Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityfalse4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-014truetruefalse OC428450 2023-04-01 2024-03-31 OC428450 2022-04-01 2023-03-31 OC428450 2024-03-31 OC428450 2023-03-31 OC428450 c:FreeholdInvestmentProperty 2023-04-01 2024-03-31 OC428450 c:FreeholdInvestmentProperty 2024-03-31 OC428450 c:FreeholdInvestmentProperty 2023-03-31 OC428450 c:CurrentFinancialInstruments 2024-03-31 OC428450 c:CurrentFinancialInstruments 2023-03-31 OC428450 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC428450 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC428450 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 OC428450 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 OC428450 d:FRS102 2023-04-01 2024-03-31 OC428450 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC428450 d:FullAccounts 2023-04-01 2024-03-31 OC428450 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC428450 d:PartnerLLP1 2023-04-01 2024-03-31 OC428450 d:PartnerLLP3 2023-04-01 2024-03-31 OC428450 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC428450 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC428450 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC428450 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC428450 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number:  OC428450














FLINDERS PROPERTIES LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
FLINDERS PROPERTIES LLP
REGISTERED NUMBER: OC428450

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,726,135
854,346

  
2,726,135
854,346

Current assets
  

Cash at bank and in hand
 5 
182,336
8,487

  
182,336
8,487

Creditors: Amounts Falling Due Within One Year
 6 
(10,004)
(900)

Net current assets
  
 
 
172,332
 
 
7,587

Total assets less current liabilities
  
2,898,467
861,933

  

Net assets
  
2,898,467
861,933


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
2,754,088
868,408

Other reserves classified as equity
  
144,379
(6,475)

  
 
2,898,467
 
861,933

  
2,898,467
861,933


Total members' interests
  

Members' other interests
  
2,898,467
861,933

  
2,898,467
861,933


Page 1

 
FLINDERS PROPERTIES LLP
REGISTERED NUMBER: OC428450
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 March 2025.




A M Seddon
C M Seddon
Designated member
Designated member

The notes on pages 3 to 7 form part of these financial statements.

Flinders Properties LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
FLINDERS PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Flinders Properties LLP is a limited liability partnership, which is incorporated and registered in England and Wales (No. OC428450). The address of the registered office is 130 Burscough Street, Ormskirk, L39 2EY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FLINDERS PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is
Page 4

 
FLINDERS PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially
Page 5

 
FLINDERS PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
854,346


Additions at cost
1,871,789



At 31 March 2024
2,726,135







5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
182,336
8,487

182,336
8,487


Page 6

 
FLINDERS PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
748
-

Other taxation and social security
2,806
-

Accruals and deferred income
6,450
900

10,004
900



7.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
182,336
8,485




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

 
Page 7