Company No: OC390283 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Notes to the Financial Statements

Designated members	Richard Trent Townsend
	William Richard Bagnall

Registered office	215 South Croxted Road
	London
	SE21 8AY
	United Kingdom

Registered number

OC390283 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	3,099		2,838
		3,099		2,838
Current assets
Stocks	4	23,443		40,634
Debtors	5	20,949		742
Cash at bank and in hand		13,677		29,815
		58,069		71,191
Creditors: amounts falling due within one year	6	( 9,857)		( 16,940)
Net current assets		48,212		54,251
Total assets less current liabilities		51,311		57,089
Net assets attributable to members		51,311		57,089
Represented by
Loans and other debts due to members within one year
Other amounts		35,311		41,089
		35,311		41,089
Members' other interests
Members' capital classified as equity		16,000		16,000
		16,000		16,000
		51,311		57,089
Total members' interests
Loans and other debts due to members		35,311		41,089
Members' other interests		16,000		16,000
		51,311		57,089

For the financial year ending 05 April 2025 the LLP 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of XAB LLP (registered number: OC390283) were approved and authorised for issue by the Board of Directors on 20 August 2025. They were signed on its behalf by:

Richard Trent Townsend Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

XAB LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 215 South Croxted Road, London, SE21 8AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises revenue recognised by the LLP in respect of architectural services supplied during the year, exclusive of Value Added Tax and trade discounts.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	3 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Work in progress

Fee income represents revenue earned under a wide variety of contracts to provide architectural services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial
period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time,
whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including members	3		3

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 06 April 2024	1,513		6,905		8,418
Additions	0		2,427		2,427
Disposals	0		( 1,873)		( 1,873)
At 05 April 2025	1,513		7,459		8,972
Accumulated depreciation
At 06 April 2024	1,513		4,067		5,580
Charge for the financial year	0		1,396		1,396
Disposals	0		( 1,103)		( 1,103)
At 05 April 2025	1,513		4,360		5,873
Net book value
At 05 April 2025	0		3,099		3,099
At 05 April 2024	0		2,838		2,838

4. Stocks

	2025		2024
	£		£
Work in progress	23,443		40,634

5. Debtors

	2025		2024
	£		£
Trade debtors	15,764		0
Prepayments	4,704		261
Other debtors	481		481
	20,949		742

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Accruals	3,500		3,300
Other taxation and social security	5,359		4,236
Other creditors	998		9,404
	9,857		16,940

7. Related party transactions

Transactions with the entity's members

	2025		2024
	£		£
Other amounts due to members falling due within one year	52,574		41,089

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

8. Ultimate controlling party

The LLP is under the control of its designated members.