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REGISTRAR OF COMPANIES |
Registration number: OC308384
Southport And Windsor Properties LLP
Unaudited
Financial Statements
1 April 2023 to 30 September 2024
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Southport And Windsor Properties LLP
Contents
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Southport And Windsor Properties LLP
for the Period Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Southport And Windsor Properties LLP for the period ended 30 September 2024 set out on pages 2 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of Southport And Windsor Properties LLP, as a body, in accordance with the terms of our engagement letter dated 18 August 2021. Our work has been undertaken solely to prepare for your approval the accounts of Southport And Windsor Properties LLP and state those matters that we have agreed to state to the members of Southport And Windsor Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southport And Windsor Properties LLP and its members as a body for our work or for this report.
It is your duty to ensure that Southport And Windsor Properties LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Southport And Windsor Properties LLP. You consider that Southport And Windsor Properties LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Southport And Windsor Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW
8 April 2025
Southport And Windsor Properties LLP
(Registration number: OC308384)
Balance Sheet as at 30 September 2024
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Note |
30 September 2024 |
31 March 2023 |
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Fixed assets |
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Tangible assets |
21,110 |
24,033 |
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Investment property |
3,225,000 |
3,480,000 |
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3,246,110 |
3,504,033 |
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Current assets |
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Debtors |
3,321 |
2,682 |
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Cash and short-term deposits |
38,002 |
55,060 |
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41,323 |
57,742 |
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Creditors: Amounts falling due within one year |
(112,723) |
(64,745) |
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Net current liabilities |
(71,400) |
(7,003) |
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Total assets less current liabilities |
3,174,710 |
3,497,030 |
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Creditors: Amounts falling due after more than one year |
(623,912) |
(738,758) |
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Net assets attributable to members |
2,550,798 |
2,758,272 |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
78,000 |
165,000 |
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Members’ other interest |
2,372,798 |
2,493,272 |
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2,450,798 |
2,658,272 |
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Members’ other interests |
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Members' capital classified as equity |
100,000 |
100,000 |
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2,550,798 |
2,758,272 |
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Total members' interests |
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Loans and other debts due to members |
2,450,798 |
2,658,272 |
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Equity |
100,000 |
100,000 |
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2,550,798 |
2,758,272 |
Southport And Windsor Properties LLP
(Registration number: OC308384)
Balance Sheet as at 30 September 2024
For the year ending 30 September 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Southport And Windsor Properties LLP (registered number OC308384) were approved by the
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Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom (England and Wales) under the Limited Liability Partnership Act 2000. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Southport And Windsor Properties LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The principal place of business of the LLP is:-
12 Osborne Road
Southport
PR8 2RJ
Disclosure of long or short period
The accounting period has been lengthened in order to tie into the reporting requirements of the members.
Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods to which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Tangible assets costing £100 or more are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
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Asset class |
Depreciation method and rate |
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Office equipment |
15% reducing balance |
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the designated members. The designated members use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
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Tangible fixed assets |
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Office equipment |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 30 September 2024 |
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Net book value |
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At 30 September 2024 |
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At 31 March 2023 |
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Investment property |
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2024 |
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At 1 April |
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Additions |
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Disposals |
( |
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Fair value adjustments |
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At 30 September |
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There has been no valuation of investment property by an independent valuer.
The designated members have valued the properties at fair value with reference to observable market prices.
Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
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Debtors |
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30 September 2024 |
31 March 2023 |
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Trade debtors |
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Other debtors |
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- |
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Total current trade and other debtors |
3,321 |
2,682 |
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Creditors: Amounts falling due within one year |
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30 September 2024 |
31 March 2023 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of winding up. There are no restrictions on the members reducing the loans due to members.
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
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30 September 2024 |
31 March 2023 |
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Bank loans |
36,634 |
9,952 |
The bank loans and overdrafts are secured by fixed and floating charges on the assets of the LLP.
Southport And Windsor Properties LLP
Notes to the Financial Statements for the Period from 1 April 2023 to 30 September 2024
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Creditors: Amounts falling due after more than one year |
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30 September 2024 |
31 March 2023 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
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30 September 2024 |
31 March 2023 |
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Bank loans |
623,912 |
738,758 |
The bank loans and overdrafts are secured by fixed and floating charges on the assets of the LLP.
Included in the creditors are the following amounts due after more than five years:
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30 September 2024 |
31 March 2023 |
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After more than five years by instalments |
488,033 |
716,323 |