REGISTERED NUMBER: OC333250 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

THE OUTER HARBOUR DEVELOPMENT COMPANY

PARTNERSHIP LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Outer Harbour Development Limited

Outer Harbour Construction Limited

REGISTERED OFFICE:

Brighton Marina

Brighton

East Sussex

BN2 5UF

REGISTERED NUMBER:

OC333250 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

The Clerk's House

20 Pine Place

Maidstone

Kent

ME15 6EF

CURRENT ASSETS

Stocks

4

-

27,923,983

Debtors

5

-

403

Cash at bank

117,547

19,653

117,547

27,944,039

CREDITORS

Amounts falling due within one year

6

18,494

24

NET CURRENT ASSETS

99,053

27,944,015

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

99,053

27,944,015

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

33,829,641

33,715,230

Other reserves

7

(33,730,588

)

(5,771,215

)

99,053

27,944,015

TOTAL MEMBERS' INTERESTS

Members' other interests

99,053

27,944,015

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 September 2024.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

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 7 April 2025 and were signed by:

Outer Harbour Construction Limited - Designated member

1.	STATUTORY INFORMATION

The Outer Harbour Development Company Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial ReportingStandard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

Stock

Stock relates to the development of Brighton Marina and cost is based on the cost of the development works.

At the balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

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.

FINANCIAL INSTRUMENTS

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss.

For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.

STOCKS

30.9.24

30.9.23

£

£

Work-in-progress

-

27,923,983

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Other debtors

-

403

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade creditors

-

24

Taxation and social security

18,494

-

18,494

24

7.

RESERVES

Other

reserves

£

At 1 October 2023

(5,771,215

)

Undivided profit

(27,959,373

)

At 30 September 2024

(33,730,588

)

8.	ULTIMATE CONTROLLING PARTY

Outer Harbour Construction Limited and Outer Harbour Development Limited are the controlling parties, who in turn are owned by Brighton Marina Group Ltd, being the ultimate controlling party.