Gracewood Group LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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.
Tangible fixed assets are measured at cost, 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, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
The average number of persons (excluding members) employed by the partnership during the year was
In the opinion of the directors, the fair value of the investment properties are not materially different to the carrying value in the accounts as at the balance sheet date.
The historical cost of the investment properties in the valuation above is £6,272,538 (2024: £6,358,605).
Other investments represents the members' interest in their capital accounts of Estates and Lets 3 LLP which were assigned to Gracewood Group LLP on 24 July 2009.
The current asset investments are measured at fair value.
The bank loans are secured .
Included within debtors are amounts totalling £3,358,859 (2024: £3,250,813) due from companies in which Gracewood Group LLP holds a participating interest.
Included within debtors are amounts totalling £10,048,583 (2024: £10,313,174) due from companies in which Mr and Mrs Docker have a participating interest.
Included within creditors are amounts totalling £3,767,596 (2024: £4,028,360) due to companies in which Gracewood Group LLP holds a participating interest.
Included within creditors is an amount of £nil (2024: £8,977) due to a company in which Mr and Mrs Docker have a participating interest.
Included within creditors is an amount of £1,116,915 (2024: £918,249) due to a limited liability partnership in which Mr and Mrs Docker are members.
During the year Gracewood Group LLP paid £4,757 (2024: £25,626) to a company controlled by Mr and Mrs Docker for letting and management services in respect of the limited liability partnership's investment properties.
During the year Gracewood Group LLP purchased goods and services amounting to £45,569 (2024: £169,911) to a company in which Mr and Mrs Docker have a participating interest.