Red Square Developments (Havant) LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Old Library, Dudley Road, Tunbridge Wells, Kent, United Kingdom, TN1 1LE.
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" (LLP's SORP) issued in December 2018, 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 £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Financial assets and liabilities are recognised when the limited liability partnership becomes a party to the contractual provisions of the instrument.
All financial assets and liabilities are initially measured at transaction price.
Non-current debt instruments, which meet the conditions set out in paragraph 11.9 of FRS 102, are subsequently measured at amortised cost using the effective interest method.
Debt instruments that have no stated interest rate and are classified as payable or receivable within one year and which meet the above conditions are initially measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Impairment of Assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 the profit and loss account. 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 value does not exceed what the carrying value would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
The average number of persons (excluding members) employed by the partnership during the year was:
The members’ capital classified as a liability consist of capital loans only. In the event of winding up, amounts in ‘Loans and other debts due to members’ would rank equally with all other creditors, with the exception of HM Revenue and Customs who would have preference over other creditors, all of whom are unsecured. The protection afforded to creditors in such an event is legally enforceable and cannot be revoked solely by a decision of the members.
There are no restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests’.
During the year the limited liability partnership entered into the following transactions with related parties:
Related Party's Company
At the end of the year there was an amount of £Nil (2024: £1,156,709) owed by a Company of which one of the Members is a director. The loan is interest free and repayable on demand.
All the Assets and Liabilities including Profit for the current year has been transferred to Faircloth Havant Limited.
The partnership is currently disputing a potential VAT liability with H M Revenue & Customs. The potential VAT liability cannot be quantified.
A prior year adjustment related to an investment property amounting to £920,000 that was not transferred in the previous year.