Limited Liability Partnership registration number OC383392 (England and Wales)
CROWN PROPERTIES (CHEPSTOW) LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CROWN PROPERTIES (CHEPSTOW) LLP
CONTENTS
PAGE
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROWN PROPERTIES (CHEPSTOW) LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
2,982
2,632
CURRENT ASSETS
Stocks
100
150
Debtors
4
2,819
16,408
Cash at bank and in hand
24,842
30,444
27,761
47,002
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(7,910)
(9,610)
NET CURRENT ASSETS
19,851
37,392
TOTAL ASSETS LESS CURRENT LIABILITIES AND NET ASSETS ATTRIBUTABLE TO MEMBERS
22,833
40,024
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS WITHIN ONE YEAR
Members' capital classified as a liability
-
(102,105)
Other amounts
407
22,544
407
(79,561)
MEMBERS' OTHER INTERESTS
Members' capital classified as equity
22,426
119,585
22,833
40,024

The members of the limited liability partnership have elected not to include a copy of the profit and loss account 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.

CROWN PROPERTIES (CHEPSTOW) LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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.

The financial statements were approved by the members and authorised for issue on 18 March 2025 and are signed on their behalf by:
18 March 2025
Mr C L Heaven
Designated member
Limited Liability Partnership registration number OC383392 (England and Wales)
CROWN PROPERTIES (CHEPSTOW) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
ACCOUNTING POLICIES
Limited liability partnership information

Crown Properties (Chepstow) LLP is a limited liability partnership incorporated in England and Wales. The registered office is Hawthorn House, Black Rock Road, Portskewett, Caldicot, Wales, NP26 5TW.

 

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The Limited Liability Partnership has been able to finance its operations due to support from its Members.  Post year-end the decision was made to cease trading with effect from 16 April 2024, with remaining assets sold and stock transferred to related companies, therefore the Limited Liability Partnership is no longer a going concern and will not be prepared under this basis. Impairment reviews have been undertaken at the balance sheet date to reflect fixed and current assets at recoverable amount, where lower than historical cost or net book value. Creditors classed as falling due after more than one year have been reclassified as current liabilities where appropriate.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
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.

CROWN PROPERTIES (CHEPSTOW) 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:

Leasehold land and buildings
20% straight line and 10% straight line
Fixtures and fittings
25% straight line

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 profit and loss account.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments
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.

CROWN PROPERTIES (CHEPSTOW) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
EMPLOYEES

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
2
2
CROWN PROPERTIES (CHEPSTOW) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
TANGIBLE FIXED ASSETS
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
11,812
20,208
32,020
Additions
-
1,618
1,618
Disposals
(10,272)
(14,024)
(24,296)
At 31 March 2024
1,540
7,802
9,342
Depreciation and impairment
At 1 April 2023
10,734
18,654
29,388
Depreciation charged in the year
154
988
1,142
Eliminated in respect of disposals
(10,272)
(13,898)
(24,170)
At 31 March 2024
616
5,744
6,360
Carrying amount
At 31 March 2024
924
2,058
2,982
At 31 March 2023
1,078
1,554
2,632
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
335
6,212
Other debtors
2,484
10,196
2,819
16,408
CROWN PROPERTIES (CHEPSTOW) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
868
427
Taxation and social security
4,135
4,113
Other creditors
2,907
5,070
7,910
9,610
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