REGISTERED NUMBER: OC370382 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SHORTON PROPERTY LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Abridged Statement of Financial Position

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

J M Horton

S Horton

REGISTERED OFFICE:

Yew Tree Farm

Church Lane

Bickenhill

Solihull

West Midlands

B92 0DN

REGISTERED NUMBER:

OC370382 (England and Wales)

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

DESIGNATED MEMBERS

The designated members during the year under review were:

J M Horton

S Horton

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £4,840 (2024 - £20,046 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which are determined by the performance and seniority of those members. On retirement, capital is repaid to members.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:

J M Horton - Designated member

5 September 2025

TURNOVER

72,849

80,240

Administrative expenses

40,345

28,248

OPERATING PROFIT

32,504

51,992

Interest receivable and similar income

2

2

32,506

51,994

Interest payable and similar expenses

27,666

31,948

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

4,840

20,046

FIXED ASSETS

Tangible assets

4

249

415

Investment property

5

1,045,000

1,045,000

1,045,249

1,045,415

CURRENT ASSETS

Debtors

22,523

26,054

Cash at bank

15,550

2,858

38,073

28,912

CREDITORS

Amounts falling due within one year

1,305

1,774

NET CURRENT ASSETS

36,768

27,138

TOTAL ASSETS LESS CURRENT LIABILITIES

1,082,017

1,072,553

CREDITORS

Amounts falling due after more than one year

6

473,535

473,411

NET ASSETS ATTRIBUTABLE TO MEMBERS

608,482

599,142

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

608,382

599,042

MEMBERS' OTHER INTERESTS

Capital accounts

100

100

608,482

599,142

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

608,382

599,042

Members' other interests

100

100

Amounts due from members

(17,089

)

(12,532

)

591,393

586,610

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 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 Statement of Financial Position for the year ended 31 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.

The financial statements were approved by the members of the LLP and authorised for issue on 5 September 2025 and were signed by:

J M Horton - Designated member

1.	STATUTORY INFORMATION

Shorton Property 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 sales of property rental services performed during the year.

Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Investment property

Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit or loss account.

Financial instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Members' participation rights

Members' participation rights are the rights of the member against the LLP that arise under the members' agreement (for example, in respect of amount 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. Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classed as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same was as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interest'.

3.	EMPLOYEE INFORMATION

2025

2024

The average number of members during the year was

3

3

3

3

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

34,252

DEPRECIATION

At 1 April 2024

33,837

Charge for year

166

At 31 March 2025

34,003

NET BOOK VALUE

At 31 March 2025

249

At 31 March 2024

415

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,045,000

NET BOOK VALUE

At 31 March 2025

1,045,000

At 31 March 2024

1,045,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2012

41,854

Valuation in 2013

46,005

Valuation in 2014

36,876

Valuation in 2015

25,000

Valuation in 2016

80,000

Valuation in 2017

246,000

Valuation in 2018

146,000

Valuation in 2020

(77,822

)

Valuation in 2021

(165,440

)

Valuation in 2022

15,000

Cost

651,527

1,045,000

The partnership's investment properties were valued on 31 March 2025 by J Horton. The valuation was based on the member's estimate of the current market value.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2025

2024

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

473,535

473,411

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The capital (whether classified as a liability or equity) of an LLP may be reduced by agreement of the members either by repayment or by the conversion of equity capital into liability capital or other debt. In the absence of agreement to the contrary, unsecured debt due to members will rank equally with debts due to other unsecured creditors in a winding up.

8.	RELATED PARTY DISCLOSURES

During the year, the entity entered into the following transactions with related parties:

Opening balance due from/(to

)

Net loan payments (from/to

)

Interest charged on loans

Closing balance due from/(to

)

Management charges paid from/(to

)

Papa Plans Ltd

(599,042

)

(9,337

)

-

(608,379

)

-

Keystone Property Developments (WM) Ltd

(179

)

-

-

(179

)

-