Eightspace LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC371120 (England and Wales)
Eightspace LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Eightspace LLP
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,039,498
1,061,704
Current assets
Stocks
156,053
72,762
Debtors
6
122,743
2,515,758
Cash and cash equivalents
696,591
553,321
975,387
3,141,841
Creditors: amounts falling due within one year
7
(595,401)
(2,696,971)
Net current assets
379,986
444,870
Total assets less current liabilities
1,419,484
1,506,574
Creditors: amounts falling due after more than one year
8
(1,139,555)
(1,219,924)
Net assets attributable to members
279,929
286,650
Represented by:
Loans and other debts due to members within one year
10
Members' capital classified as a liability
162,192
-
Members' other interests
10
Other reserves classified as equity
117,737
286,650
279,929
286,650
Total members' interests
10
Amounts due from members
-
(103,710)
Loans and other debts due to members
162,192
-
Members' other interests
117,737
286,650
279,929
182,940

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Eightspace LLP
Balance Sheet (Continued)
As at 31 December 2024
Page 2

For the financial year ended 31 December 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 26 August 2025 and are signed on their behalf by:
26 August 2025
Mr D  Stanley
Designated member
Limited Liability Partnership Registration No. OC371120
Eightspace LLP
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Limited liability partnership information

Eightspace LLP is a limited liability partnership incorporated in England and Wales. The registered office is Enterprise House Tinsley Lane North, Manor Royal Industrial Estate, Crawley, West Sussex, RH10 9TP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Members' participating interests

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.

Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 years straight line
Fixtures and fittings
4 years straight line
Computers
3 years straight line
Motor vehicles
3 years straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
15
37
4
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
7
7
Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
906,651
36,800
117,478
34,180
82,550
1,177,659
Additions
-
-
-
-
38,000
38,000
At 31 December 2024
906,651
36,800
117,478
34,180
120,550
1,215,659
Depreciation and impairment
At 1 January 2024
-
18,283
30,147
22,833
44,692
115,955
Depreciation charged in the year
-
3,950
29,370
5,438
21,448
60,206
At 31 December 2024
-
22,233
59,517
28,271
66,140
176,161
Carrying amount
At 31 December 2024
906,651
14,567
57,961
5,909
54,410
1,039,498
At 31 December 2023
906,651
18,517
87,331
11,347
37,858
1,061,704
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
65,697
1,964,417
Amounts owed by members
-
103,710
Other debtors
4,678
371,873
Prepayments and accrued income
52,368
75,758
122,743
2,515,758
Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
140,640
140,640
Trade creditors
86,765
427,351
Amounts owed to connected parties
316,530
1,941,364
Taxation and social security
6,692
124,083
Other creditors
6,281
19,411
Accruals and deferred income
38,493
44,122
595,401
2,696,971
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,139,555
1,219,924
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,280,195
1,360,564
Payable within one year
140,640
140,640
Payable after one year
1,139,555
1,219,924

During 2022 the LLP borrowed £1,440,000 under a new commercial loan agreement. The commercial loan is secured by way of a first legal charge against the LLP's property and is repayable in instalments over 15 years. The loan bears interest at a fixed rate of 5.48% until 2032.

Eightspace LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
10
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 January 2024
286,650
(103,710)
(103,710)
182,940
Profit for the financial year available for discretionary division among members
117,737
-
-
117,737
Members' interests after profit for the year
404,387
(103,710)
(103,710)
300,677
Other divisions of profits
(286,650)
286,650
286,650
-
Introduced by members
-
773,436
773,436
773,436
Drawings on account and distributions of profit
-
(794,184)
(794,184)
(794,184)
Members' interests at 31 December 2024
117,737
162,192
162,192
279,929
11
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

12
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
72,005
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