Limited Liability Partnership Registration No. OC398878 (England and Wales)
Forward Investment Pannal LLP
Annual report and unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Forward Investment Pannal LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Forward Investment Pannal LLP
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,747
-
Investment property
4
19,382,373
488,943
19,401,120
488,943
Current assets
Debtors
5
11,018,044
995,695
Cash at bank and in hand
301,141
-
11,319,185
995,695
Creditors: amounts falling due within one year
6
(7,831,165)
(7,191,559)
Net current assets/(liabilities)
3,488,020
(6,195,864)
Total assets less current liabilities
22,889,140
(5,706,921)
Creditors: amounts falling due after more than one year
7
(9,976,543)
-
Net assets/(liabilities) attributable to members
12,912,597
(5,706,921)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(8,082,860)
(8,082,408)
Members' other interests
Members' capital classified as equity
20,995,457
2,375,487
12,912,597
(5,706,921)

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

Forward Investment Pannal LLP
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the members and authorised for issue on 13 February 2025 and are signed on their behalf by:
13 February 2025
Daniel Ward
Tobias Ward
Designated member
Designated Member
Limited Liability Partnership registration number OC398878 (England and Wales)
Forward Investment Pannal LLP
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Limited liability partnership information

Forward Investment Pannal LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Wellington Place, Leeds, LS1 4AP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents receivable and service charges, excluding value added tax.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Forward Investment Pannal LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Forward Investment Pannal LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 limited liability partnership after deducting all of its liabilities.

Forward Investment Pannal LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

There were no employees of the LLP in the current or prior years.

2024
2023
Number
Number
Total
-
0
-
0
Forward Investment Pannal LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
Additions
1,013
Disposals
(301)
Transfer of assets via capital contribution
155,908
At 31 March 2024
156,620
Depreciation and impairment
Depreciation charged in the year
8,109
Transfer of assets via capital contribution
130,054
Eliminated in respect of disposals
(290)
At 31 March 2024
137,873
Carrying amount
At 31 March 2024
18,747
At 31 March 2023
-
4
Investment property
2024
£
Fair value
At 1 April 2023
488,942
Additions through external acquisition
343,431
Transfer of assets via capital contribution
18,550,000
At 31 March 2024
19,382,373

The members have reviewed the market value of the investment property at the year-end and consider that it is not significantly different to the carrying value.

On 1 September 2023, Daniel and Tobias Ward, designated members of the LLP, made a capital contribution to the LLP of various assets and liabilities previously held within a related entity, Forward Investment Group LLP, including the entire investment property portfolio of that entity.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
11,018,044
995,695
Forward Investment Pannal LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
734,670
-
Trade creditors
35,355
-
Taxation and social security
50,800
-
Other creditors
7,010,340
7,191,559
7,831,165
7,191,559

Bank loans due within one year consist of loans owed to Cynergy plc secured by fixed and floating charges dated 1 September 2023 over investment properties.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
9,976,543
-

Bank loans due after more than one year consist of loans owed to Cynergy plc secured by fixed and floating charges dated 1 September 2023 over investment properties.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
7,037,862
-
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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