Cregagh Properties LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2025
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC376014 (England and Wales)
Cregagh Properties LLP
Limited Liability Partnership Information
Designated members
P Smith
S Smith
Limited liability partnership number
OC376014
Registered office
Woodhill Manor
Woodhill Lane
Shamley Green
Guildford
Surrey
GU5 0SP
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Cregagh Properties LLP
Contents
Page
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
Cregagh Properties LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Current assets
Debtors
3
4,421
6,946
Cash and cash equivalents
257
348
4,678
7,294
Creditors: amounts falling due within one year
4
(12,743)
(9,049)
Net current liabilities
(8,065)
(1,755)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(8,065)
(1,755)
Total members' interests
Loans and other debts due to members
(8,065)
(1,755)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

The financial statements were approved by the members and authorised for issue on 31 July 2025 and are signed on their behalf by:
31 July 2025
P Smith
Designated member
Limited Liability Partnership Registration No. OC376014
Cregagh Properties LLP
Reconciliation of Members' Interests
For the year ended 31 March 2025
Page 2
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other reserves
Other amounts
Total
Total
2025
£
£
£
£
Members' interests at 1 April 2024
-
(1,755)
(1,755)
(1,755)
Profit for the financial year available for discretionary division among members
22,090
-
-
22,090
Members' interests after profit for the year
22,090
(1,755)
(1,755)
20,335
Allocation of profit for the financial year
(22,090)
22,090
22,090
-
Drawings on account and distributions of profit
-
(28,400)
(28,400)
(28,400)
Members' interests at 31 March 2025
-
(8,065)
(8,065)
(8,065)
Cregagh Properties LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2025
Page 3
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
(120,527)
(120,527)
(120,527)
Profit for the financial year available for discretionary division among members
35,478
-
-
35,478
Members' interests after profit for the year
35,478
(120,527)
(120,527)
(85,049)
Allocation of profit for the financial year
(35,478)
46,209
46,209
10,731
Drawings on account and distributions of profit
-
72,563
72,563
72,563
Members' interests at 31 March 2024
-
(1,755)
(1,755)
(1,755)
Cregagh Properties LLP
Notes to the Financial Statements
For the year ended 31 March 2025
Page 4
1
Accounting policies
Limited liability partnership information

Cregagh Properties LLP is a limited liability partnership incorporated in England and Wales. The registered office is Woodhill Manor, Woodhill Lane, Shamley Green, Guildford, Surrey, GU5 0SP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

Cregagh Properties LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 5
1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

1.5
Division of profits and losses

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

The members’ agreement does not differentiate between profits and losses for profit sharing purposes. In the event that the LLP is loss making, it is supported by members' contributions.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.6
Financial instruments

The limited liability partnership has only basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Cregagh Properties LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 6
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees
The LLP does not have any employees (2023: nil).
Cregagh Properties LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 7
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
4,421
6,946
4
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
7,652
7,089
Accruals and deferred income
5,091
1,960
12,743
9,049
2025-03-312024-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100false0OC3760142024-04-012025-03-31OC376014bus:PartnerLLP12024-04-012025-03-31OC376014bus:PartnerLLP22024-04-012025-03-31OC3760142025-03-31OC376014bus:LimitedLiabilityPartnershipLLP2024-04-012025-03-31OC376014bus:FRS1022024-04-012025-03-31OC376014bus:AuditExemptWithAccountantsReport2024-04-012025-03-31OC376014bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-31OC376014bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:shares