Registered number: OC417194
BH TACKLEY LLP
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 DECEMBER 2022
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BH TACKLEY LLP
REGISTERED NUMBER: OC417194
BALANCE SHEET
AS AT 30 DECEMBER 2022
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Creditors: Amounts Falling Due Within One Year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Members' other interests - other reserves classified as equity
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Loans and other debts due to members
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Page 1
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BH TACKLEY LLP
REGISTERED NUMBER: OC417194
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2022
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 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 by:
The notes on pages 4 to 10 form part of these financial statements.
Page 2
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2022
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Members capital (classified as equity)
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Loss for year for discretionary division among members
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Loss for period for discretionary division among members
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
BH Tackley LLP is a limited liability partnership, domiciled in England and Wales, registration number OC417194. The registered office is Grovelands Business Park, West Haddon Road, East Haddon, Northamptonshire, NN6 8FB.
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 financial statements have been presented in £ Sterling and are presented to the nearest £.
The following principal accounting policies have been applied:
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cora Homes Limited as at 31 December 2022 and these financial statements may be obtained from Grovelands Business Park, West Haddon Road, East Haddon, Northampton, NN6 8FB..
The Management Committee has a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. the directors have reviewed budgets, projected cash flows and other relevant information and on the basis of this review, together with continuing support from the wider group, including as a result of raising capital or borrowing, are confident that the LLP has adequate financial resources to continue in operational existence for at least twelve months following the signing of these financial statements. Thus, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Page 4
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
2.Accounting policies (continued)
Revenue on residential properties is recognised at legal completion or unconditionally exchnaged whereby the build isat a substantially finished/completed stage. Revenue on residential properties excludes the sale of properties accepted in part exchange whereby the net profits or losses arising on the sale of part exchange properties are dealt with in cost of sales. Affordable housing revenue is recognised on the value of works completed.
Work in progress is valued at the lower of cost and net realisable value. Costs comprise of direct materials, direct labour costs, interest on bank and member's loans and those overheads which have been incurred in bringing the stocks to their present location and condition to the extent that they do not relate to costs associated with sold/realised land.
Tax payable on the LLP's profits is solely the personal liability of the individual members and consequently is not presented within these financial statements.
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Division and distribution of profits
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In accordance with the LLP agreement, from time to time the profits are allocated between the members at the discretion of the LLP. The members' agreement sets out that all profits are calculated by reference to the anticipated profit of the project. Profits are allocated by reference to pre-determined profit sharing mechanisms.
The capital requirements of the partnerhip are set out in the LLP agreement. Each member is required to subscribe to a proportion of this capital. The amount of capital subscribed by each member is usually linked to the earnings allocated to that member. No interest is paid on capital. On leaving the partnership, a members' capital is repaid by the other members.
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.
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.
Page 5
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
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 assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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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Page 6
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 7
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank after debts due to ordinary creditors in the event of a winding up.
Page 8
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
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Reconciliation of members' interests
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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' capital (classified as debt)
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Balance at 1 December 2020
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Loss for the period available for discretionary division among members
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Members' interests after profit for the period
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Amounts introduced by members
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Balance at 31 December 2021
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Loss for the period available for discretionary division among members
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Members' interests after profit for the period
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Other division of profits
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Balance at 30 December 2022
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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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Page 9
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BH TACKLEY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
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Related party transactions
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As at the period end, a creditor balance of £46,646 (2021: debtor of £532,174) was due from Cora Homes Limited. During the period, project cost recharges of £Nil (£2021: £1,366,166) were made to the partnership by Cora Homes Limited, a member company. These amounts are unsecured, interest free ad are repayableon demand.
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The partnership's immediate parent undertaking is Cora Homes Limited, by virtue of its 72.5% stake in the partnership relating to the Tackley site. The remaining 27.5% stake is held by Guernsey Investments Limited. The consolidated financial statements of Cora Homes Limited can be obtained from Grovelands Business Park, West Haddon Road, East Haddon, Northampton, NN6 8FB.
The ultimate parent undertaking is Alterx Living UK LLP.
In the opinion of the members, there is no ultimate controlling party.
The auditors' report on the financial statements for the period ended 30 December 2022 was unqualified.
The audit report was signed on 21 March 2024 by James Bagley (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 10
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