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Registered number: OC447740
NORMAN PLACE (READING) LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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NORMAN PLACE (READING) LLP
CONTENTS
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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NORMAN PLACE (READING) LLP
REGISTERED NUMBER: OC447740
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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Total assets less current liabilities
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Members' capital classified as equity
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Other reserves classified as equity
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NORMAN PLACE (READING) LLP
REGISTERED NUMBER: OC447740
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 and were signed on their behalf on 3 September 2026.
................................................
Mr P Richings
for and behalf of Bridges Property Alternatives Fund V (General Partner) LLP
(acting in its capacity of general partner of Bridges Property Alternatives Fund V LP)
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The notes on pages 4 to 8 form part of these financial statements.
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NORMAN PLACE (READING) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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EQUITY
Members' other interests
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Members' capital (classified as equity)
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Balance at 1 April 2024 (as restated)
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Loss for the year available for discretionary division among members
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Members' interests after Loss for the year
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Amounts introduced by members
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Balance at 31 March 2025 (as restated)
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Profit for the year available for discretionary division among members
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Amounts introduced by members
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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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NORMAN PLACE (READING) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Norman Place (Reading) LLP is a Limited Liability Partnership ("LLP") incorporated in England & Wales. 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 LLP is currently reliant on its members for financial support. The members are committed to the
sustainment of the LLP and its activities, and their forecasts indicate that the LLP has the resources
to continue operating for at least 12 months from the date the financial statements are authorised.
The members have concluded that it is appropriate that the financial statements be prepared on a
going concern basis.
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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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
Profits for the financial year are allocated to members only to the extent that they constitute distributable profits and are approved for allocation in accordance with the LLP agreement. Where profits are not distributable or have not been approved for allocation, they are retained within members’ other interests (equity).
In the event that the LLP makes a loss, the loss for the financial year is recognised within members’ interests and recorded in equity under ‘Other reserves’. In accordance with the LLP agreement, losses are not allocated to members and do not give rise to amounts due to or from members.
Members’ remuneration is recognised as an expense only where there is a present contractual obligation to make payments to members irrespective of the LLP’s performance.
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NORMAN PLACE (READING) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
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 with the operating cycle fall into this category of financial instruments.
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NORMAN PLACE (READING) 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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Basic 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 subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow 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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The entity has no employees.
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The average monthly number of members during the year was 2 (2025: 2)
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NORMAN PLACE (READING) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Property under development
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The members have exercised significant judgement in determining the net realisable value of property held as stock. The valuation is based on a residual appraisal incorporating assumptions regarding future costs, disposal costs and a target developer profit margin, which reflect current market expectations. The profit on cost assumption applied in the appraisal is lower than that used in previous assessments and reflects management's view of current market conditions. If market conditions change such that developers and/or investors require a higher margin, this would reduce the residual land value and could result in the net realisable value falling below cost.
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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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NORMAN PLACE (READING) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant subsequent events to report from 31 March 2026 up to the date of approval of these financial statements.
During the year, the LLP identified that amounts previously recognised as loans and other debts due to members represented accumulated losses that had been incorrectly presented as member balances. In accordance with the LLP agreement, such losses are retained within members’ interests.
Accordingly, the comparative information has been restated to reclassify these balances within total members' interests.
The effect of the restatement is as follows:
- At 1 April 2024, £189,258 was reclassified from loans and other debts due to members to members' other interests.
- At 31 March 2025, £556,972 was reclassified from loans and other debts due to members to members' other interests.
There is no impact on profit or loss for the year, net assets or on total members’ interests.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
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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