1 April 2025 false No description of principal activity Taxfiler 2024.6 OC417136 business:LimitedLiabilityPartnershipLLP 2025-04-01 2026-03-31 OC417136 2025-03-31 OC417136 2025-04-01 2026-03-31 OC417136 business:AuditExempt-NoAccountantsReport 2025-04-01 2026-03-31 OC417136 business:FilletedAccounts 2025-04-01 2026-03-31 OC417136 2026-03-31 OC417136 2025-03-31 OC417136 core:WithinOneYear 2026-03-31 OC417136 core:WithinOneYear 2025-03-31 OC417136 core:AfterOneYear 2026-03-31 OC417136 core:AfterOneYear 2025-03-31 OC417136 business:SmallEntities 2025-04-01 2026-03-31 OC417136 business:PartnerLLP2 2025-04-01 2026-03-31 OC417136 countries:EnglandWales 2025-04-01 2026-03-31 OC417136 business:RegisteredOffice 2025-04-01 2026-03-31 OC417136 core:AfterOneYear 2025-04-01 2026-03-31 OC417136 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure
Registered No. OC417136 (England and Wales)
Peirce-field Properties LLP Unaudited accounts for the year ended 31 March 2026
Peirce-field Properties LLP Statement of financial position as at 31 March 2026
2026
2025
Notes
£
£
Fixed assets
Investment property
3
3,555,000
3,555,000
Current assets
Debtors
7,090
403
Cash at bank and in hand
75,957
100,001
83,047
100,404
Creditors: amounts falling due within one year
4
(8,259)
(7,957)
Net current assets
74,788
92,447
Total assets less current liabilities
3,629,788
3,647,447
Creditors: amounts falling due after more than one year
5
(3,200,000)
(3,200,000)
Net assets attributable to members
429,788
447,447
Represented by:
Loans and other debts due to members
7
429,788
447,447
429,788
447,447
Total members' interests
Loans and other debts due to members
429,788
447,447
429,788
447,447
For the year ending 31 March 2026 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 6 July 2026.
Mr Robert Field Designated member Limited Liability Partnership Registration No. OC417136
- 2 -
Peirce-field Properties LLP Notes to the Accounts for the year ended 31 March 2026
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Rental income represents net invoiced sales of properties and rentals, excluding VAT. The property sales are recognised on completion and the rents are invoiced quarterly in advance. The partnership recognises revenue when the following conditions are satisfied: i. The partnership has transferred to the buyer the significant risks and rewards of ownership of the goods or service; ii. The partnership retains neither the continuing managerial involvement to the degree associated with ownership nor effective control over the good or services sold; iii. The amount of revenue can be measured reliably; iv. It is probable that the economic benefits associated with the transaction can be measured reliably.
Investment property
In accordance with FRS102, investment properties are included in the financial statements initially at cost, and are subsequently reviewed at each reporting date to ensure they are carried at fair value in the financial statements. The fair value of the properties were confirmed by an external report as at 21 August 2017, with annual reviews performed by the members at each reporting date, together with a consideration of general market trends when reviewing the value of investment property. Any movements in the fair value of investment properties at each reporting date are recognised in the profit and loss account. This revaluation is omitted when calculating the chargeable profits for taxation, however any revalued amount is taken into consideration for deferred capital gains tax.
- 3 -
Peirce-field Properties LLP Notes to the Accounts for the year ended 31 March 2026
Financial instruments
The partnership has chosen to adopt the Section 11 and 12 of FRS102 in respect of financial instruments. Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Basic Financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Member's profit share and drawings
Members' shares in the profit or loss for the year available for discretionary division among the members are accounted for as an allocation of that balance. Allocated balances are split between the members with any unallocated balances being included within 'Other reserves'. Members are permitted to make drawings in anticipation of that allocation, subject to the agreement of the other members.
2
Statutory information
Peirce-field Properties LLP is a limited liability partnership, incorporated in England and Wales, registration number OC417136. Its registered office is 129 Ladysmith Road, Plymouth, PL4 7NW, England.
3
Investment property
2026
£
Fair value at 1 April 2025
3,555,000
At 31 March 2026
3,555,000
- 4 -
Peirce-field Properties LLP Notes to the Accounts for the year ended 31 March 2026
4
Creditors: amounts falling due within one year
2026
2025
£
£
Other creditors
4,868
4,868
Accruals
3,391
3,089
8,259
7,957
5
Creditors: amounts falling due after more than one year
2026
2025
£
£
Other creditors
3,200,000
3,200,000
The LLP has an unsecured debt of £3,200,000 on which interest is charged at 0.25% per annum. Payment of the debt shall be made to its beneficiaries the earlier of: a) 180 days following the death of Dr W E H Walker b) such earlier date as the LLP may elect to pay (in whole or in part) the debt notice in writing to the beneficiaries. Interest is paid annually on 21st August. The loans and other debts due to members rank below the unsecured debt instrument.
Provisions are recognised when the partnership has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the profit or loss in the period it arises.
7
Loans and other debts due to members
2026
2025
£
£
Amounts due to members in respect of profits
429,788
447,447
Amounts falling due within one year
429,788
447,447
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
8
Average number of employees
During the year the average number of employees was 0 (2025: 0).
- 5 -