Boultbee Brooks (George Hudson Street) Limited Liability Partnership LLP accounts

REGISTERED NUMBER: OC420272

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Unaudited Financial Statements

31 December 2024

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Financial Statements

Year ended 31 December 2024

Contents	Page

Members' report	1

Statement of comprehensive income	2

Statement of financial position	3

Reconciliation of members' interests	5

Notes to the financial statements	7

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Members' Report

Year ended 31 December 2024

The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the period was property investment.

Designated members

The designated members who served the LLP during the year were as follows:

Boultbee Corithian Property Company Limited
Boultbee Estates (N01) Limited

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings when profits have been allocated to them , subject to sufficient maintenance of working capital. Drawings are determined after the end of each calendar quarter.

New members are required to subscribe a minimum level of capital and any subsequent capital requirements maybe determined by unanimous consent of the members. Withdrawal of capital maybe allowed on refinance of the investment property or upon sale.

This report was approved by the members on 8 September 2025 and signed on behalf of the members by:

Boultbee Estates (N01) Limited

Designated Member

Registered office:

Formal House

60 St Georges Place

Cheltenham

GL50 3PN

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Statement of Comprehensive Income

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	518,469	481,753

Fair value adjustment investment property		( 100,000)	420,000
Other operating expenses		206,724	175,834
		---------	---------
Operating profit/(loss)	4	411,745	( 114,081)

Interest payable and similar expenses	194,417	174,469
	---------	---------
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members	217,328	(288,550)
	---------	---------

All the activities of the LLP are from continuing operations.

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	4,350,000	4,250,000

Current assets

Debtors	6	118,593	108,231
Cash at bank and in hand		189,493	158,470
		---------	---------
		308,086	266,701

Creditors: amounts falling due within one year	7	2,734,334	2,677,277
		------------	------------
Net current liabilities		2,426,248	2,410,576
		------------	------------
Total assets less current liabilities		1,923,752	1,839,424
		------------	------------
Net assets		1,923,752	1,839,424
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8	551,278	566,950

Members' other interests

Members' capital classified as equity	2,405,440	2,405,440
Other reserves	(1,032,966)	(1,132,966)
	------------	------------
	1,923,752	1,839,424
	------------	------------

Total members' interests

Loans and other debts due to members	8	551,278	566,950
Members' other interests		1,372,474	1,272,474
		------------	------------
		1,923,752	1,839,424
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2024 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the members and authorised for issue on 8 September 2025 , and are signed on their behalf by:

Boultbee Estates (N01) Limited

Designated Member

Registered number: OC420272

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Reconciliation of Members' Interests

Year ended 31 December 2024

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2024
	£	£	£	£	£	£
Balance at 1 January 2024	2,405,440	(1,132,966)	1,272,474	566,950	566,950	1,839,424
Profit for the financial year available for discretionary division among members		217,328	217,328			217,328
	------------	------------	------------	---------	---------	------------
Members' interests after profit for the year	2,405,440	(915,638)	1,489,802	566,950	566,950	2,056,752
Other division of profits		(117,328)	(117,328)	117,328	117,328	–
Drawings				(133,000)	(133,000)	(133,000)
	------------	------------	------------	---------	---------	------------
Balance at 31 December 2024	2,405,440	(1,032,966)	1,372,474	551,278	551,278	1,923,752
	------------	------------	------------	---------	---------	------------

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Reconciliation of Members' Interests (continued)

Year ended 31 December 2024

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2023
	£	£	£	£	£	£
Balance at 1 January 2023	2,405,440	(712,966)	1,692,474	515,500	515,500	2,207,974
Loss for the financial year available for discretionary division among members		(288,550)	(288,550)			(288,550)
	------------	------------	------------	---------	---------	------------
Members' interests after loss for the year	2,405,440	(1,001,516)	1,403,924	515,500	515,500	1,919,424
Other division of profits		(131,450)	(131,450)	131,450	131,450	–
Drawings				(80,000)	(80,000)	(80,000)
	------------	------------	------------	---------	---------	------------
Balance at 31 December 2023	2,405,440	(1,132,966)	1,272,474	566,950	566,950	1,839,424
	------------	------------	------------	---------	---------	------------

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Notes to the Financial Statements

Year ended 31 December 2024

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents amounts receivable for rent,service charges and insurance stated net of Value Added Tax.

Members' participation rights

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 classified 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Boultbee Brooks (George Hudson Street) Limited Liability Partnership

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Members' participation rights (continued)

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 statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way 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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4.	Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Fair value adjustments to investment property	( 100,000)	420,000
	---------	---------

5.	Tangible assets

	Freehold property
	£
Cost or valuation
At 1 January 2024	4,250,000
Revaluations	100,000
	------------
At 31 December 2024	4,350,000
	------------
Depreciation
At 1 January 2024 and 31 December 2024	–
	------------
Carrying amount
At 31 December 2024	4,350,000
	------------
At 31 December 2023	4,250,000
	------------

The investment property was valued at its open market value by a director of a member company. He is a member of The Royal Institute of Chartered Surveyors.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2024
Aggregate cost	5,382,967
Aggregate depreciation	–
	------------
Carrying value	5,382,967
	------------

At 31 December 2023
Aggregate cost	5,382,967
Aggregate depreciation	–
	------------
Carrying value	5,382,967
	------------

6.	Debtors

	2024	2023
	£	£
Trade debtors	70,769	58,081
Other debtors	47,824	50,150
	---------	---------
	118,593	108,231
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	27,690	37,525
Social security and other taxes	43,232	36,282
Other creditors	2,663,412	2,603,470
	------------	------------
	2,734,334	2,677,277
	------------	------------

8.	Loans and other debts due to members

	2024	2023
	£	£
Amounts owed to members in respect of profits	551,278	566,950
	---------	---------

9.	Charges on assets

The freehold property and certain other assets are secured by a charge in favour of a lender to another entity in which the member Boultbee Estates(No.1) Limited is related.