| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Somerford Booths Hall LLP |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Somerford Booths Hall LLP |
| Somerford Booths Hall LLP (Registered number: OC423570) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| Somerford Booths Hall LLP |
| General Information |
| for the year ended 31 December 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |
| Somerford Booths Hall LLP (Registered number: OC423570) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,247,896 | 2,800,113 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,247,896 |
2,800,113 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 8 | 1,247,896 | 2,800,113 |
| Amounts due from members | 5 | - | (23,118 | ) |
| 1,247,896 | 2,776,995 |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Somerford Booths Hall LLP (Registered number: OC423570) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Somerford Booths Hall LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the amounts receivable from the sale of properties, ground rents and other income directly associated with property development. Properties are treated as sold and profits are recognised upon legal completion of contracts. |
| Work-in-progress |
| The Partnership holds work-in-progress which is stated at the lower of cost and net realisable value. To assess the net realisable value of land held for development and housing work in progress, the Partnership assesses the likely revenue which will be generated when these sites are converted into residential properties and sold. Where it is assessed that the revenue generated will exceed costs expended to date and costs to bring the properties into a saleable condition, work in progress is stated at cost. Where it is assessed that the revenue generated will be lower, work in progress is stated at net realisable value. |
| Work in progress includes land and associated aquisition costs, direct materials and subcontract work, other direct costs and those overheads (based on normal operating capacity) that have been incurred in bringing the stocks to their present location and condition. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Deposits |
| New property deposits and reservation fees are shown within other creditors until the associated sale is recognised. |
| Short term debtors and creditors |
| Short term debtors and creditors with no stated interest rates are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss. |
| Somerford Booths Hall LLP (Registered number: OC423570) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Loans and borrowings |
| Loans and borrowings are initially recognised at fair value including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| 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 FRS102. 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 unconditional rights 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. |
| Critical estimates and judgements in applying the entity's accounting policies |
| The company makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next 12 months are: |
| (a) Carrying value of land and work in progress and estimation of costs to complete |
| The Company holds inventories stated at the lower of cost and net realisable value. Such inventories include land, work in progress and completed units. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore due to the nature of the Company's activity and, in particular the scale of its developments and the length of the development cycle, the Company has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments.In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The Company has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving assessments, particularly in relation to the Company's long-term developments. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts due from members | - | 23,118 |
| VAT |
| Somerford Booths Hall LLP (Registered number: OC423570) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other creditors |
| Amounts due to related parties | 75,702 | 1,184,830 |
| Accrued expenses |
| Amounts owed due to related parties are unsecured, interest free and repayable on demand. |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan is secured by way of fixed and floating charges over the trade and assets of the LLP. |
| 8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. |
| Chartered Accountants' Report to the Members |
| on the Unaudited Financial Statements of |
| Somerford Booths Hall LLP |
| The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Somerford Booths Hall LLP for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP'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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the members of Somerford Booths Hall LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Somerford Booths Hall LLP and state those matters that we have agreed to state to the members of Somerford Booths Hall LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Somerford Booths Hall LLP and its members, as a body, for our work or for this report. |
| It is your duty to ensure that Somerford Booths Hall 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 Somerford Booths Hall LLP. You consider that Somerford Booths Hall 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 Somerford Booths Hall 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. |
| Chartered Accountants |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |