Silverfin false 31/08/2024 01/09/2023 31/08/2024 Mr and Mrs I G Dennis 02/08/2006 Mr & Mrs S Mittler 02/08/2006 Mr J M Yallop 02/08/2006 24 January 2025 OC321328 2024-08-31 OC321328 bus:Director1 2024-08-31 OC321328 bus:Director2 2024-08-31 OC321328 bus:Director3 2024-08-31 OC321328 2023-08-31 OC321328 core:CurrentFinancialInstruments 2024-08-31 OC321328 core:CurrentFinancialInstruments 2023-08-31 OC321328 core:Non-currentFinancialInstruments 2024-08-31 OC321328 core:Non-currentFinancialInstruments 2023-08-31 OC321328 core:CurrentFinancialInstruments core:Secured 2024-08-31 OC321328 2023-09-01 2024-08-31 OC321328 bus:FullAccounts 2023-09-01 2024-08-31 OC321328 bus:SmallEntities 2023-09-01 2024-08-31 OC321328 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 OC321328 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-08-31 OC321328 bus:Director1 2023-09-01 2024-08-31 OC321328 bus:Director2 2023-09-01 2024-08-31 OC321328 bus:Director3 2023-09-01 2024-08-31 OC321328 2022-09-01 2023-08-31 OC321328 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 OC321328 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company No: OC321328 (England and Wales)

TQ9 PARTNERSHIP LLP

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

TQ9 PARTNERSHIP LLP

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

TQ9 PARTNERSHIP LLP

BALANCE SHEET

As at 31 August 2024
TQ9 PARTNERSHIP LLP

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 4,306,854 4,283,104
4,306,854 4,283,104
Current assets
Debtors 4 0 7,365
Cash at bank and in hand 148 45
148 7,410
Creditors: amounts falling due within one year 5 ( 2,079,304) ( 101,243)
Net current liabilities (2,079,156) (93,833)
Total assets less current liabilities 2,227,698 4,189,271
Creditors: amounts falling due after more than one year 6 0 ( 2,029,693)
Net assets attributable to members 2,227,698 2,159,578
Represented by
Loans and other debts due to members within one year
Other amounts 1,258,698 1,190,578
1,258,698 1,190,578
Members' other interests
Members' capital classified as equity 969,000 969,000
969,000 969,000
2,227,698 2,159,578
Total members' interests
Loans and other debts due to members 1,258,698 1,190,578
Members' other interests 969,000 969,000
2,227,698 2,159,578

For the financial year ending 31 August 2024 the LLP 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of TQ9 Partnership LLP (registered number: OC321328) were approved and authorised for issue by the Board of Directors on 24 January 2025. They were signed on its behalf by:

Mr & Mrs S Mittler
Designated member
Mr and Mrs I G Dennis
Designated member
Mr J M Yallop
Designated member
TQ9 PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
TQ9 PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TQ9 Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Baltic Wharf Co, St Peters Quay, Totnes, TQ9 5EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Investment property

Investment property
£
Valuation
As at 01 September 2023 4,283,104
Additions 23,750
As at 31 August 2024 4,306,854

Valuation

There was no valuation made by an independent valuer during the year.

4. Debtors

2024 2023
£ £
Other debtors 0 7,365

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 2,065,260 85,357
Trade creditors 1,048 1,528
Accruals 7,296 9,058
Other taxation and social security 5,700 5,300
2,079,304 101,243

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

This loan is secured via a floating charge over the partnerships assets.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 2,029,693

There are no amounts included above in respect of which any security has been given by the small entity.