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2024-09-30
REGISTERED NUMBER:
OC428480
|
Manydown Development Vehicle LLP |
|
|
Manydown Development Vehicle LLP |
|
Year ended 30 September 2024
|
Independent auditor's report to the members |
3 |
|
|
|
Statement of income and retained earnings |
7 |
|
|
|
Statement of financial position |
8 |
|
|
|
Reconciliation of members' interests |
9 |
|
|
|
Statement of cash flows |
11 |
|
|
|
Notes to the financial statements |
12 |
|
|
|
Manydown Development Vehicle LLP |
|
Year ended 30 September 2024
The members present their report and the financial statements of
Manydown Development Vehicle LLP
(the Limited Liability Partnership) for the year ended 30 September 2024
.
Principal activities
The principal activity of the LLP during the period was property development.
Designated members
The designated members who served the Limited Liability Partnership during the year were as follows:
|
Urban&Civic Manydown Limited |
|
|
Manydown Garden Communities LLP |
|
|
|
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in line with the Members' agreement dated 28 July 2020.
The capital requirements are determined by the designated members.
Members' responsibilities statement
The members are responsible for preparing the members' report and the financial statements in accordance with applicable law and regulations.
Company law requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Limited Liability Partnership and the profit or loss of the company for that period.
In preparing these financial statements, the members are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Limited Liability Partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the Limited Liability Partnership's transactions and disclose with reasonable accuracy at any time the financial position of the Limited Liability Partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the Limited Liability Partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
BDO LLP were re-appointed as auditor to the LLP in accordance with section 487 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
This report was approved by the members on
9 June 2025
and signed on behalf of the members by:
Sarah Longthorpe
Gary Westbrook
David Wood
Manydown Garden Communities LLP
Urban&Civic Manydown Limited
Designated Member
Designated Member
|
Registered office: |
|
50 New Bond Street |
|
London |
|
United Kingdom |
|
W1S 1BJ |
|
|
Manydown Development Vehicle LLP |
|
|
Independent Auditor's Report to the Members of
Manydown Development Vehicle LLP |
|
Year ended 30 September 2024
Opinion on the financial statements
In our opinion the financial statements: - give a true and fair view of the state of the Limited Liability Partnership's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. We have audited the financial statements of Manydown Development Vehicle LLP ("the Limited Liability Partnership") for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position, reconciliation of members' interests, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Limited Liability Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Limited Liability Partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The members are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Other Companies Act 2006 reporting as applied to limited liability partnerships We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement, the Members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Members are responsible for assessing the Limited Liability Partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members either intend to liquidate the Limited Liability Partnership or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Members and other management (as required by auditing standards). - We had regard to laws and regulations in areas that directly affect the financial statements (including related company legislation) and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance and as required by auditing standards, our work included agreeing the financial statement disclosures to underlying supporting documentation, review of Board minutes and enquiries with management. - We communicated identified laws and regulations to our team and remained alert to any indications of non-compliance throughout the audit. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: - Enquiry with management and those charged with governance regarding any known or suspected instances of fraud. - Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud. - Discussion amongst the engagement team as to how and where fraud might occur in the financial statements. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area's most susceptible to fraud to be management override and property valuations. Auditor's responsibilities for the audit of the financial statements (continued) Our procedures in respect of the above included: - Testing a sample of journal entries throughout the year, which we considered most susceptible to override, by agreeing to supporting documentation. - Challenge of directors' valuation assumptions and inputs within the valuation report in assessing lower of cost and NRV. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Limited Liability Partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Limited Liability Partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Partnership and the Limited Liability Partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
|
Thomas Edward Goodworth |
|
(Senior Statutory Auditor) |
|
For and on behalf of
BDO LLP
, statutory auditor
|
55 Baker Street |
|
London |
|
W1U 7EU |
|
9 June 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).
|
Manydown Development Vehicle LLP |
|
|
Statement of Income and Retained Earnings |
|
Year ended 30 September 2024
|
Administrative expenses |
(
4,573) |
(
5,711) |
|
------- |
------- |
|
Operating loss |
(
4,573) |
(
5,711) |
|
|
|
|
Other interest receivable and similar income |
4 |
8,732 |
4,421 |
|
------- |
------- |
|
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members |
4,159 |
(1,290) |
|
------- |
------- |
|
|
|
|
All the activities of the Limited Liability Partnership are from continuing operations.
|
Manydown Development Vehicle LLP |
|
|
Statement of Financial Position |
|
30 September 2024
Current assets
|
Stocks |
5 |
18,314,888 |
15,018,090 |
|
Debtors |
6 |
449,405 |
73,445 |
|
Cash at bank and in hand |
332,440 |
273,343 |
|
------------- |
------------- |
|
19,096,733 |
15,364,878 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
2,596,985) |
(
1,258,064) |
|
------------- |
------------- |
|
Net current assets |
16,499,748 |
14,106,814 |
|
------------- |
------------- |
|
Total assets less current liabilities |
16,499,748 |
14,106,814 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
(
8,709,388) |
(
7,459,228) |
|
------------- |
------------- |
|
Net assets |
7,790,360 |
6,647,586 |
|
------------- |
------------- |
|
|
|
|
Represented by:
Loans and other debts due to members
|
Members' capital classified as equity |
2 |
2 |
|
Members' capital classified as a liability |
9 |
7,850,300 |
6,711,685 |
|
Profit and loss reserve (classified as equity) |
9 |
(59,942) |
(64,101) |
|
------------ |
------------ |
|
7,790,360 |
6,647,586 |
|
|
|
|
Total members' interests
|
Loans and other debts due to members |
9 |
7,850,300 |
6,711,685 |
|
Members' other interests |
(59,940) |
(64,099) |
|
------------ |
------------ |
|
7,790,360 |
6,647,586 |
|
------------ |
------------ |
|
|
|
|
These financial statements were approved by the
members
and authorised for issue on
9 June 2025
, and are signed on their behalf by:
|
Urban&Civic Manydown Limited |
|
Designated Member |
|
Registered number:
OC428480
|
Manydown Development Vehicle LLP |
|
|
Reconciliation of Members' Interests |
|
Year ended 30 September 2024
|
Members' other interests |
|
|
|
Members' capital (classified as equity) |
Profit and loss reserve (classified as equity) |
Total |
Members' capital (classified as debt) |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Balance at 1 October 2023 |
2 |
(64,101) |
(64,099) |
6,711,685 |
6,711,685 |
|
Profit for the financial year available for discretionary division among members |
– |
4,159 |
4,159 |
– |
– |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
Members' interests after profit for the year |
2 |
(59,942) |
(59,940) |
6,711,685 |
6,711,685 |
|
Introduced by members |
– |
– |
– |
1,138,615 |
1,138,615 |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
Balance at 30 September 2024 |
2 |
(59,942) |
(59,940) |
7,850,300 |
7,850,300 |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
|
|
|
|
|
|
Manydown Development Vehicle LLP |
|
|
Reconciliation of Members' Interests (continued) |
|
Year ended 30 September 2024
|
Members' other interests |
|
|
|
Members' capital (classified as equity) |
Profit and loss reserve (classified as equity) |
Total |
Members' capital (classified as debt) |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Balance at 1 October 2022 |
2 |
(62,811) |
(62,809) |
5,241,061 |
5,241,061 |
|
|
|
|
|
|
|
Loss for the financial year available for discretionary division among members |
– |
(1,290) |
(1,290) |
– |
– |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
Members' interests after loss for the year |
2 |
(64,101) |
(64,099) |
5,241,061 |
5,241,061 |
|
Introduced by members |
– |
– |
– |
1,470,624 |
1,470,624 |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
Balance at 30 September 2023 |
2 |
(64,101) |
(64,099) |
6,711,685 |
6,711,685 |
|
---- |
-------- |
-------- |
------------ |
------------ |
|
|
|
|
|
|
|
Manydown Development Vehicle LLP |
|
Year ended 30 September 2024
Cash flows from operating activities
|
Profit/(loss) for the financial year |
4,159 |
(1,290) |
|
|
|
|
Adjustments for: |
|
|
|
Other interest receivable and similar income |
(
8,732) |
(
4,421) |
|
|
|
|
Changes in: |
|
|
|
Stocks |
60,967 |
(
3,863,458) |
|
Trade and other debtors |
(
375,960) |
(
2,603) |
|
Trade and other creditors |
119,931 |
1,860,882 |
|
--------- |
------------ |
|
Cash generated from operations |
(
199,635) |
(
2,010,890) |
|
|
|
|
Interest received |
8,732 |
4,421 |
|
--------- |
------------ |
|
Net cash used in operating activities |
(
190,903) |
(
2,006,469) |
|
--------- |
------------ |
|
|
|
Cash flows from financing activities
|
Proceeds from members capital classified as a liability |
125,000 |
707,131 |
|
Proceeds from loans from participating interests |
125,000 |
824,453 |
|
--------- |
------------ |
|
Net cash from financing activities |
250,000 |
1,531,584 |
|
--------- |
------------ |
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
59,097 |
(
474,885) |
|
Cash and cash equivalents at beginning of year |
273,343 |
748,228 |
|
--------- |
--------- |
|
Cash and cash equivalents at end of year |
332,440 |
273,343 |
|
--------- |
--------- |
|
|
|
|
Manydown Development Vehicle LLP |
|
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
Manydown Development Vehicle LLP
is a limited liability partnership, incorporated and registered in England and Wales. The address of the registered office is 50 New Bond Street, London, W1S 1BJ and its registered number is OC428480
. The principal activity of the LLP during the year was property development.
|
2. |
Statement of compliance |
|
|
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
Basis of preparation
The financial statements have been prepared on the historical cost basis.
In preparing the financial statements of this company, advantage has been taken of the following disclosure exemptions as permitted by FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland: - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraph 11.39 to 11.48A; and - the requirements of Section 33 Related Party Disclosures paragraph 33.7. The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been prepared on a going concern basis, which assumes that the LLP will continue to meet its liabilities as they fall due.
Going concern
Given the Members have provided a letter of support confirming that they shall continue to provide support for the foreseeable future, and for a period of at least 12 months from the signing of these financial statements, the Members consider it reasonable to rely on the continuation of this financing in making their assessment of the ability of the partnership to continue as a going concern. The Members have additionally considered the impact of current economic uncertainties. In order to assess the potential impact of these factors, financial forecasts have been produced for Manydown Development Vehicle LLP, for a period in excess of 12 months from the date of the approval of these financial statements. Based on these forecasts, the Partnership has adequate resources to continue in operational existence for a period in excess of 12 months from the date of approval of these financial statements and accordingly the Members have concluded that it is appropriate for the Partnership to prepare its financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
Stock impairment Stock represents land and property assets held for resale. Typically, assets are acquired or an agreement is entered into with a landowner to promote their site through the planning system. The asset increases in value following receipt of planning consent. As such management must ascertain the likelihood of such a change of use planning consent being obtained. In the event that planning consent is denied for a particular asset management must establish the future prospects for the site with respect to a planning appeal or alternative planning application. The carrying value of the stock asset may need to be impaired in the event that the prospects of obtaining planning consent are reduced.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the company will be unable to collect all of the amounts due under the terms receivable. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade debtors, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses. On confirmation that the trade debtor will not be collectable the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
Financial liabilities including trade creditors, other creditors, accruals and amounts due to group undertakings are originally recorded at fair value and subsequently stated at amortised cost under the effective interest method.
|
4. |
Other interest receivable and similar income |
|
|
|
2024 |
2023 |
|
£ |
£ |
|
Interest on bank deposits |
8,705 |
4,421 |
|
Other interest receivable and similar income |
27 |
– |
|
------- |
------- |
|
8,732 |
4,421 |
|
------- |
------- |
|
|
|
|
At 1 October 2023 |
15,018,090 |
|
Additions at cost |
3,296,798 |
|
-------------- |
|
At 30 September 2024 |
18,314,888 |
|
-------------- |
|
|
Interest incurred in the development of assets classified as stocks are capitalised against the assets. Capitalised interest of £5,155,966 (2023: £3,015,943) is included within the carrying value of trading properties as at 30 September 2024, of which £2,138,775 (2023: £1,614,492) was capitalised during the year. See note 11 for further details on the nature of this interest.
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
449,405 |
73,445 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
2,571,632 |
13,721 |
|
Accruals and deferred income |
25,353 |
1,244,343 |
|
------------ |
------------ |
|
2,596,985 |
1,258,064 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Other loans |
8,709,388 |
7,459,228 |
|
------------ |
------------ |
|
|
|
Other loans comprise borrowings from related parties, see note 11 for more details. Interest is charged on these loans at SONIA plus 9.5% and they are repayable from surplus net disposal proceeds.
|
9. |
Loans and other debts due to members |
|
|
|
Members' capital classified as a liability |
7,850,300 |
6,711,685 |
|
Members' capital classified as equity |
2 |
2 |
|
------------ |
------------ |
|
7,850,302 |
6,711,687 |
|
------------ |
------------ |
|
|
|
|
10. |
Events after the end of the reporting period |
|
|
In October 2024, and in line with contractual arrangements governing the Group’s 50 per cent investment in the Manydown Strategic Site,
Urban&Civic Manydown Limited
provided an initial loan sum of £25.5 million to its joint venture partner, which was used to acquire the freehold of Manydown North. This land acquisition satisfied the last condition attaching to the joint venture development agreement, which means the first phase of construction can commence.
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Related party transactions |
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During the year, £805,081 (2023: £974,446) was charged by Urban&Civic Projects Limited for development management services. In relation to these services, included within accruals and deferred income at 30 September 2024 was £Nil (2023: £1,023,838) and the trade creditors balance at the year-end was £2,194,702 (2023: £Nil). A further £376,929 (2023: £Nil) was charged by Urban&Civic Developments Limited for the recovery of development costs incurred by the company on behalf of the partnership. This balance is included within trade creditors at the year end (2023: £Nil). At the year-end, £5,434,628 (2023: £5,309,628) of loan notes had been issued to Urban&Civic Manydown Limited. Additionally, £2,415,672 (2023: £1,400,809) of interest had been capitalised to date on these loans, resulting in a year-end loan balance of £7,850,300 (2023: £6,711,685). During the year, £125,000 (2023: £707,132) of loan notes were advanced and £1,013,615 (2023: £762,238) of interest capitalised. Loan notes and capitalised interest are classified as loans and other debts due to members. At the year-end, £5,969,094 (2023: £5,844,094) of loan notes had been issued equally to both Basingstoke and Deane Borough Council and Hampshire County Council. Additionally, £2,740,294 (2023: £1,615,134) of interest had been capitalised to date on these loans, resulting in a year-end loan balance of £8,709,388 (2023: £7,459,228). During the year, £125,000 (2023: £707,132) of loan notes were advanced and £1,125,160 (2023: £852,254) of interest capitalised. Loan notes and capitalised interest are classified as other loans falling due after more than one year.
The Members are of the opinion that there is no ultimate controlling party.