REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PROJECT DEVONSHIRE LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PROJECT DEVONSHIRE LLP |
PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROJECT DEVONSHIRE LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
13,427,644 |
13,596,090 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
2,375,819 |
3,589,180 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 11,051,825 | 10,006,910 |
13,427,644 | 13,596,090 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 2,375,819 | 3,589,180 |
Members' other interests | 11,051,825 | 10,006,910 |
Amounts due from members | 6 | (3,784 | ) | - |
13,423,860 | 13,596,090 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Project Devonshire LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
These financial statements cover the entity as an individual LLP. |
The figures in the financial statements are rounded to the nearest £. |
The principal activity of the LLP in the period under review was that of an investment Limited Liability Partnership. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost basis. |
Going concern |
The members are confident that the LLP has adequate resources to continue in operational existence for the foreseeable future. The Senior Lender will continue to support the position for the foreseeable future with the goal of fully executing the business plan. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Financial instruments |
Financial assets |
The LLP's group loans receivable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Impairments | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
8. | SECURED DEBTS |
There are charges over certain assets of the LLP as security for a group company's loan borrowings, dated 23 September 2019 and 7 September 2022. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 2,375,819 | 3,589,180 |
Falling due within one year | 2,375,819 | 3,589,180 |
Amounts due to members rank after all third party liabilities and member loans have been repaid. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | RELATED PARTY DISCLOSURES |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
For the purposes of these financial statements, a related party is an entity or entities who are able to exercise significant influence directly or indirectly on the LLP’s operations. |
12. | IMMEDIATE PARENT UNDERTAKING |
Sparrowhawk Properties 608 Limited is regarded by the members as being the LLP's immediate parent undertaking. |