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REGISTERED NUMBER: OC304705 (England and Wales)
























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: A J Lewis
Chulew Limited





Registered office: 37 Stoke Road
Blisworth
Northampton
Northampton
NN7 3BZ





Registered number: OC304705 (England and Wales)






Challenge Park LLP (Registered number: OC304705)

Abridged Balance Sheet
31st March 2025

2025 2024
Notes £    £    £    £   
Fixed assets
Investment property 3 1,735,000 1,735,000

Current assets
Debtors 57,365 44,353

Creditors
Amounts falling due within one year 57,431 52,449
Net current liabilities (66 ) (8,096 )
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 5 655,157 655,157
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 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 31st March 2025.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31st March 2025 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9th May 2025 and were signed by:




A J Lewis - Designated member




Chulew Limited - Designated member


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
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.

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 1,735,000
Net book value
At 31st March 2025 1,735,000
At 31st March 2024 1,735,000

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 655,157