Dowdeswell Park (Estates) LLP - Period Ending 2022-03-31
Dowdeswell Park (Estates) LLP - Period Ending 2022-03-31
Registration number:
Prepared for the registrar
Dowdeswell Park (Estates) LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2022
Dowdeswell Park (Estates) LLP
(Registration number: OC430045)
Balance Sheet as at 31 March 2022
Note |
31 March 2022 |
31 March 2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
16,443,012 |
16,727,621 |
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Other reserves |
( |
( |
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9,074,172 |
11,788,055 |
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9,074,172 |
11,788,055 |
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Total members' interests |
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Members' capital classified as equity |
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Other reserves |
(7,368,840) |
(4,939,566) |
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9,074,172 |
11,788,055 |
For the period ending 31 March 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Dowdeswell Park (Estates) LLP (registered number OC430045) were approved by the
J M Dunkerton
Designated member
Dowdeswell Park (Estates) LLP
Notes to the Financial Statements for the Year ended 31 March 2022
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
Dowdeswell Park
London Road
Charlton Kings
Cheltenham
GL52 6UT
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The limited liability partnership is incorporated in the England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership's operations and its principal activities are given in the members' report.
These financial statements have been prepared using the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A), the Companies Act 2006 and the Statement of Recommended Practice Accounting by Limited Liability Partnerships.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Revenue recognition
Turnover is derived from letting out investment property and is net of VAT.
Government grants
Government grants are recognised on an accruals basis. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".
Dowdeswell Park (Estates) LLP
Notes to the Financial Statements for the Year ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
20% reducing balance |
Computer equipment |
25% straight line |
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Trade debtors
Trade debtors are amounts due from tenants.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Dowdeswell Park (Estates) LLP
Notes to the Financial Statements for the Year ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Particulars of employees |
The average number of persons employed by the LLP during the year was
Dowdeswell Park (Estates) LLP
Notes to the Financial Statements for the Year ended 31 March 2022 (continued)
Tangible fixed assets |
Plant and machinery |
Office equipment |
Total |
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Cost |
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At 1 April 2021 |
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Additions |
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Disposals |
( |
- |
( |
At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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Eliminated on disposals |
( |
- |
( |
At 31 March 2022 |
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Net book value |
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At 31 March 2022 |
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At 31 March 2021 |
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Dowdeswell Park (Estates) LLP
Notes to the Financial Statements for the Year ended 31 March 2022 (continued)
Investment property |
31 March 2022 |
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At 1 April 2021 and 31 March 2022 |
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There has been no revaluation of investment property by the members.
Debtors |
31 March 2022 |
31 March 2021 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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666,796 |
2,598,655 |
Creditors: Amounts falling due within one year |
31 March 2022 |
31 March 2021 |
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Trade creditors |
108,986 |
116,023 |
Other creditors |
1,610 |
1,184 |
Accruals and deferred income |
27,715 |
13,326 |
Taxation and social security |
107,144 |
7,453 |
245,455 |
137,986 |
Related party transactions |
Summary of transactions with other related parties
At 31 March 2022, the LLP was owed £1,308 (2021: £1,308) by Dunkerton Properties Projects Limited, a company under common control.
At 31 March 2022, the LLP was owed £59,456 (2021: £48,760) by Portobello Designs Ltd, a company under common control.
At 31 March 2022, the LLP was owed £Nil (2021: £600) by La Boulangerie Ltd, a company under common control.
At 31 March 2022, the LLP was owed £15,315 (2021: £Nil) by Dowdeswell Aviation LLP, a company under common control.
At 31 March 2022, the LLP was owed £42 (2021: £Nil) by Dowdeswell Conservation Limited, a company under common control.
No interest was charged on any of the balances and there are no fixed repayment terms.