Chislehurst Equity LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC337645 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2022

for

Chislehurst Equity LLP

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

242

518

Investments

6

4,186

Investment property

7

1,403,209

1,407,637

1,407,913

CURRENT ASSETS

Stocks

231,601

-

Debtors

5,277

4,723

Cash at bank

3,741

46,896

240,619

51,619

CREDITORS

Amounts falling due within one year

223,956

52,934

NET CURRENT ASSETS/(LIABILITIES)

16,663

(1,315

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,424,300

1,406,598

CREDITORS

Amounts falling due after more than one
year

963,586

NET ASSETS ATTRIBUTABLE TO
MEMBERS

460,714

443,012

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

MEMBERS' OTHER INTERESTS

Capital accounts

460,714

443,012

460,714

443,012

TOTAL MEMBERS' INTERESTS

Members' other interests

460,714

443,012

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2022.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2022 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22nd December 2022 and were signed by:

Mr S J Backley - Designated member

1.	STATUTORY INFORMATION

Chislehurst Equity LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC337645

Registered office:

Kings Lodge

London Road

West Kingsdown

Sevenoaks

Kent

TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Profit share received from companies in which the company is a corporate partner is recognised in the year in which the company is entitled to receive a share of profits.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised costr.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2021 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2021

and 31st March 2022

2,151

DEPRECIATION

At 1st April 2021

1,633

Charge for year

276

At 31st March 2022

1,909

NET BOOK VALUE

At 31st March 2022

242

At 31st March 2021

518

6.	FIXED ASSET INVESTMENTS

The amount included as fixed asset investment represents the company's capital account outstanding as at the balance sheet date in Tec360 LLP.

7.	INVESTMENT PROPERTY

Total

£

COST

At 1st April 2021

and 31st March 2022

1,403,209

NET BOOK VALUE

At 31st March 2022

1,403,209

At 31st March 2021

1,403,209

There has been no investment property valuations undertaken during the year. The most recent valuation was during 2016.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

Mortgage

963,586

The mortgage liability is secured on the freehold properties asset as shown in the fixed asset note.

9.	ULTIMATE CONTROLLING PARTY

The partnership was under the control of Mr S Backley for the entire period.

Chislehurst Equity LLP - Accounts to registrar (filleted) - small 22.3

Chislehurst Equity LLP - Accounts to registrar (filleted) - small 22.3