REGISTERED NUMBER: OC369095 (England and Wales)

REPORT OF THE MEMBERS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KHL ASSETS LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

J F King

A J J Kenter

REGISTERED OFFICE:

Southfields

South View Road

Wadhurst

East Sussex

TN5 6TP

REGISTERED NUMBER:

OC369095 (England and Wales)

SENIOR STATUTORY AUDITOR:

Simon Lawrence FCCA

INDEPENDENT AUDITORS:

Ashdown Hurrey Auditors Ltd

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

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

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of holding group assets.

DESIGNATED MEMBERS

The designated members during the year under review were:

J F King

A J J Kenter

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £101,058 (2023 - £12,261 profit).

MEMBERS' INTERESTS

The policies regarding the allocation of profits to members, drawings and the subscription and repayment of members' capital are disclosed in the accounting policies, note 2 of the financial statements.

The members' interests are disclosed in the notes of the financial statements.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Ashdown Hurrey Auditors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

J F King - Designated member

11 September 2025

Opinion

We have audited the financial statements of KHL Assets LLP (the 'LLP') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note eleven to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit; or

-	the members were not entitled to prepare the financial statements in accordance with the small LLPs regime.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the planning stage of this audit we considered the laws and regulations relevant to the LLP, including enquiry of management, those charged with governance and a review of the prior year file. This review did not identify any "show stopper" laws or regulations which were applicable although there were more general laws and regulations which were identified as applicable. These were discussed during the audit planning meeting held by the team.

During the course of this audit the team discussed this area with senior members of staff and also carried out a review of legal expenses for any evidence of such.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Lawrence FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Ltd

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

22 September 2025

TURNOVER

165,000

165,000

Administrative expenses

(123,713

)

(107,116

)

OPERATING PROFIT

41,287

57,884

Gain/loss on revaluation of investment property

105,000

-

146,287

57,884

Interest payable and similar expenses

(45,229

)

(45,623

)

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

101,058

12,261

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

101,058

12,261

FIXED ASSETS

Investment property

4

2,125,000

2,020,000

CURRENT ASSETS

Cash at bank

10,975

638

CREDITORS

Amounts falling due within one year

5

1,543,151

1,436,887

NET CURRENT LIABILITIES

(1,532,176

)

(1,436,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

592,824

583,751

CREDITORS

Amounts falling due after more than one year

6

400,740

492,725

NET ASSETS ATTRIBUTABLE TO MEMBERS

192,084

91,026

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

743,119

743,119

MEMBERS' OTHER INTERESTS

Other reserves

9

(551,035

)

(652,093

)

192,084

91,026

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

743,119

743,119

Members' other interests

(551,035

)

(652,093

)

192,084

91,026

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 11 September 2025 and were signed by:

J F King - Designated member

1.	STATUTORY INFORMATION

KHL Assets 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.

In preparing the financial statements, the members are required to make an assessment of the ability of the LLP to continue as a going concern. The members have considered all available evidence for the LLP which covers the 12 month period from the date of signing these financial statements.

On the basis of this consideration, the members are satisfied that the LLP has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the members have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover

Turnover represents management charges due in accordance with the agreement between the entity and the occupier of the entity's land and property. The services are recognised as due upon their provision to the occupier.

The entity is entitled to invoice monthly and fees are based on the cost incurred in providing or performing the services. Payment of service fees is due within 30 days of the date of the invoice.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Capital subscription and repayment

The capital requirements of the partnership are as determined from time to time by the Designated Members or as established by way of regular practice if there is no formal determination. No interest is paid on capital.

The members capital account balance in the entity at the date of cessation of membership will be repaid in 5 equal annual instalments the first of which will be paid on the first anniversary of the cessation date. The entity may at its absolute discretion repay the capital account balance at an earlier time.

Allocation of profits and drawings

The allocation of income profits in respect of any period for which accounts are drawn up shall be determined by the unanimous decision of the Designated Members immediately prior to formally approving those accounts..

Drawings by the members from the entity's bank account or other assets, shall be as determined by the Designated Members or as established by way of regular practice if there is no formal determination.

The capital profit shares of the entity shall be as determined by the Designated Members.

Ranking of debts due to members

The amounts shown in 'Loans and other debts due to members' would rank after other unsecured creditors in the event of a winding up.

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

2,020,000

Revaluations

105,000

At 31 December 2024

2,125,000

NET BOOK VALUE

At 31 December 2024

2,125,000

At 31 December 2023

2,020,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

(652,093

)

Valuation in 2025

105,000

Cost

2,672,093

2,125,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

2,672,093

2,672,093

Investment property was valued on an open market basis on 26 June 2025 by Stiles Harold Williams .

The Members are of the opinion that the open market value of the property at the year end is not substantially different to the carrying value within these financial statements.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

93,073

83,338

Amounts owed to group undertakings

1,450,078

1,353,549

1,543,151

1,436,887

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

400,740

492,725

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

67,190

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

493,813

576,063

The bank hold a debenture dated 30 April 2012 including a fixed charge over all assets present and future including goodwill and uncalled capital and a first floating charge over all assets present and future.

A composite multilateral guarantee dated 26 April 2012 has been given by KHL Assets LLP, KHL Group LLP and KHL Media Ltd.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to group undertakings would rank after other unsecured creditors in the event of a winding up.

9.

RESERVES

Other

reserves

£

At 1 January 2024

(652,093

)

Undivided profit

101,058

At 31 December 2024

(551,035

)

10.	RELATED PARTY DISCLOSURES

The entity is a member of KHL Group LLP, incorporated in England and Wales.

31.12.24

31.12.23

£

£

Amount owed to KHL Group LLP at balance sheet date

1,450,078

1,353,549

KHL Group LLP operates its trade from the property owned by KHL Assets LLP and management charges amounting to £165,000 (2023: £165,000) were made during the year to KHL Group LLP for this use.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.