|
Registered number: OC447168
Sopers Lane Development LLP
Financial statements
Information for filing with the registrar
For the year ended 31 March 2025
|
|
Sopers Lane Development LLP
Registered number: OC447168
Balance sheet
As at 31 March 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members within one year
|
|
|
|
|
|
Members' capital treated as debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital classified as equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
Sopers Lane Development LLP
Registered number: OC447168
Balance sheet (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 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:
................................................
P Butler
KEL Developments 2 Limited
|
................................................
C Fry
Green Jersey Property Developments LLP
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 8 form part of these financial statements.
Page 2
|
|
Sopers Lane Development LLP
Reconciliation of members' interests
For the year ended 31 March 2025
|
|
|
|
|
|
|
|
|
Equity
Members' other interests
|
Debt
Loans and other debts due to members less any amounts due from members in debtors
|
|
|
|
Members' capital (classified as equity)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts introduced by members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
Other division of profits
|
|
|
|
|
|
Amounts introduced by members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
Page 3
|
|
Sopers Lane Development LLP
Notes to the financial statements
For the year ended 31 March 2025
Sopers Lane Development LLP is a limited liability partnership incorporated and domiciled in England & Wales.
The address of the registered office is Lincoln House, Chichester Fields Business Park, Tangmere, West Sussex, PO20 2FS. The registered number of the LLP is OC447168.
The financial statements are presented in sterling and are rounded to the nearest £1.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", effective for periods commencing on or after 1 January 2022. 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 following principal accounting policies have been applied:
Having reviewed the financial statements available to the LLP together with the expected ongoing demand and the future projected cash flows, the members have a reasonable expectation that the LLP has adequate resources to continue its activities for the foreseeable future. The members have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements. They have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements as outlined in the Members' Responsibilities' statement.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental Income
Revenue from rental agreements is recognised in the period to which the rent relates and when all of the below conditions are satisfied.
∙there is a signed agreement in place with the tenant
∙the amount of revenue can be measured reliably
Interest income is recognised in profit or loss using the effective interest method.
Page 4
|
|
Sopers Lane Development LLP
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
|
|
|
Division and distribution of profits
|
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 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.
Stock comprises land and property held for development and subsequent sale in the ordinary course of business. Stock is initially measured at cost. Cost includes the purchase price of the site, directly attributable development costs and professional fees incurred during the development phase. Stock is carried at the lower of cost and estimated selling price less costs to complete and sell.
At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at 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.
|
|
|
Cash and cash equivalents
|
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 5
|
|
Sopers Lane Development LLP
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
The entity has no employees.
The taxable gains and losses of a limited liability partnership are assessable directly upon the partners. Accordingly, no provision has been made for such taxes in these financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
Sopers Lane Development LLP
Notes to the financial statements
For the year ended 31 March 2025
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital treated as debt
|
|
|
|
|
Members' remuneration share of profit/(loss)
|
|
|
|
|
|
|
|
Loans and other debts due to members may be further analysed as follows:
|
|
|
|
|
|
|
Falling due within one year
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Page 7
|
|
Sopers Lane Development LLP
Notes to the financial statements
For the year ended 31 March 2025
|
|
Related party transactions
|
|
|
KEL Developments 2 Limited
(Designated Member)
During the year KEL Developments 2 Limited loaned additional capital amounts of £454,043 (2024: £8,100,806). Designated Members are not entitled to any interest on the credit balances on their capital accounts.
Green Jersey Property Developments LLP
(Designated Member)
During the year Green Jersey Property Developments LLP loaned additional capital amounts of £15,624 (2024: £409,527). Designated Members are not entitled to any interest on the credit balances on their capital accounts.
|
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 12 December 2025 by Richard Spofforth BSc FCA (Senior statutory auditor) on behalf of Kreston Reeves Audit LLP.
Page 8
|