| REGISTERED NUMBER: |
| Challenge Park LLP |
| Financial Statements for the Year Ended 31st March 2025 |
| REGISTERED NUMBER: |
| Challenge Park LLP |
| Financial Statements for the Year Ended 31st March 2025 |
| Challenge Park LLP (Registered number: OC304705) |
| Contents of the Financial Statements |
| for the Year Ended 31st March 2025 |
| Page |
| General information | 1 |
| Abridged balance sheet | 2 |
| Notes to the financial statements | 4 |
| Challenge Park LLP |
| General Information |
| for the Year Ended 31st March 2025 |
| Designated members: |
| Registered office: |
| Registered number: |
| Challenge Park LLP (Registered number: OC304705) |
| Abridged Balance Sheet |
| 31st March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Investment property | 3 |
| Current assets |
| Debtors |
| Creditors |
| Amounts falling due within one year |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| and |
| Net assets attributable to members | 1,734,934 | 1,726,904 |
| Loans and other debts due to members |
4 |
17,823 |
9,793 |
| Members' other interests |
| Capital accounts | 1,061,954 | 1,061,954 |
| Revaluation reserve | 5 |
| 1,734,934 | 1,726,904 |
| Total members' interests |
| Loans and other debts due to members | 4 | 17,823 | 9,793 |
| Members' other interests | 1,717,111 | 1,717,111 |
| 1,734,934 | 1,726,904 |
| 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. |
| Challenge Park LLP (Registered number: OC304705) |
| Abridged Balance Sheet - continued |
| 31st March 2025 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Challenge Park LLP (Registered number: OC304705) |
| Notes to the Financial Statements |
| for the Year Ended 31st March 2025 |
| 1. | Accounting policies |
| Basis of preparing the financial statements |
| Revenue recognition |
| Rental income is recognised on a time apportionment basis as the right to the income accrues due. |
| Freehold investment property |
| Investment properties are revalued provided that this can be done without undue cost or effort. |
| Taxation |
| The tax payable on profits is the personal liability of the members. |
| 2. | Employee information |
| The average number of employees during the year was NIL (2024 - NIL). |
| 3. | Investment property |
| Total |
| £ |
| Fair value |
| At 1st April 2024 |
| and 31st March 2025 |
| Net book value |
| At 31st March 2025 |
| At 31st March 2024 |
| The industrial estate owned by the LLP was revalued by the designated members during the year on the basis of open market value. The historical cost of the revalued asset is £1,061,954. |
| The individual members are responsible for any capital gains tax liability that may arise if the property is disposed of at this figure. |
| 4. | Loans and other debts due to members |
| Capital loans and other debt due to members rank pari passu with other creditors. |
| Challenge Park LLP (Registered number: OC304705) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st March 2025 |
| 5. | Reserves |
| Revaluation |
| reserve |
| £ |
| At 1st April 2024 |
| and 31st March 2025 |