REGISTERED NUMBER: OC319348 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LINNELL VOLUME LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Linnell Investments S.A.

Ascari Energy Limited

REGISTERED OFFICE:

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

REGISTERED NUMBER:

OC319348 (England and Wales)

ACCOUNTANTS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

FIXED ASSETS

Investment property

4

12,526,763

12,500,000

CURRENT ASSETS

Debtors

5

1,798,816

1,649,663

Cash at bank

350,435

494,105

2,149,251

2,143,768

CREDITORS

Amounts falling due within one year

6

2,333,580

2,374,389

NET CURRENT LIABILITIES

(184,329

)

(230,621

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,342,434

12,269,379

CREDITORS

Amounts falling due after more than one year

7

9,383,725

9,553,839

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,958,709

2,715,540

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

1,641,342

1,728,570

MEMBERS' OTHER INTERESTS

Other reserves

(1,485,374

)

(1,815,771

)

Fair value reserve

9

2,802,741

2,802,741

2,958,709

2,715,540

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,641,342

1,728,570

Members' other interests

1,317,367

986,970

2,958,709

2,715,540

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 31 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.

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

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 September 2025 and were signed by:

Linnell Investments S.A. - Designated member

1.	STATUTORY INFORMATION

Linnell Volume 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 represents rental income net of VAT.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Revenue recognition

Rental income represents rents due for the period, calculated on an accruals basis.

Allocation of profits and drawings

Proceeds from the sale of investment property are allocated to Linnell Investments S.A., as a Designated Member, and dealt with as described in the accounts of that company.

Taxation

The taxation payable on the LLP's profits is a personal liability of the members during the period.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

12,500,000

Additions

26,763

At 31 March 2025

12,526,763

NET BOOK VALUE

At 31 March 2025

12,526,763

At 31 March 2024

12,500,000

The investment properties were valued on an open market basis by a firm of Independent Chartered Surveyors as at 6th September 2023. The members consider the current market value to be £12,526,763 at year end.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2016

1,106

Valuation in 2017

1,438,988

Valuation in 2020

983,285

Valuation in 2022

3,250,000

Valuation in 2023

(2,870,639

)

Cost

9,724,023

12,526,763

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

83,816

69,663

Other debtors

-

1,580,000

83,816

1,649,663

Amounts falling due after more than one year:

Other debtors

1,715,000

-

Aggregate amounts

1,798,816

1,649,663

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

146,000

146,000

Trade creditors

-

198

Amounts owed to group undertakings

1,768,272

1,804,738

Taxation and social security

32,236

38,133

Other creditors

387,072

385,320

2,333,580

2,374,389

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

6,205,000

6,351,000

Other creditors

3,178,725

3,202,839

9,383,725

9,553,839

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Linnell Volume LLP's profits are allocated retrospectively to the Designated Member, Linnell Investments S.A. Accordingly, there is no automatic division of profits or losses among the members, and only certain fixed shares of profit are allocated at the balance sheet date. As a result, the balance of profits available for division among the members on the balance sheet date is included in members' other interests, and drawings by members on account of profits for the period are classified as amounts due from members.

Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of winding up. The amount of capital Linnell Investments S.A. is required to subscribe is determined by the requirements of the project of the partnership and will only be withdrawn on completion of the project.

9.

RESERVES

Fair value

reserve

£

At 1 April 2024

and 31 March 2025

2,802,741