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REGISTERED NUMBER: OC396172 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SOMERSET ESTATES PARTNERSHIP LLP

SOMERSET ESTATES PARTNERSHIP LLP (REGISTERED NUMBER: OC396172) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

Page |

| General Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 4 |

| SOMERSET ESTATES PARTNERSHIP LLP |

GENERAL INFORMATION

for the Year Ended 31 December 2024

| DESIGNATED MEMBERS: | Somerset NHS Foundation Trust

| Partnering Solutions (Somerset) Limited

| REGISTERED OFFICE: | 5 The Triangle

| Wildwood Drive

| Worcester

| Worcestershire

| WR5 2QX

| REGISTERED NUMBER: | OC396172 (England and Wales)

SOMERSET ESTATES PARTNERSHIP LLP (REGISTERED NUMBER: OC396172) |

STATEMENT OF FINANCIAL POSITION

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Investments | 4 | 100 |  | 100 |  |

CURRENT ASSETS

Cash at bank | 115 |  | 115 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 215 |  | 215 |  |

OTHER RESERVES | 115 |  | 115 |  |

MEMBERS' CAPITAL

Capital accounts | 100 |  | 100 |  |

215 |  | 215 |  |

TOTAL MEMBERS' INTERESTS

Other reserves | 115 |  | 115 |  |

Members' capital | 100 |  | 100 |  |

215 |  | 215 |  |

The LLP is entitled to exemption from audit under Section 480 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 December 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.

SOMERSET ESTATES PARTNERSHIP LLP (REGISTERED NUMBER: OC396172) |

STATEMENT OF FINANCIAL POSITION - continued

31 December 2024

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 18 September 2025 and were signed by:

Partnering Solutions (Somerset) Limited - Designated member

SOMERSET ESTATES PARTNERSHIP LLP (REGISTERED NUMBER: OC396172) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

1. | ACCOUNTING POLICIES

| General information and basis of accounting

| 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.

| Somerset Estates Partnership LLP is a limited liability partnership and is incorporated in England and Wales. The address of the registered office is 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX. The nature of the LLP's operations and its principle activity was that of delivering infrastructure investment solutions, estates development and other services to Somerset NHS Foundation Trust.

| The LLP's financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland", as applied to small entities and the Companies Act 2006.

| The financial statements have been prepared under the historical cost convention and on a going concern basis.

| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

| The LLP was dormant throughout the current year and previous year.

| Preparation of consolidated financial statements

| The financial statements contain information about Somerset Estates Partnership LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

| Exemptions

| In accordance with the small companies regime, no cash flow statement is required to be presented as the LLP qualifies as a small entity as defined in the Companies Act 2006.

| Investments

| Investments represent shares in subsidiary undertakings which are valued at cost less accumulated impairment losses.

| An impairment review is carried out by comparing the carrying value of investments with a valuation of the

| individual subsidiary company. Given the nature of the group activities the valuation of subsidiaries is generally based on their underlying net asset value.

| Critical accounting judgements and estimates

| In preparing the financial statements the members are required to make a number of accounting judgements and make estimates and assumptions concerning the future. There are no judgements or estimates that are deemed significant in the context of these financial statements.

2. | EMPLOYEE INFORMATION

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

SOMERSET ESTATES PARTNERSHIP LLP (REGISTERED NUMBER: OC396172) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

3. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 100 |  |

| At 31 December 2023 | 100 |  |

| The LLP's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Somerset Estates Partnership Project Co. Limited

| Registered office: 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX.

| Nature of business: Property Investment and Development

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

4. | RELATED PARTY DISCLOSURES

| The LLP has taken exemption under Section 33 of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the LLP's group.

5. | ULTIMATE CONTROLLING PARTY

| The LLP is jointly controlled by Somerset NHS Foundation Trust and Partnering Solutions (Somerset) Limited. There is no ultimate controlling party.