REGISTERED NUMBER: OC419215 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

FOR

CANAL BASIN DEVELOPMENTS LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

N Morjaria

N Morjaria

C Morjaria

REGISTERED OFFICE:

38 Newdigate Road

Coventry

United Kingdom

CV6 5ES

REGISTERED NUMBER:

OC419215 (England and Wales)

ACCOUNTANTS:

Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

FIXED ASSETS

Tangible assets

5

9,400,000

12,330,000

CURRENT ASSETS

Debtors

6

554,627

689,791

Cash at bank

30,784

2,780

585,411

692,571

CREDITORS

Amounts falling due within one year

7

249,725

1,190,149

NET CURRENT ASSETS/(LIABILITIES)

335,686

(497,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,735,686

11,832,422

CREDITORS

Amounts falling due after more than one year

8

8,161,589

7,701,201

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,574,097

4,131,221

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

11,711,561

11,338,685

MEMBERS' OTHER INTERESTS

Revaluation reserve

11

(10,137,464

)

(7,207,464

)

1,574,097

4,131,221

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

11,711,561

11,338,685

Members' other interests

(10,137,464

)

(7,207,464

)

1,574,097

4,131,221

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2025.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 March 2026 and were signed by:

N Morjaria - Designated member

C Morjaria - Designated member

1.	STATUTORY INFORMATION

Canal Basin Developments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Rental income from operating leases is recognised on a straight-line basis over the lease term.

Tangible assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Members' participation rights

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above,according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL (2023 - NIL).

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 January 2024

12,330,000

Revaluations

(2,930,000

)

At 31 March 2025

9,400,000

NET BOOK VALUE

At 31 March 2025

9,400,000

At 31 December 2023

12,330,000

Included in cost or valuation of land and buildings is freehold land of £ 9,400,000 (2023 - £ 12,330,000 ) which is not depreciated.

The freehold property was valued as at 7 February 2025 by Savills (UK) Limited in accordance with VPGA 2 of the RICS Valuation - Global Standards.

Cost or valuation at 31 March 2025 is represented by:

Land and

buildings

£

Valuation in 2023

12,330,000

Valuation in 2025

(2,930,000

)

9,400,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.12.23

£

£

Amounts owed by group undertakings

554,627

-

Other debtors

-

689,791

554,627

689,791

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.12.23

£

£

Bank loans and overdrafts

243,934

152,636

Amounts owed to group undertakings

1,351

764,750

Other creditors

4,440

272,763

249,725

1,190,149

The bank loan is secured against the property owned by the LLP.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.12.23

£

£

Bank loans

8,161,589

7,701,201

The bank loan is secured against the property owned by the LLP.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.12.23

£

£

Within one year

755,909

755,909

Between one and five years

11,959,414

12,904,300

12,715,323

13,660,209

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.12.23

£

£

Amounts owed to members in respect of profits

11,711,561

11,338,685

Falling due within one year

11,711,561

11,338,685

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2024

(7,207,464

)

Movement in value

(2,930,000

)

At 31 March 2025

(10,137,464

)

12.	RELATED PARTY DISCLOSURES

The company has a major interest in the property and received rent amounting to £944,886 (2023 - £755,909) from The Residence Coventry Management Limited, a company under common ownership.

The total balance owed to related parties who are under common control is £554,627 (2023 owed by - £764,750).

13.	POST BALANCE SHEET EVENTS

Mr Nickhil Morjaria resigned as a partner on 1 August 2025.