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Registered number: OC431846
Havant Property Investment LLP
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2025
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Havant Property Investment LLP
Accountants' report to the Members on the preparation of the unaudited statutory financial statements of Havant Property Investment LLP for the year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied 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 Havant Property Investment LLP for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 at https://www.icaew.com /regulation.
This report is made solely to the Members in accordance with the terms of our engagement letter dated 16 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Havant Property Investment LLP and state those matters that we have agreed to state to the Havant Property Investment LLP's Members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Havant Property Investment LLP and its Members for our work or for this report.
It is your duty to ensure that Havant Property Investment 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 result of Havant Property Investment LLP. You consider that Havant Property Investment LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Havant Property Investment 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.
Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
16 November 2025
Page 1
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Havant Property Investment LLP
Registered number: OC431846
Statement of Financial Position
As at 31 March 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as debt
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Loans and other debts due to members
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Page 2
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Havant Property Investment LLP
Registered number: OC431846
Statement of Financial Position (continued)
As at 31 March 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs' regime.
The entity 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.
The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
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Paul Richings
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Paul Butler
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Bridges Property Alternatives Fund
IV (General Partner) LLP (acting in
its capacity as General Partner of
Bridges Property Alternatives Fund
IV LP)
Designated Member
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New Lane Holdings Limited
Designated Member
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The notes on pages 5 to 8 form part of these financial statements.
Page 3
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Havant Property Investment LLP
Reconciliation of Members' interests
For the year ended 31 March 2025
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Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Page 4
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Havant Property Investment LLP
Notes to the financial statements
For the year ended 31 March 2025
Havant Property Investment LLP is a limited liability partnership incorporated and domiciled in England & Wales.
The address of the registered office is 38 Seymour Street, London, England, W1H 7BP.
The accounts are prepared in Sterling and are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
As disclosed in the Members' report the members have taken the decision to wind up the LLP. These financial statements are therefore prepared on a basis other than going concern.
Interest income is recognised in profit or loss using the effective interest method.
Page 5
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Havant Property Investment LLP
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition, and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 6
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Havant Property Investment LLP
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is not used where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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The entity has no employees.
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Other taxation and social security
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Prepayments and accrued income
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Cash and cash equivalents
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Page 7
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Havant Property Investment LLP
Notes to the financial statements
For the year ended 31 March 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Loans and other debts due to members
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Members' capital treated as debt
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Members' share of profits
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Related party transactions
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Kingsbridge Estates Limited
(Development Manager)
Kingsbridge Estates Limited was appointed as Development Manager for the development of the New Lane, Havant property, under a Development Management Agreement dated 9 November 2020.
During the year the Development Manager received no development management fees but received £3,750 (2024: £6,150) for bookkeeping services and for the preparation of VAT returns.
As at the year-end, a balance of £4,541 (2024: £238) is included within Trade creditors relating to management fees payable to and costs recharged from Kingsbridge Estates Limited.
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Page 8
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