REGISTERED NUMBER: OC417959 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2024

for

Fallon Family Partnership LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Networked Housing Limited

D Fallon

Mrs S Fallon

REGISTERED OFFICE:

c/o OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Billingham

TS23 4EA

REGISTERED NUMBER:

OC417959 (England and Wales)

ACCOUNTANTS:

OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Coxwold Way

Billingham

Co. Durham

TS23 4EA

FIXED ASSETS

Tangible assets

4

28,935,386

29,145,135

CURRENT ASSETS

Debtors

5

1,098,729

1,129,691

Cash at bank

147,697

176,455

1,246,426

1,306,146

CREDITORS

Amounts falling due within one year

6

(606,728

)

(448,055

)

NET CURRENT ASSETS

639,698

858,091

TOTAL ASSETS LESS CURRENT LIABILITIES

29,575,084

30,003,226

CREDITORS

Amounts falling due after more than one year

7

(11,770,871

)

(13,226,342

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

17,804,213

16,776,884

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

-

16,776,884

MEMBERS' OTHER INTERESTS

Capital accounts

17,804,213

-

17,804,213

16,776,884

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

-

16,776,884

Members' other interests

17,804,213

-

Amounts due from members

5

-

(31,868

)

17,804,213

16,745,016

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 2024.

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 16th September 2025 and were signed by:

D Fallon - Designated member

1.	STATUTORY INFORMATION

Fallon Family Partnership 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

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

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st April 2023

29,087,215

65,600

29,152,815

Revaluations

(195,000

)

-

(195,000

)

At 31st March 2024

28,892,215

65,600

28,957,815

DEPRECIATION

At 1st April 2023

-

7,680

7,680

Charge for year

-

14,749

14,749

At 31st March 2024

-

22,429

22,429

NET BOOK VALUE

At 31st March 2024

28,892,215

43,171

28,935,386

At 31st March 2023

29,087,215

57,920

29,145,135

Cost or valuation at 31st March 2024 is represented by:

Land and

buildings

£

Valuation in 2021

662,500

Valuation in 2022

447,500

Valuation in 2023

12,500

Valuation in 2024

195,000

Cost

27,574,715

28,892,215

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts due from members

-

31,868

Other debtors

1,098,729

1,097,823

1,098,729

1,129,691

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

14,969

10,969

Other creditors

582,286

427,613

Accrued expenses

9,473

9,473

606,728

448,055

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

20,405

22,364

Mortgages

11,750,466

13,203,978

11,770,871

13,226,342

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Mortgages

11,750,466

13,203,978

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.

10.	RELATED PARTY DISCLOSURES

At the year end, Fallon Family Partnership LLP owed £582,286.11 (2023: £427,613.13) to Galvertown Limited, a company the member is a director of. This balance is included within other creditors (note 7).