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Registered number: OC438479
AYLESFORD INVESTMENT LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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AYLESFORD INVESTMENT LLP
CONTENTS
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479
BALANCE SHEET
AS AT 31 MARCH 2026
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Net current assets attributable to members
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets attributable to members
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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AYLESFORD INVESTMENT LLP
REGISTERED NUMBER: OC438479
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
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 profit and loss account 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 on 3 September 2026 and were signed on their behalf by:
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Mr P Richings
for and on behalf of Bridges Property Alternatives
Fund V (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund V LP)
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The notes on pages 4 to 10 form part of these financial statements.
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AYLESFORD INVESTMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Member's remuneration charged as an expense
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Amounts introduced by members
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Member's remuneration charged as an expense
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Drawings on account and distribution of profit
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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.
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Aylesford Investment LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of its registered office is 38 Seymour Street, London, W1H 7BP.
2.Accounting policies
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Basis of preparation of financial statements
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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. 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:
The financial statements have not been prepared on a going concern basis as the LLP is no longer deemed to be a going concern. This is based on members' intentions to dissolve the LLP following the completion of the property development. The accounts have been prepared using the normal recognition and measurement criteria of UK GAAP, only deviating from these where adequate justifications exist.
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Other income primarily represents rental income receivable net of VAT.
Interest income is recognised in profit or loss using the effective interest method.
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Finance costs associated with development of the property, including the loss on the interest rate cap have been capitalised within stock.
Short-term debtors are measured at the 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.
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Cash and cash equivalents
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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.
Stock is valued at the lower of cost and net realisable value. Cost of sales comprises direct costs only. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Other financial assets
Other financial assets, which include investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where Other financial assets are not publicly traded, and therefore their fair value cannot be measured reliably, they are measured at cost less impairment.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and are subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to profit or loss. They are subsequently measured at fair value with changes in profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual rights to future cash flows expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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Critical accounting estimates and judgements
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In application of the LLP’s accounting policies,as mentioned above, the members are required to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities. The nature of estimation and judgement means that actual results may differ and may result in a material adjustment to the carrying amount of the asset or liability affected in future periods.
Net realisable value of stock
In the prior year, stock consisted of land held for development and is held at the lower of cost and net realisable value. The estimation of the recoverable value of the property under development, is inherently subjective. This is due to certain assumptions that are required to be made about property market performance in the future as well as cost estimation. As a result, the recoverable value is subject to a degree of uncertainty and is determined on the basis of assumptions which may not prove to be accurate. As the property was sold during the year, the uncertainty relating to the net realisable value of stock is no longer applicable to the entity.
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The entity has no employees.
The average monthly number of members during the year was 2 (2025: 2).
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The average monthly number of employees, including directors, during the year was 0 (2025 - 0).
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Property under development
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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During the year the LLP repaid its bank loan.
The loan shown was secured by fixed and floating charge held over all the assets of the LLP. The charge on the property was settled on 19 March 2026.
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In the prior year, financial assets measured at fair value through profit or loss comprised derivatives to hedge variable interest rate risks. The LLP was exposed to interest rate risk with respect to its variable-rate debt such that any increase in interest rates would have resulted in a higher interest expense. To mitigate this risk, the LLP entered into an interest rate cap. The loan was repaid during the year and, as a result, the interest rate cap was terminated. Therefore, this is no longer applicable to the entity.
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Loans and other amounts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with amounts due to other creditors in the event of a winding up. Members’ capital and other residual interests are repaid only after all liabilities to third parties have been settled.
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Related party transaction
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During the year, project and development management fees of £106,750 (2025: £148,434) were charged by a Designated Member of the LLP.
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AYLESFORD INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant subsequent events to report since 31 March 2026 up to the date of approval of these financial statements.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which explains that the members intend to liquidate the partnership and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.
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The audit report was signed on 3 September 2026 by Thomas James George Jeffries BSc FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.
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