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Financial Statements |
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 |
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Members' Report |
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Designated Member |
Registered office: |
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United Kingdom |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
55 Baker Street |
London |
W1U 7EU |
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Statement of Comprehensive Income |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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------------- |
------------ |
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Gross profit |
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Administrative expenses |
(
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(
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------------ |
--------- |
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Operating profit |
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Other interest receivable and similar income |
5 |
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------------ |
------------ |
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Profit for the financial year before members' remuneration and profit shares |
6,823,775 |
5,918,393 |
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Discretionary division amongst members |
(5,918,000) |
(7,499,000) |
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Profit/(loss) for the financial year available for discretionary division among members |
905,775 |
(1,580,607) |
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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Stocks |
7 |
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Debtors |
8 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
9 |
(
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(
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
10 |
(
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(
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Net assets |
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Members' capital classified as equity |
100 |
100 |
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Members' capital classified as a liability |
11 |
40,000,000 |
40,000,000 |
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Other amounts |
11 |
8,948,085 |
6,360,585 |
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Profit and loss reserve classified as equity |
11 |
6,836,110 |
5,930,335 |
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------------- |
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55,784,295 |
52,291,020 |
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Loans and other debts due to members |
11 |
48,948,085 |
46,360,585 |
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Members' other interests |
6,836,210 |
5,930,435 |
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55,784,295 |
52,291,020 |
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Designated Member |
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Reconciliation of Members' Interests |
Members' other interests |
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Members' capital (classified as equity) |
Profit and loss reserve classified as equity |
Total |
Members' capital (classified as debt) |
Other amounts |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
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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 |
– |
– |
– |
---- |
------------- |
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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 |
– |
– |
– |
– |
– |
– |
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Balance at 30 September 2024 |
100 |
6,836,110 |
6,836,210 |
40,000,000 |
8,948,085 |
48,948,085 |
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Reconciliation of Members' Interests (continued) |
Members' other interests |
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Members' capital (classified as equity) |
Profit and loss reserve classified as equity |
Total |
Members' capital (classified as debt) |
Other amounts |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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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 |
– |
– |
– |
---- |
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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) |
– |
– |
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Introduced by members |
– |
– |
– |
– |
2,784,244 |
2,784,244 |
Repayments of debt |
– |
– |
– |
– |
(4,000,000) |
(4,000,000) |
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Balance at 30 September 2023 |
100 |
5,930,335 |
5,930,435 |
40,000,000 |
6,360,585 |
46,360,585 |
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Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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5,918,393 |
Adjustments for: |
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Other interest receivable and similar income |
(
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(
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
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Trade and other creditors |
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(
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------------- |
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Cash generated from operations |
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Interest received |
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Net cash from operating activities |
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Capital introduced by members |
1,973,333 |
2,500,000 |
Repayment of capital or debt to members |
– |
(4,000,000) |
Proceeds from borrowings |
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Repayments of borrowings |
(
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(
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Discretionary division amongst members |
(
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(
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------------- |
------------- |
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Net cash used in financing activities |
(
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(
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------------- |
------------- |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
15,608,717 |
19,682,207 |
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Cash and cash equivalents at end of year |
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------------- |
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Notes to the Financial Statements |
1. |
General information |
2. |
Statement of compliance |
3. |
Accounting policies |
4. |
Turnover |
2024 |
2023 |
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£ |
£ |
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Trading property sales |
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------------- |
------------ |
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5. |
Other interest receivable and similar income |
2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
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Other interest receivable and similar income |
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------------ |
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6. |
Interest payable and similar expenses |
2024 |
2023 |
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£ |
£ |
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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) |
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– |
– |
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7. |
Stocks |
2024 |
2023 |
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£ |
£ |
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At 1 October 2023 |
37,191,150 |
27,103,707 |
Additions at cost |
10,443,669 |
10,087,443 |
Disposals |
(10,963,851) |
– |
-------------- |
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At 30 September 2024 |
36,670,968 |
37,191,150 |
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8. |
Debtors |
2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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– |
Other debtors |
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------------- |
------------- |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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------------ |
------------- |
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Social security and other taxes |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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Other loans |
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------------- |
------------- |
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11. |
Loans and other debts due to members |
12. |
Related party transactions |
13. |
Controlling party |