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Registered number: OC437924
DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
CONTENTS
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
REGISTERED NUMBER: OC437924
BALANCE SHEET
AS AT 31 MARCH 2023
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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/(liabilities)
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Total assets less current liabilities
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Loans and other debts due to members
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Members' capital classified as equity
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Members contribution classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
REGISTERED NUMBER: OC437924
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 13 December 2023.
C A Allen
On behalf of Fiera Real Estate UK Limted
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The notes on pages 4 to 8 form part of these financial statements.
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
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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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Members' interests after profit for the year
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Other division of profits
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The notes on pages 4 to 8 form part of these financial statements.
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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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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Danescroft (FREOF V Virginia PM) LLP is a Limited Liability Partnership, registered in England and Wales, registration number OC437924. The address of the registered office is Third Floor Queensbury House, 3 Old Burlington Street, London, W1S 3AE.
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 following principal accounting policies have been applied:
The LLP is currently reliant on members for financial support. The members are commited to the sustainment of the LLP and its activities, and are confident 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.
Turnover represents fees receivable net of VAT and share of partnership result.
Income is recognised as follows:
(i) Fees receivable- turnover represents the value of services provided under contracts to the extent
that there is a right to consideration and is recorded at the value of the the consideration due.
Where a contract has only been partially completed as at the balance sheet date turnover represernts
the value of the services provided based on a proporation of the total expected consideration at
completion.
(ii) Share of partnership result- upon realisation of the profit or loss in the partnership.
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The valuation of the investment in the SPV is based on the entity's entitlement to the proportion of the net assets of the SPV after adjusting for the fair value of the stock held.
Short-term debtors are measured at 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.
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The average number of members during the year was 5 (2022 - 5).
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Called up share capital not paid
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Cash and cash equivalents
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DANESCROFT LAND (FREOF V VIRGINIA WATER PM) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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This represents the fair value adjustment of the investment. This reserve is undistributable.
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Loans and other debts due to members
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Other amounts due from members
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In the prior period, members' contributions of £316,502 were classified as debt. As the
LLP is not contractually obliged to pay back these contributions, a prior period adjustment has been
made to transfer this amount to equity. This adjustment had no impact on the opening net assets of
the LLP as at 1 April 2022.
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