0 false false false false false false false false false false false false false false false true 2023-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP OC416771 2023-10-01 2024-09-30 OC416771 2024-09-30 OC416771 2022-10-01 2023-09-30 OC416771 2023-09-30 OC416771 bus:RegisteredOffice 2023-10-01 2024-09-30 OC416771 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 OC416771 bus:Director2 2023-10-01 2024-09-30 OC416771 bus:Director3 2023-10-01 2024-09-30 OC416771 core:WithinOneYear 2024-09-30 OC416771 core:WithinOneYear 2023-09-30 OC416771 core:AfterOneYear 2024-09-30 OC416771 core:AfterOneYear 2023-09-30 OC416771 core:RestatedAmount 2022-10-01 2023-09-30 OC416771 bus:SmallEntities 2023-10-01 2024-09-30 OC416771 bus:Audited 2023-10-01 2024-09-30 OC416771 bus:FullAccounts 2023-10-01 2024-09-30 OC416771 bus:LimitedLiabilityPartnershipLLP 2023-10-01 2024-09-30 OC416771 core:AfterOneYear 2023-10-01 2024-09-30 OC416771 core:OtherRelatedParties 2023-10-01 2024-09-30
REGISTERED NUMBER: OC416771
Wintringham Partners LLP
Financial Statements
30 September 2024
Wintringham Partners LLP
Financial Statements
Year ended 30 September 2024
Contents
Page
Members' report
1
Independent auditor's report to the members
3
Statement of comprehensive income
7
Statement of financial position
8
Reconciliation of members' interests
9
Statement of cash flows
11
Notes to the financial statements
12
Wintringham Partners LLP
Members' Report
Year ended 30 September 2024
The members present their report and the financial statements of Wintringham Partners LLP (the Limited Liability Partnership) for the year ended 30 September 2024 .
Principal activities
The principal activity of the company during the year was property investment and development.
Designated members
The designated members who served the Limited Liability Partnership during the year were as follows:
Urban&Civic St Neots Limited
Wintringham Newco 1 Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set in the members' agreement dated 10 April 2017, taking into account the anticipated cash needs of the LLP.
The capital requirements are determined by the designated members.
Members' responsibilities statement
The members are responsible for preparing the members' report and the financial statements in accordance with applicable law and regulations. Company law 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, 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 the profit or loss of the LLP for that period.
This report was approved by the members on 4 March 2025 and signed on behalf of the members by:
Urban&Civic St Neots Limited
Designated Member
Registered office:
50 New Bond Street
London
United Kingdom
W1S 1BJ
Wintringham Partners LLP
Independent Auditor's Report to the Members of Wintringham Partners LLP
Year ended 30 September 2024
Opinion on the financial statements
In our opinion the financial statements: - give a true and fair view of the state of the Limited Liability Partnership's affairs as at 30 September 2024 and of its profit for the year 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 applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. We have audited the financial statements of Wintringham Partners LLP ("the Limited Liability Partnership") for the year ended 30 September 2024 which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The 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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Limited Liability Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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 Limited Liability Partnership'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 members are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
Other Companies Act 2006 reporting as applied to limited liability partnerships We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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, 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 Limited Liability Partnership'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 Limited Liability Partnership or to cease operations, or have no realistic alternative but to do so.
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 or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting irregularities, including fraud 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Members and other management (as required by auditing standards). - We had regard to laws and regulations in areas that directly affect the financial statements (including related company legislation) and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance and as required by auditing standards, our work included agreeing the financial statement disclosures to underlying supporting documentation, review of Board minutes and enquiries with management. - We communicated identified laws and regulations to our team and remained alert to any indications of non-compliance throughout the audit. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: - Enquiry with management and those charged with governance regarding any known or suspected instances of fraud. - Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud. - Discussion amongst the engagement team as to how and where fraud might occur in the financial statements. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area's most susceptible to fraud to be management override and property valuations. Auditor's responsibilities for the audit of the financial statements(continued) Our procedures in respect of the above included: - Testing a sample of journal entries throughout the year, which we considered most susceptible to override, by agreeing to supporting documentation. - Assessing significant inputs to valuations by testing source documentation to verify their accuracy such as the sales data and cost allocations. - Challenge of external valuation assumptions and their inputs within the valuation report. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available 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 Limited Liability Partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Limited Liability Partnership'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 Partnership and the Limited Liability Partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas Edward Goodworth
(Senior Statutory Auditor)
For and on behalf of BDO LLP , statutory auditor
55 Baker Street
London
W1U 7EU
5 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).
Wintringham Partners LLP
Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
14,455,374
1,317,604
Cost of sales
( 11,090,657)
( 396,548)
-------------
------------
Gross profit
3,364,717
921,056
Administrative expenses
( 422)
( 18,081)
------------
---------
Operating profit
3,364,295
902,975
Other interest receivable and similar income
5
3,459,480
5,015,418
------------
------------
Profit for the financial year before members' remuneration and profit shares
6,823,775
5,918,393
Discretionary division amongst members
(5,918,000)
(7,499,000)
------------
------------
Profit/(loss) for the financial year available for discretionary division among members
905,775
(1,580,607)
------------
------------
All the activities of the Limited Liability Partnership are from continuing operations.
Wintringham Partners LLP
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Current assets
Stocks
7
36,670,968
37,191,150
Debtors
8
36,113,694
36,193,804
Cash at bank and in hand
22,301,948
15,608,717
-------------
-------------
95,086,610
88,993,671
Creditors: amounts falling due within one year
9
( 5,709,493)
( 4,302,579)
-------------
-------------
Net current assets
89,377,117
84,691,092
-------------
-------------
Total assets less current liabilities
89,377,117
84,691,092
Creditors: amounts falling due after more than one year
10
( 33,592,822)
( 32,400,072)
-------------
-------------
Net assets
55,784,295
52,291,020
-------------
-------------
Represented by:
Loans and other debts due to members
Members' capital classified as equity
100
100
Members' capital classified as a liability
11
40,000,000
40,000,000
Other amounts
11
8,948,085
6,360,585
Profit and loss reserve classified as equity
11
6,836,110
5,930,335
-------------
-------------
55,784,295
52,291,020
Total members' interests
Loans and other debts due to members
11
48,948,085
46,360,585
Members' other interests
6,836,210
5,930,435
-------------
-------------
55,784,295
52,291,020
-------------
-------------
These financial statements were approved by the members and authorised for issue on 4 March 2025 , and are signed on their behalf by:
Urban&Civic St Neots Limited
Designated Member
Registered number: OC416771
Wintringham Partners LLP
Reconciliation of Members' Interests
Year ended 30 September 2024
Members' other interests
Members' capital (classified as equity)
Profit and loss reserve classified as equity
Total
Members' capital (classified as debt)
Other amounts
Total
£
£
£
£
£
£
Balance at 1 October 2023
100
5,930,335
5,930,435
40,000,000
6,360,585
46,360,585
Profit for the financial year available for discretionary division among members
6,823,775
6,823,775
----
-------------
-------------
-------------
------------
-------------
Members' interests after profit for the year
100
12,754,110
12,754,210
40,000,000
6,360,585
46,360,585
Discretionary division amongst members
(5,918,000)
(5,918,000)
Introduced by members
2,587,500
2,587,500
Repayments of debt
----
-------------
-------------
-------------
------------
-------------
Balance at 30 September 2024
100
6,836,110
6,836,210
40,000,000
8,948,085
48,948,085
----
-------------
-------------
-------------
------------
-------------
Wintringham Partners LLP
Reconciliation of Members' Interests (continued)
Year ended 30 September 2024
Members' other interests
Members' capital (classified as equity)
Profit and loss reserve classified as equity
Total
Members' capital (classified as debt)
Other amounts
Total
£
£
£
£
£
£
Balance at 1 October 2022
100
7,510,942
7,511,042
40,000,000
7,576,341
47,576,341
Profit for the financial year available for discretionary division among members
5,918,393
5,918,393
----
-------------
-------------
-------------
------------
-------------
Members' interests after profit for the year
100
13,429,335
13,429,435
40,000,000
7,576,341
47,576,341
Discretionary division amongst members
(7,499,000)
(7,499,000)
Introduced by members
2,784,244
2,784,244
Repayments of debt
(4,000,000)
(4,000,000)
----
-------------
-------------
-------------
------------
-------------
Balance at 30 September 2023
100
5,930,335
5,930,435
40,000,000
6,360,585
46,360,585
----
-------------
-------------
-------------
------------
-------------
Wintringham Partners LLP
Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
6,823,775
5,918,393
Adjustments for:
Other interest receivable and similar income
( 3,459,480)
( 5,015,418)
Changes in:
Stocks
3,680,434
( 7,803,097)
Trade and other debtors
2,719,381
33,601,866
Trade and other creditors
1,787,688
( 5,075,216)
-------------
-------------
Cash generated from operations
11,551,798
21,626,528
Interest received
439,433
298,982
-------------
-------------
Net cash from operating activities
11,991,231
21,925,510
-------------
-------------
Cash flows from financing activities
Capital introduced by members
1,973,333
2,500,000
Repayment of capital or debt to members
(4,000,000)
Proceeds from borrowings
3,946,667
5,000,000
Repayments of borrowings
( 5,300,000)
( 22,000,000)
Discretionary division amongst members
( 5,918,000)
( 7,499,000)
-------------
-------------
Net cash used in financing activities
( 5,298,000)
( 25,999,000)
-------------
-------------
Net increase/(decrease) in cash and cash equivalents
6,693,231
( 4,073,490)
Cash and cash equivalents at beginning of year
15,608,717
19,682,207
-------------
-------------
Cash and cash equivalents at end of year
22,301,948
15,608,717
-------------
-------------
Wintringham Partners LLP
Notes to the Financial Statements
Year ended 30 September 2024
1.
General information
Wintringham Partners LLP is a limited liability partnership, incorporated and registered in England and Wales. The address of the registered office is 50 New Bond Street, London W1S 1BJ and its registered number is OC416771 . The principal activity of the company is property development.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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 preparation
The financial statements have been prepared on the historical cost basis. In preparing the financial statements of this company, advantage has been taken of the following disclosure exemptions as permitted by FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland: - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraph 11.39 to 11.48A; and - the requirements of Section 33 Related Party Disclosures paragraph 33.7. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on a going concern basis, which assumes that the LLP will continue to meet its liabilities as they fall due.
Going concern
In making their assessment of the ability of the Partnership to continue as a going concern, the Members have considered current economic uncertainties. In order to assess the potential impacts, financial forecasts have been produced for Wintringham Partners LLP, for a period in excess of 12 months from the date of the approval of these financial statements. Based on these forecasts, the Partnership has adequate resources to continue in operational existence for a period in excess of 12 months from the date of approval of these financial statements. The Members have considered the LLP's own financial position and prospects, and accordingly have concluded that it is appropriate for the Partnership to prepare its own financial statements on a going concern basis.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the company will be unable to collect all of the amounts due under the terms receivable. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade debtors, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses. On confirmation that the trade debtor will not be collectable the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
Financial liabilities including trade creditors, other creditors, accruals and amounts due to Group undertakings are originally recorded at fair value and subsequently stated at amortised cost under the effective interest method.
Taxation
The Partnership is not subject to taxation and no provision for taxation on Partnership profits has been made in the financial statements. Any tax on income or capital is the responsibility of each individual Partner.
Judgements and key sources of estimation uncertainty
The LLP makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. In preparing these financial statements, the directors have made the following judgements and estimates: Stock impairment For the purposes of calculating the net realisable value of its stock balance, the Members use valuations carried out by independent valuers on the basis of market value in accordance with the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors. The valuations are based upon assumptions including future rental income, sales prices, an estimate of typical profit margins, anticipated maintenance costs, future development costs and appropriate discount rates. The valuers also make reference to market evidence for comparable property transactions and principal inputs and assumptions. Due to the nature of development timescales, it is routinely necessary to estimate costs to complete and future revenues and to allocate non-unit-specific development costs between units legally completing in the current financial year and in future periods. Revenue Estimates are involved when determining how much revenue to recognise at the point in time of residential property sales where there is deferred consideration and/or variable consideration which is only determined at the point of the future onward sale of constructed homes by the LLP's housebuilder customers. In determining the amount of revenue recognised, the Members consider the following factors: - Absorption rates - licence sale contracts contain minimum sales rates as well as minimum prices. The Members consider as a base case assumption that houses will be sold by housebuilding customers in line with the contracted minimum sales rates. Deferred revenue is therefore discounted by reference to these rates. - Discount rates - the onward sale of constructed homes by housebuilder customers will occur over a number of years. Consequently, the time value of money and the credit risk of the housebuilder must be taken into account when measuring the present value of the consideration receivable. The Members consider the third party cost of borrowing to be an appropriate rate at which to discount deferred consideration for the sale of the land. These discount rates are kept under review in the event of indications of a significant change in circumstance of the housebuilding customer. - Affordable revenue - licence sale contracts in respect of land parcels can mandate the purchaser to provide an element of affordable housing within overall delivery. Revenue in relation to affordable housing is recognised when the Members consider that a reliable estimate can be made of the amount receivable. The Members assess, on a case by case basis, whether such a reliable estimate can be made, taking into account, for example, whether contracts are exchanged, whether there are a number of of advanced offers in place, or whether contracts are well advanced. Judgements and key sources of estimation uncertainty (continued) - Inflation rates - some contractual minimum prices are subject to annual review and inflation. The Members consider publicly available inflation forecasts when calculating minimum amounts receivable over the licence contracts. Cost of trading property sales The sale of parcels or units of strategic land requires an allocation of costs (where applicable including site wide infrastructure, any construction costs directly attributable to individual land parcels, capitalised interest and capitalised administrative expenses) in order to account for cost of sales associated with the disposal. The costs being allocated, based on net developable acres as a proportion of total project net developable acres, include those incurred to date together with an allocation of costs remaining, estimated with reference to latest project forecasts.
Revenue recognition
Revenue on the sale of residential properties, including land parcels sold to housebuilders for residential development, is recognised when the significant risks and rewards of ownership of the property have passed to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Any deferred consideration is discounted to to present value with the discount being unwound to profit and loss as finance income. Costs, which prior to sale are included within trading properties on the balance sheet, are expensed to cost of sales at the point of sale.
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'.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the Limited Liability Partnership becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
Turnover arises from:
2024
2023
£
£
Trading property sales
14,455,374
1,317,604
-------------
------------
The whole of the turnover is attributable to the principal activity of the Limited Liability Partnership wholly undertaken in the United Kingdom.
5.
Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
589,183
298,982
Other interest receivable and similar income
2,870,297
4,716,436
------------
------------
3,459,480
5,015,418
------------
------------
6.
Interest payable and similar expenses
2024
2023
£
£
Interest on bank loans and overdrafts
3,115,172
2,248,372
Amortisation of loan arrangement coasts
33,078
33,078
Interest capitalised
(3,148,250)
(2,281,450)
------------
------------
------------
------------
7.
Stocks
2024
2023
£
£
At 1 October 2023
37,191,150
27,103,707
Additions at cost
10,443,669
10,087,443
Disposals
(10,963,851)
--------------
-------------
At 30 September 2024
36,670,968
37,191,150
--------------
-------------
Independent valuers, CBRE, and Directors have valued the site at £91,589,502 (2023: £101,380,068) in respect of property assets held in the Statement of Financial Position as stocks and debtors with a combined carrying value of £62,053,502 (2023: £69,014,068).
8.
Debtors
2024
2023
£
£
Trade debtors
35,800,920
36,023,485
Prepayments and accrued income
84,000
Other debtors
228,774
170,319
-------------
-------------
36,113,694
36,193,804
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Trade debtors
5,963,024
12,693,623
------------
-------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,159,316
2,788,255
Accruals and deferred income
2,048,415
1,133,551
Social security and other taxes
2,501,762
380,773
------------
------------
5,709,493
4,302,579
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,583,560
22,290,988
Other loans
15,009,262
10,109,084
-------------
-------------
33,592,822
32,400,072
-------------
-------------
Bank loans comprise borrowings from Homes England. These borrowings were first drawn in December 2018 and are repayable in February 2030. Interest is charged at 2.5 per cent above EC Reference Rate. Other loans comprise borrowings from a related entity, further details can be found in note 12. These loans are repayable from surplus net disposal proceeds.
11.
Loans and other debts due to members
Interest is charged at 12.5 per cent on £3,293,000 (2023: £2,927,000) and 8.0 per cent on the remaining balance of £20,664,000 (2023:£13,543,000).
12.
Related party transactions
During the year, £940,100 (2023: £931,447) of fees were charged by Urban&Civic Projects Limited for development and operator services. Included within accruals and deferred income at 30 September 2024 was £238,800 (2023: £233,250) and included within trade creditors was £286,560 (2023: £7,159). As at 30 September 2024 other loans comprises £11,632,178 (2023: £7,834,540) due to Nuffield Dominion Trust and £3,377,084 (2023: £2,274,544) due to Nuffield Oxford Hospitals Fund.
13.
Controlling party
The members are of the opinion that there is no ultimate controlling party.