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CANNING TOWN PROPERTIES 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Canning Town Properties 2 LLP is a limited liability partnership, registered in England and Wales, registration number OC394565.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 124 City Road, London, EC1V 2NX.
The principal activity of the LLP continued to be that of residential property trading. The LLP ceased trading on 31 March 2026.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The LLP's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
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:
Revenue from the sale of properties is recognised at the point in time when control of the property transfers to the buyer, typically on legal completion of the sale, when the LLP has transferred the significant risks and rewards of ownership and has no continuing involvement or control over the property. Deposits received prior to completion are recognised as deferred income within creditors until the criteria for revenue recognition are met. Costs associated with properties sold are recognised within cost of sales in the same period as the related revenue.
Rental income arising from properties held as trading stock and temporarily let under operating leases is recognised in profit or loss on a straight-line basis over the lease term. Such income is presented within other operating income. The properties continue to be classified as stock where letting is incidental and temporary pending sale.
Interest income receivable in connection with advance payments to developers is recognised in the profit and loss account using the effective interest method.
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