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REGISTERED NUMBER: OC422041 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 30th March 2024

for

Tenet Partnership LLP

Tenet Partnership LLP (Registered number: OC422041)






Contents of the Financial Statements
for the Year Ended 30th March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Tenet Partnership LLP

General Information
for the Year Ended 30th March 2024







DESIGNATED MEMBERS: E Andrews
C S Andrews
Zig Zag Sail Charters Ltd





REGISTERED OFFICE: C/O OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Billingham
Co. Durham
TS23 4EA





REGISTERED NUMBER: OC422041 (England and Wales)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

Tenet Partnership LLP (Registered number: OC422041)

Report of the Members
for the Year Ended 30th March 2024

The members present their report with the financial statements of the LLP for the year ended 30th March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property letting.

DESIGNATED MEMBERS
The designated members during the year under review were:

E Andrews
C S Andrews
Zig Zag Sail Charters Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £5,204 (2023 - £198,090 profit).

MEMBERS' INTERESTS
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contribute capital to the LLP are allocated losses, if the LLP declares a loss in a period.

ON BEHALF OF THE MEMBERS:





C S Andrews - Designated member


6th June 2025

Tenet Partnership LLP (Registered number: OC422041)

Income Statement
for the Year Ended 30th March 2024

2024 2023
Notes £    £   

TURNOVER 812,700 741,941

Administrative expenses (479,732 ) (419,883 )
332,968 322,058

Gain/loss on revaluation of tangible assets 52,000 103,550
OPERATING PROFIT 4 384,968 425,608

Interest receivable and similar income 807 235
385,775 425,843

Interest payable and similar expenses (380,571 ) (227,753 )
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS



5,204



198,090

Tenet Partnership LLP (Registered number: OC422041)

Balance Sheet
30th March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 14,514,094 13,936,000

CURRENT ASSETS
Debtors 53,328 -
Cash at bank 112,807 290,750
166,135 290,750
CREDITORS
Amounts falling due within one year 6 (10,000 ) (10,000 )
NET CURRENT ASSETS 156,135 280,750
TOTAL ASSETS LESS CURRENT LIABILITIES 14,670,229 14,216,750

CREDITORS
Amounts falling due after more than one
year

7

(6,436,870

)

(5,800,559

)
NET ASSETS ATTRIBUTABLE TO MEMBERS 8,233,359 8,416,191

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

-

8,416,191

MEMBERS' OTHER INTERESTS
Capital accounts 8,233,359 -
8,233,359 8,416,191

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 - 8,416,191
Members' other interests 8,233,359 -
Amounts due from members (53,328 ) -
8,180,031 8,416,191

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 30th March 2024.

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.

Tenet Partnership LLP (Registered number: OC422041)

Balance Sheet - continued
30th March 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 6th June 2025 and were signed by:





C S Andrews - Designated member

Tenet Partnership LLP (Registered number: OC422041)

Notes to the Financial Statements
for the Year Ended 30th March 2024

1. STATUTORY INFORMATION

Tenet Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 264 -

Tenet Partnership LLP (Registered number: OC422041)

Notes to the Financial Statements - continued
for the Year Ended 30th March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 31st March 2023 13,936,000 - 13,936,000
Additions 524,224 2,134 526,358
Revaluations 52,000 - 52,000
At 30th March 2024 14,512,224 2,134 14,514,358
DEPRECIATION
Charge for year - 264 264
At 30th March 2024 - 264 264
NET BOOK VALUE
At 30th March 2024 14,512,224 1,870 14,514,094
At 30th March 2023 13,936,000 - 13,936,000

Cost or valuation at 30th March 2024 is represented by:

Land and
buildings
£   
Valuation in 2020 20,000
Valuation in 2021 631,500
Valuation in 2022 357,670
Valuation in 2023 103,550
Valuation in 2024 52,000
Cost 13,347,504
14,512,224

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,652 25,652
Other creditors 6,421,218 5,774,907
6,436,870 5,800,559

Tenet Partnership LLP (Registered number: OC422041)

Notes to the Financial Statements - continued
for the Year Ended 30th March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 6,421,218 5,774,907

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Member rank ahead of other creditors in a liquidation