The members present their annual report and financial statements for the year ended 31 December 2024.
The principal activity of the limited liability partnership was property investment and letting.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in the members' capital in the year ended 31 December 2024 are set out in the financial statements.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. It has
Going concern
As referred to in note 1.2 the members have reviewed financial budgets and forecasts prepared by management, and obtained written confirmation of continuing support from related party creditors when considering the going concern position of the LLP. The members have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future, for a period of at least 12 months from the date of signing these financial statements. The members therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 of the profit or loss of the limited liability partnership 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;
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 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.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CCB Property Partnership LLP for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the limited liability partnership's members of CCB Property Partnership LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CCB Property Partnership LLP and state those matters that we have agreed to state to the limited liability partnership's members of CCB Property Partnership 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 CCB Property Partnership LLP and its members as a body, for our work or for this report.
It is your duty to ensure that CCB Property Partnership LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CCB Property Partnership LLP. You consider that CCB Property Partnership LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CCB Property Partnership 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 financial statements.
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023: £nil).
The notes on pages 7 to 13 form part of these financial statements.
CCB Property Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is International House, Flint Road, Saltney Ferry, Chester, CH4 0GZ.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
As explained in the Members Report, when considering the going concern position of the LLP the members have reviewed financial budgets and forecasts prepared by management.
At the balance sheet date the LLP has net current liabilities of £3,194,965 (2023: £3,245,377). Included in creditors due within one year is £396,594 (2023: £330,620) due to related parties from whom written confirmation has been received which stipulates that this amount owed will not be called until such time that the LLP has settled other third party liabilities. Also included in creditors due within one year is £655,165 (2023: £331,399) in respect of deferred income in respect of rent received in advance which is not expected to be a future cash liability. As disclosed in note 7, the company has renewed its financing arrangements with the bank.
Taking all of the above into account, the members consider that the LLP will be able to operate within the facilities available to it for a period of at least twelve months from the date of signing these financial statements and therefore, the members have prepared these financial statements on a going concern basis.
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
Turnover comprises rents receivable and other associated service charges.
Turnover on rental contracts is recognised on a straight line basis over the period of the rental agreement. Turnover from a contract to provide services is recognised with reference to the stage of completion. The profit included is calculated on a reasonable and consistent basis to reflect the proportion of work carried out at the year end.
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.
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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Investment property is carried at fair value determined annually by the designated members, with reference to the reports provided frequently by external values, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition to the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its 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.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The average number of persons (excluding members) employed by the partnership during the year was:
The last formal valuation of investment properties was carried out by Avison Young in August 2022 on an open market value basis and has been prepared in accordance with RICS Valuation - Global Standards 2017 - the 'RICS Red Book'.
In the opinion of the members there has not been a significant change in the market value of the property and this valuation is therefore appropriate as at 31 December 2024.
Secured loans
The bank loans are secured by way of a debenture dated 5 March 2004; a first legal charge dated 5 March 2004 over the land lying to the east of Beeches, Saltney Ferry, Chester; an inter company cross guarantee between CCB Property Partnership LLP and Aviation Park Group Limited, Chester Airport Limited, Spacerepair Limited, NSS Special Access (UK) Limited and CCB Trading Group Limited; and a guarantee from member CC Butt of £100,000.
The bank loan was due for repayment on 31 December 2024. Subsequent to the year end the loan was re-negotiated with the current provider for a term of 5 years from 6 March 2025.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
During the year the limited liability partnership entered into the following transactions with related parties:
The LLP is controlled by C C Butt.
C C Butt owns 98.5% of the ordinary share capital of Aviation Park Group Limited, which in turn owns 100% of the share capital of CCB Trading Group Limited, the corporate member of this LLP. CCB Trading Group Limited owns 100% of the share capital of Chester Airport Limited.
The LLP made purchases of £208,094 (2023: £283,062) from Aviation Park Group Limited during the year. Amounts owed to this company at the balance sheet date totalled £355,996 (2023: £330,620).
Amounts due from LLP to CCB Trading Group Limited at the balance sheet date totalled £40,598 (2023: Amounts due to LLP £8,907).
Spacerepair Limited is 100% owned by C C Butt. The LLP invoices sales and recharges totalling £19,145 (2023: £19,956) to Spacerepair Limited. Amounts owed by this company at the balance sheet date totalled £4,738 (2023: £296).
C C Butt owns 100% of the share capital of NSS Special Access (UK) Ltd. The LLP made sales of £Nil (2023: £13,000) and purchases of £335 (2023: £nil) from NSS Special Access (UK) Ltd, during the year. Amounts owed to this company at the balance sheet date totalled £30,402 (2023: £nil).
Palmers Scaffolding UK Limited is a related company through common control, the company invoiced sales of £92,657 (2023: £92,154). Amounts owed to this company at the balance sheet date totalled £18,991 (2023: £18,811).