATED
2024
2023
£
£

Amounts owed to group undertakings
301
301

Other creditors
347
348

Accruals and deferred income
3,750
7,500

4,398
8,149



7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
498,508
500,910

498,508
500,910


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


8.


Prior year adjustment

In the prior year investments in subsidiaries had not been disclosed in the balance sheet. A prior year adjustment  has been made to correctly reflect amounts in investments and also creditors. This adjustment had no impact on the opening net assets of the LLP as at 1 April 2023.

 
Page 7