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Registration number: OC350007

Grange Builders LLP

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Grange Builders LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 12

Balance Sheet

2

Notes to the Financial Statements

4

 

Grange Builders LLP

Limited liability partnership information

Designated members

Mr G L Grange

Ms N J Grange
 

Members

Mr T J W Grange

Mrs K L Grange

The Trevor Grange Discretionary Trust
 

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

Grange Builders LLP

(Registration number: OC350007)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

121,853

168,255

Current assets

 

Stocks

5

5,499,284

4,508,338

Debtors

6

107,225

299,267

Cash at bank and in hand

 

128,045

279,924

 

5,734,554

5,087,529

Creditors: Amounts falling due within one year

7

(3,565,274)

(700,376)

Net current assets

 

2,169,280

4,387,153

Total assets less current liabilities

 

2,291,133

4,555,408

Creditors: Amounts falling due after more than one year

8

-

(1,457,519)

Net assets attributable to members

 

2,291,133

3,097,889

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,291,133

3,097,889

   

2,291,133

3,097,889

Total members' interests

 

Amounts due from members

 

-

(191,286)

Loans and other debts due to members

 

2,291,133

3,097,889

   

2,291,133

2,906,603

 

Grange Builders LLP

(Registration number: OC350007)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Grange Builders LLP (registered number OC350007) were approved by the Board and authorised for issue on 15 February 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Ms N J Grange
Designated member

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Grange Builders LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent and accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

25% on reducing balance

Fixtures fittings and equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that it will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation

40,617

56,086

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible fixed assets

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Cost

At 1 April 2023

355,486

27,472

276,192

24,315

Additions

-

-

-

2,816

Disposals

(46,800)

-

(47,500)

-

At 31 March 2024

308,686

27,472

228,692

27,131

Depreciation

At 1 April 2023

292,743

24,173

177,801

20,493

Charge for the year

15,649

824

22,485

1,659

Eliminated on disposals

(46,653)

-

(39,046)

-

At 31 March 2024

261,739

24,997

161,240

22,152

Net book value

At 31 March 2024

46,947

2,475

67,452

4,979

At 31 March 2023

62,743

3,299

98,391

3,822

Total
£

Cost

At 1 April 2023

683,465

Additions

2,816

Disposals

(94,300)

At 31 March 2024

591,981

Depreciation

At 1 April 2023

515,210

Charge for the year

40,617

Eliminated on disposals

(85,699)

At 31 March 2024

470,128

Net book value

At 31 March 2024

121,853

At 31 March 2023

168,255

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Stock and work in progress

5,499,284

4,508,338

6

Debtors

2024
£

2023
£

Trade debtors

2,700

28,032

Other debtors

104,525

271,235

Total current trade and other debtors

107,225

299,267

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

2,202,671

28,308

Trade creditors

138,006

327,404

Other creditors

1,218,439

338,113

Taxation and social security

6,158

6,551

3,565,274

700,376

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans

-

1,457,519

The following secured debts are included within creditors:

2024
£

2023
£

Bank loans

2,202,671

1,485,827

Bank loans and overdrafts are secured by stock of land and properties held by Grange Builders LLP, an unlimited debenture and properties owned by Mr T J W Grange as well as a personal guarantee. These borrowings are repayable on demand. The security is in favour of Lloyds Bank TSB.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Loans and other debts due to members

In the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank behind other non-secured creditors. There are no restrictions in the LLP agreement on the ability of members to reduce the amounts classified as Members' capital.

10

Contingent liabilities

Grange Builders LLP has contingent liabilities in respect to NHBRC guarantees issued with all new developed houses. The overall liability cannot be quantified but is covered by insurance.

11

Related party transactions

1. Ms N J Grange and Mr G L Grange are Designated Members of Grange Builders LLP. Mr T J W Grange, Mrs K L Grange and the Trevor Grange Discretionary Trust are members of Grange Builders LLP. Mrs J E Grange was a member of Grange Builders LLP until 1 January 2024.

2. As at 31st March 2024, Grange Builders LLP owed the Trevor Grange Discretionary Trust the sum of £78,000 (2023 - £87,000).

3. During the year, sales totalling £125,835 (2023 - £42,000), were made to the member, Ms N J Grange. These were at market value.

4. During the year, no sales (2023 - £31,250), were made to the members, Mr and Mrs G Grange.

5. During the year, sales totalling £199,561 (2023 - £0), were made to the member, Mrs J E Grange (deceased). These were at market value.

12

Ultimate controlling party

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

 

Grange Builders LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

13

Members' capital and repayment of capital

In accordance with the LLP agreement, the profits of the LLP are to be allocated to the Members as follows:

Firstly, there shall be credited to each member an amount equal to the Fixed Profit Share for that member, if any, and secondly, after allowing for the above, the balance shall be allocated between the designated members in such proportions as the designated members determine.

Allocated profit is included within 'loans and other debts due to members' in 'other amounts'.

In accordance with the LLP agreement, there shall be paid to each member in each month such sum as drawings as the designated members determine. Any further drawings shall only be made with the agreement of the designated members. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors.

The capital requirements of the partnership are determined by the members and are reviewed regularly.