Caseware UK (AP4) 2023.0.135 2023.0.135 falsetrue2022-11-01To facilitate the regeneration and redevelopment of the Scotswood area of Newcastle upon Tyne.11false OC362676 2022-10-31 OC362676 2022-11-01 2023-10-31 OC362676 2022-01-01 2022-12-31 OC362676 2023-10-31 OC362676 2022-12-31 OC362676 2022-01-01 OC362676 4 2022-11-01 2023-10-31 OC362676 4 2022-01-01 2022-12-31 OC362676 d:Buildings 2023-10-31 OC362676 d:Buildings 2022-12-31 OC362676 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 OC362676 d:OfficeEquipment 2023-10-31 OC362676 d:OfficeEquipment 2022-12-31 OC362676 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 OC362676 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 OC362676 d:CurrentFinancialInstruments 2023-10-31 OC362676 d:CurrentFinancialInstruments 2022-12-31 OC362676 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 OC362676 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 OC362676 e:FRS102 2022-11-01 2023-10-31 OC362676 e:Audited 2022-11-01 2023-10-31 OC362676 e:FullAccounts 2022-11-01 2023-10-31 OC362676 e:LimitedLiabilityPartnershipLLP 2022-11-01 2023-10-31 OC362676 e:PartnerLLP1 2022-11-01 2023-10-31 OC362676 e:PartnerLLP2 2022-11-01 2023-10-31 OC362676 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-10-31 OC362676 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC362676 d:FurtherSpecificReserve3ComponentTotalEquity 2023-10-31 OC362676 d:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC362676 f:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: OC362676













New Tyne West Development Company LLP


Financial statements

31 October 2023




 
New Tyne West Development Company LLP
 

Information




Designated members

The Council of the City of Newcastle upon Tyne
BK Scotswood LLP

LLP registered number

OC362676

Registered office

Citygate
St James' Boulevard
Newcastle upon Tyne
NE1 4JE

Independent auditor

CLA Evelyn Partners Limited
Chartered Accountants
17 Queens Lane
Newcastle upon Tyne
NE1 1RN

Bankers

The Co-operative Bank
84-86 Grey Street
Newcastle upon Tyne
NE1 6BZ

Solicitors

Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4BF

Accountants

UNW LLP
Chartered Accountants
Citygate
St James' Boulevard
Newcastle upon Tyne
NE1 4JE


 
New Tyne West Development Company LLP
 

Contents



Page
Members' report
 
 
1 - 2
Members' responsibilities statement
 
 
3
Independent auditor's report to the members of New Tyne West Development Company LLP
 
 
4 - 7
Statement of comprehensive income
 
 
8
Balance sheet
 
 
9 - 10
Reconciliation of members' interests
 
 
11
Statement of cash flows
 
 
12
Notes to the financial statements
 
 
13 - 18


 
New Tyne West Development Company LLP
 
  
Members' report
Period ended 31 October 2023

The members present their annual report together with the audited financial statements of New Tyne West Development Company LLP ('the LLP') for the period ended 31 October 2023
 

Principal activity
 
 
The principal activity of the LLP is to facilitate the regeneration and redevelopment of the Scotswood area of Newcastle upon Tyne in accordance with the objectives of the LLP and the Masterplan ("The Scheme"). The LLP has signed a principal development agreement with the Council of the City of Newcastle upon Tyne.
The project has the benefit of an outline planning permission for the whole scheme and detailed planning permission for the first two phases of the Masterplan.
 
 
Designated members
 
 
The Council of the City of Newcastle upon Tyne and BK Scotswood LLP were designated members of the LLP throughout the period. 
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP determines their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the period ended 31 October 2023 are set out in the reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business.
 

Strategic report
 
 
During the financial year the LLP has made significant progress with the following matters of note:
(1) Works to Phase 1 area of the masterplan have now been fully completed, resulting in the delivery of 382 new homes.
(2) Phase 2 works are ongoing.  Split into two separate phases, 2a and 2b will deliver a total of 255 new homes and is approaching completion.
(3) The sales performance for Phase 2 during the financial year has been robust, although it did not  entirely meet the budget expectations. The LLP achieved an average sales price per unit of £209,204, which is a 9.2% increase over the budgeted figure of £191,583. However, the number of units legally completed was 57 falling short of the budgeted target of 79 units, marking a 27.8% shortfall.  
(4) Purchaser statistics continue to align with the developments key objectives of attracting economically, active families back to the area with around 79% of buyers coming from within 10 miles of the development, 82% being aged 40 and under 78% first-time buyers.
(5) The LLP remains committed to education, enterprise and training opportunities. Apprentice targets to date have been achieved and bettered. Apprentices continue to be employed on site. In addition, the developments targets for vocational qualifications, work experience placements and local people into work have also been achieved. During 2023, a number of successful partners continue to deliver key social and economic objectives, with the LLP working in partnership with community-based organisations and educational establishments. A
1

 
New Tyne West Development Company LLP
 
 
Members' report (continued)
Period ended 31 October 2023
 
 
continued programme of communications and consultations has been developed which will further integrate the new and existing communities. This programme continued to be rolled out during 2024 and will progress into 2025.
(6) The directors have evaluated the risks associated with the current economic climate and the ongoing global uncertainties. Steps to mitigate risks include revising build and sales targets, ensuring health and safety compliance, and maintaining open communication with subcontractors and suppliers to safeguard key supply chains. Alignment with government guidelines for safe working practices remains a priority.
(7) Despite challenges in meeting sales and completion targets, the LLP has demonstrated resilience and adaptability. Strategic initiatives focused on community development, stakeholder engagement, and risk management are positioning the company for continued success. Looking forward, the focus will remain on completing ongoing phases, enhancing community facilities, and fostering economic growth in the region.
 
 
Disclosure of information to auditor
 
 
Each of the persons who are members at the time when this members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

Auditor
 
 
CLA Evelyn Partners Limited have indicated their willingness to continue in office. The designated members will propose a motion re-appointing the auditor at a meeting of the members.
 

This report was approved by the members on 27 February 2025 and signed on their behalf by:
 
 




BK Scotswood LLP
Designated member

2

 
New Tyne West Development Company LLP
 
 
Members' responsibilities statement
Period ended 31 October 2023

The members are responsible for preparing thefinancial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

 In preparing these financial statements, the members are required to:

select suitable accounting policies  and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3

 
 

 
Independent auditor's report to the members of New Tyne West Development Company LLP

Opinion

We have audited the financial statements of New Tyne West Development Company LLP ('the LLP') for the period ended 31 October 2023, which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('United Kingdom Generally Accepted Accounting Practice').


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 October 2023 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


4

 
 

 
Independent auditor's report to the members of New Tyne West Development Company LLP (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members

As explained more fully in the members' responsibilities statement on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


5

 
 

 
Independent auditor's report to the members of New Tyne West Development Company LLP (continued)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to both the LLP itself and the industry in which is operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the members and other management. The most significant were identified as building regulations and HSE directives, as well as the Companies Act 2006 and FRS 102. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements.
Our audit procedures included
 
confirming with the members and management whether they have any knowledge or suspicion of fraud or non-compliance with laws and regulations;
obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
assessing the risk of management override including identifying and testing a sample of journal entries, including unusual entries to WIP, and unusual pairings to revenue.

Our audit did not identify any significant risks relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.


6

 
 

 
Independent auditor's report to the members of New Tyne West Development Company LLP (continued)



Nicola Scarr ACA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
 

27 February 2025
7

 
New Tyne West Development Company LLP
 
 
Statement of comprehensive income
Period ended 31 October 2023

2023
2022
£
£

Profit and loss account
  

Turnover
  
11,924,616
15,660,806

Cost of sales
  
(11,622,453)
(15,017,251)

Gross profit
  
 
302,163
 
643,555

Administrative expenses
  
(337,840)
(386,775)

Other operating income
  
34,955
42,950

Operating (loss)/profit
  
 
(722)
 
299,730

Interest receivable and similar income
  
78
-

(Loss)/profit for the financial period
  
 
(644)
 
299,730

There was no other comprehensive income for 2023 or 2022.

8

 
New Tyne West Development Company LLP


Balance sheet
At 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
501,645
536,725

  
501,645
536,725

Current assets
  

Stocks
  
14,532,497
11,186,112

Debtors
 7 
391,605
119,376

Cash at bank and in hand
  
1,290,775
907,225

  
16,214,877
12,212,713

Creditors: amounts falling due within one year
 8 
(7,048,594)
(3,080,866)

Net current assets
  
 
 
9,166,283
 
 
9,131,847

Total assets less current liabilities
  
9,667,928
9,668,572

  

Net assets
  
9,667,928
9,668,572


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
9,666,928
9,667,572

  
9,666,928
9,667,572

Members' other interests
  

Members' capital classified as equity
  
1,000
1,000

  
9,667,928
9,668,572


Total members' interests
  

Loans and other debts due to members
  
9,666,928
9,667,572

Members' other interests
  
1,000
1,000

Members' funds
  
9,667,928
9,668,572


9

 
New Tyne West Development Company LLP

    
Balance sheet (continued)
At 31 October 2023

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




BK Scotswood LLP
Designated member

Date: 27 February 2025

Registered number: OC362676

10

 
New Tyne West Development Company LLP
 

Reconciliation of members' interests
Period ended 31 October 2023







EQUITY
Members' other interests
DEBT
Loans and other debts due to members
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Members' capital (classified as debt)
Total
Total members' interests

£
£
£
£
£
£

Amounts due to members 
9,367,842
9,367,842


Balance at 1 January 2022 
1,000
-
1,000
9,367,842
9,367,842
9,368,842

Profit for the year available for discretionary division among members
 
-
299,730
299,730
-
-
299,730

Members' interests after loss for the year
1,000
299,730
300,730
9,367,842
9,367,842
9,668,572

Allocation of profit
-
(299,730)
(299,730)
299,730
299,730
-

Amounts due to members
9,667,572
9,667,572

Balance at 31 October 2022
1,000
-
1,000
9,667,572
9,667,572
9,668,572

Loss for the period available for discretionary division among members
 
-
(644)
(644)
-
-
(644)

Members' interests after profit for the period
1,000
(644)
356
9,667,572
9,667,572
9,667,928

Allocation of profit
-
644
644
(644)
(644)
-

Amounts due to members
9,666,928
9,666,928

Balance at 31 October 2023 
1,000
-
1,000
9,666,928
9,666,928
9,667,928

The notes on pages 13 to 18 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.

11

 
New Tyne West Development Company LLP
 

Statement of cash flows
Period ended 31 October 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial period
(644)
299,730

Adjustments for:

Depreciation of tangible assets
35,080
42,096

Interest received
(78)
-

(Increase)/decrease in stocks
(3,346,385)
3,507,159

(Increase)/decrease in debtors
(272,227)
37,242

Increase/(decrease) in creditors
1,660,129
(170,142)

Increase/(decrease)) in amounts owed to participating ints
2,307,598
(3,257,766)

Net cash generated from operating activities before transactions with members

383,473
458,319


Cash flows from investing activities

Interest received
78
-

Net cash from investing activities

78
-


Net increase in cash and cash equivalents
383,551
458,319

Cash and cash equivalents at beginning of period
907,225
448,906

Cash and cash equivalents at the end of period
1,290,776
907,225


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,290,776
907,225

1,290,776
907,225


The notes on pages 13 to 18 form part of these financial statements.

12

 
New Tyne West Development Company LLP
 
 

Notes to the financial statements
Period ended 31 October 2023

1.


General information

New Tyne West Development Company LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales. The registered office is given in the information page of these financial statements. The nature of the partnership's operations and principal activities are disclosed in the members' report. 

2.Accounting policies

Statement of compliance
The financial statements have been prepared in under the historical cost convention unless otherwise specified within these accounting policies and in accordanc eFinancial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland', the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

 
2.1

Basis of preparation of financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention. 
The financial statements are prepared in pounds sterling, which is the functional currency of the partnership, and are rounded to the nearest pound.
The amounts shown for the current year are for the 10 month period ending 31 October 2023, while the comparative balances are for the 12 month period ending 31 December 2022, therefore the comparatives are not entirely comparable. The reason for the change in year end is to align the financial reporting period with that of the members.

 
2.2

Going concern

The LLP meets its day to day working capital and debt service requirements through its cash resources and operating cash flows.
The members have prepared financial forecasts which, having regard for the current economic environment and taking account of reasonably possible changes in trading performance, indicate that the  LLP is expected to maintain sufficient financial headroom through its cash resources and operating cash flows to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next 12 months following the approval of these financial statements and have support from its members where necessary. Notwithstanding any further potential ongoing impact on the LLP's financial performance and position beyond that already anticipated by the forecasts, the LLP maintains net funds and working capital which the members consider are sufficient to fully mitigate the risks which remain due the current economic environment.
After making enquiries, the members have a reasonable expectation that the LLP has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover
Turnover represents the total value of sales from new build properties and land sales, excluding
Value Added Tax, made during the period.
Turnover and profit on sales of properties and freehold interests are included in the accounts where
completion has taken place by the end of the financial period.

13

 
New Tyne West Development Company LLP
 

 
Notes to the financial statements
Period ended 31 October 2023

2.Accounting policies (continued)

  
2.4

Employee benefits

Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
Defined contribution pension plan
The LLP operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

  
2.5

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation on tangible fixed assets is provided at rates calculated to write-off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Long-term leasehold property -  5% straight-line
Office equipment   -  25% straight-line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.

 
2.6

Stocks

Stock and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Management assess the costs held and, where required, will book a provision against the stock.
Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the LLP.

  
2.7

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade and other creditors, cash and bank balances. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.  
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

14

 
New Tyne West Development Company LLP
 

 
Notes to the financial statements
Period ended 31 October 2023

2.Accounting policies (continued)

  
2.8

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 FRS 102.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments 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 profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
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 an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
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 balance sheet within "Loans and other debts due to members". Amounts due to members that are classified as equity are shown in the balance sheet within "Members' other interests"

  
2.9
Taxation

Members are personally liable for taxation on their share of the LLP profits and consequently no reserve for taxation is made in these financial statements.


3.


Auditor's remuneration

During the period, the LLP obtained the following services from the LLP's auditor:


2023
2022
£
£

Fees payable to the LLP's auditor for the audit of the LLP's financial statements
14,000
14,500
15

 
New Tyne West Development Company LLP
 
 

Notes to the financial statements
Period ended 31 October 2023

4.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
131,341
103,581

Social security costs
15,861
16,082

Cost of defined contribution scheme
1,101
1,321

148,303
120,984


The average monthly number of employees, including directors, during the period was 1 (2022: 1).


5.


Information in relation to members

The average number of members during the period was 2 (2022: 2).


6.


Tangible fixed assets





Long-term leasehold property
Office equipment
Total

£
£
£



Cost 


At 1 November 2022
841,921
15,352
857,273



At 31 October 2023

841,921
15,352
857,273



Depreciation


At 1 November 2022
305,196
15,352
320,548


Charge for the year
35,080
-
35,080



At 31 October 2023

340,276
15,352
355,628



Net book value



At 31 October 2023
501,645
-
501,645



At 31 October 2022
536,725
-
536,725

16

 
New Tyne West Development Company LLP
 
 

Notes to the financial statements
Period ended 31 October 2023

7.


Debtors

2023
2022
£
£


Trade debtors
312,444
67,678

Other debtors
79,159
51,698

391,603
119,376



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
200,755
199,795

Amounts owed to related parties
4,886,047
2,578,449

Taxation and social security
-
4,051

Other creditors
20,794
20,794

Accruals and deferred income
1,940,998
277,777

7,048,594
3,080,866



9.


Related party transactions

During the period, the LLP engaged in transactions with Keepmoat Homes Ltd, a member of the LLP, which are considered related party transactions under FRS 102.
The total value of transactions with Keepmoat Homes Ltd during the period amounted to £11,937,826 (2022: £13,200,000).
These transactions primarily related to house building construction. All transactions were conducted on an arm’s length basis and under normal commercial terms.
As of 31 October 2023, the outstanding balance payable to Keepmoat Homes Ltd was £4,886,047, which is included in Amounts owed to related paties.
Management believes that these transactions do not pose any material risk to the financial position or performance of the LLP.






17

 
New Tyne West Development Company LLP
 
 

Notes to the financial statements
Period ended 31 October 2023

10.


Registration of charge

On 26 October 2023, a charge was created and registered with the following details:
 
Charge Code: OC36 2676 0008
Persons Entitled: The Council of the City of Newcastle Upon Tyne
Description of Charge: 
°The charge pertains to the property known as the land adjoining Armstrong Road and Whitehouse Road, Scotswood, Newcastle Upon Tyne. This property is delineated in red on the associated plan and comprises land within the following title numbers registered at the Land Registry: TY476156, TY491145, TY491541, TY491732, and TY340414.
°The charge contains fixed charges on specific assets.
°It also includes a floating charge that covers all the property or undertaking of the LLP.
°The charge includes a negative pledge, which restricts the LLP from creating subsequent charges over the same assets without the consent of the charge holder.

Impact on Financial Position

The fixed charge grants the charge holder specific rights over the assets identified in the charge documentation. This may limit the LLP's ability to dispose of these assets without satisfying the charge obligations.
The floating charge creates a security interest over the general assets of the LLP. The assets subject to the floating charge may be disposed of in the normal course of business until a crystallisation event occurs (e.g., insolvency), at which point the charge becomes fixed on the assets held at that time.
The negative pledge prohibits the LLP from securing additional loans against the same assets, thereby protecting the charge holder’s priority over the specified assets.

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