Registered number
OC368416
Lower Pantiles LLP
Unaudited Filleted Accounts
30 September 2024
Lower Pantiles LLP
Registered number: OC368416
Balance Sheet
as at 30 September 2024 As Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,083,898 5,083,976
Investments 4 100 100
5,083,998 5,084,076
Current assets
Debtors 5 1,341,320 1,498,743
Cash at bank and in hand 238,238 244,823
1,579,558 1,743,566
Creditors: amounts falling due within one year 6 (837,152) (767,549)
Net current assets 742,406 976,017
Total assets less current liabilities 5,826,404 6,060,093
Creditors: amounts falling due after more than one year 7 (2,322,575) (2,485,098)
Net assets attributable to members 3,503,829 3,574,995
Represented by:
Loans and other debts due to members 9 3,161,849 3,233,015
Members' other interests
Members' capital classified as equity 1,000 1,000
Revaluation reserve 340,980 340,980
341,980 341,980
3,503,829 3,574,995
Total members' interests
Loans and other debts due to members 9 3,161,849 3,233,015
Members' other interests 341,980 341,980
3,503,829 3,574,995
For the year ended 30 September 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 17 June 2025 and signed on their behalf by:
C G C Nevill
Designated member
Lower Pantiles LLP
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investment property is included at fair value. Gains are recognised in the Profit and loss account. Deferred taxation is provided on these gains at rates expected to apply when the property is sold.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 5,078,206 6,035 5,084,241
At 30 September 2024 5,078,206 6,035 5,084,241
Depreciation
At 1 October 2023 - 266 266
Charge for the year - 77 77
At 30 September 2024 - 343 343
Net book value
At 30 September 2024 5,078,206 5,692 5,083,898
At 30 September 2023 5,078,206 5,769 5,083,975
Investment property was valued by the partners at 30 September 2023 and 30 September 2024.
Freehold land and buildings: 2024 2023
£ £
Historical cost 4,737,227 4,737,227
Cumulative depreciation based on historical cost - -
4,737,227 4,737,227
4 Fixed asset investments
Other
investments
£
Cost
At 1 October 2023 100
At 30 September 2024 100
5 Debtors 2024 2023
£ £
Trade debtors 89,307 91,161
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest 215,900 315,900
Other debtors 1,036,113 1,091,682
1,341,320 1,498,743
Amounts due after more than one year included above 189,842 245,856
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 159,692 151,627
Trade creditors 24,144 4,512
Other taxes and social security costs 3,624 7,245
Other creditors 649,692 604,165
837,152 767,549
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,322,575 2,485,098
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,577,000 1,577,000
Instalments falling due for payment after more than five years 304,390 388,030
1,881,390 1,965,030
Secured bank loans 2,313,062 2,607,626
Bank loans are secured by a fixed and floating charge over the assets of the company.
The LLP is a party to cross guarantees to the company's bankers with related parties The Nevill Estate Company Limited, Woodparks Limited and Baycliffe Limited, based on which the LLP has availed the bank loans. The aggregate amount of such loans is £10,753,232.
9 Loans and other debts due to members 2024 2023
£ £
Loans from members 1,760,899 1,760,899
Amounts due to members in respect of profits 1,400,950 1,472,116
3,161,849 3,233,015
Amounts falling due within one year 3,161,849 3,233,015
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
10 Revaluation reserve 2024 2023
£ £
At 1 October 2023 340,980 340,980
At 30 September 2024 340,980 340,980
11 Other information
Lower Pantiles LLP is a limited liability partnership incorporated in England. Its registered office is:
Estate Office
Eridge Park
Tunbridge Wells
TN3 9JT.
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