Manchester 2 Limited Liability Partnership LLP accounts

REGISTERED NUMBER: OC423129

Manchester 2 Limited Liability Partnership

Unaudited Financial Statements

25 December 2024

Manchester 2 Limited Liability Partnership

Financial Statements

Year ended 25 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

Manchester 2 Limited Liability Partnership

Members' Report

Year ended 25 December 2024

The members present their report and the unaudited financial statements of the LLP for the year ended 25 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 Estates (NO1) Limited
Groom Properties Limited
R.M. Hatter

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 25 September 2025 and signed on behalf of the members by:

Boultbee Estates (NO1) Limited

Designated Member

Registered office:

Formal House

60 St Georges Place

Cheltenham

GL50 3PN

Manchester 2 Limited Liability Partnership

Statement of Comprehensive Income

Year ended 25 December 2024

	2024	2023
Note	£	£
Turnover	1,028,684	976,021

Other external charges	602,194	593,073
Fair value adjustment/(gain)/loss on disposal/depreciation	12,633	14,367
Other operating expenses	22,688	25,146
	------------	---------
Operating profit	391,169	343,435

Other interest receivable and similar income	3,219	2,406
Interest payable and similar expenses	66,721	126,089
	------------	---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members	327,667	219,752
	------------	---------

All the activities of the LLP are from continuing operations.

Manchester 2 Limited Liability Partnership

Statement of Financial Position

25 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	5,330,467	5,343,099

Current assets

Debtors	5	59,005	34,013
Cash at bank and in hand		229,997	475,100
		---------	---------
		289,002	509,113

Creditors: amounts falling due within one year	6	197,215	2,401,993
		---------	------------
Net current assets/(liabilities)		91,787	( 1,892,880)
		------------	------------
Total assets less current liabilities		5,422,254	3,450,219
		------------	------------
Net assets		5,422,254	3,450,219
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	–	–

Members' other interests

Members' capital classified as equity	4,099,136	2,127,101
Other reserves	1,323,118	1,323,118
	------------	------------
	5,422,254	3,450,219
	------------	------------

Total members' interests

Loans and other debts due to members	–	–
Members' other interests	5,422,254	3,450,219
	------------	------------
	5,422,254	3,450,219
	------------	------------

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 25 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 .

Manchester 2 Limited Liability Partnership

Statement of Financial Position (continued)

25 December 2024

These financial statements were approved by the members and authorised for issue on 25 September 2025 , and are signed on their behalf by:

Boultbee Estates (NO1) Limited

Designated Member

Registered number: OC423129

Manchester 2 Limited Liability Partnership

Reconciliation of Members' Interests

Year ended 25 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 26 December 2023	2,127,101	1,323,118	3,450,219	–	–	3,450,219
Profit for the financial year available for discretionary division among members		327,667	327,667			327,667
	------------	------------	------------	----	----	------------
Members' interests after profit for the year	2,127,101	1,650,785	3,777,886	–	–	3,777,886
Other division of profits		(327,667)	(327,667)	327,667	327,667	–
Introduced by members	1,983,333		1,983,333	–	–	1,983,333
Repayments of capital	–		–		–	–
Drawings				(338,964)	(338,964)	(338,964)
Reclassifications	(11,298)	–	(11,298)	11,297	11,297	(1)
	------------	------------	------------	---------	---------	------------
Balance at 25 December 2024	4,099,136	1,323,118	5,422,254	–	–	5,422,254
	------------	------------	------------	---------	---------	------------

Manchester 2 Limited Liability Partnership

Reconciliation of Members' Interests (continued)

Year ended 25 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 26 December 2022	2,153,349	1,323,118	3,476,467	–	–	3,476,467
Profit for the financial year available for discretionary division among members		219,752	219,752			219,752
	------------	------------	------------	----	----	------------
Members' interests after profit for the year	2,153,349	1,542,870	3,696,219	–	–	3,696,219
Other division of profits		(219,752)	(219,752)	219,752	219,752	–
Introduced by members	(6,562)		(6,562)	–	–	(6,562)
Repayments of capital	(19,686)		(19,686)		–	(19,686)
Drawings				(219,752)	(219,752)	(219,752)
Reclassifications	–	–	–	–	–	–
	------------	------------	------------	---------	---------	------------
Balance at 25 December 2023	2,127,101	1,323,118	3,450,219	–	–	3,450,219
	------------	------------	------------	---------	---------	------------

Manchester 2 Limited Liability Partnership

Notes to the Financial Statements

Year ended 25 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 rents,service charges and insurance receivable, 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.

Manchester 2 Limited Liability Partnership

Notes to the Financial Statements (continued)

Year ended 25 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'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

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.	Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost
At 26 December 2023	5,300,000	88,712	5,388,712
Disposals	–	( 6,446)	( 6,446)
	------------	--------	------------
At 25 December 2024	5,300,000	82,266	5,382,266
	------------	--------	------------
Depreciation
At 26 December 2023	–	45,613	45,613
Charge for the year	–	10,156	10,156
Disposals	–	( 3,970)	( 3,970)
	------------	--------	------------
At 25 December 2024	–	51,799	51,799
	------------	--------	------------
Carrying amount
At 25 December 2024	5,300,000	30,467	5,330,467
	------------	--------	------------
At 25 December 2023	5,300,000	43,099	5,343,099
	------------	--------	------------

Investment property is stated at fair value as determined by the designated members at the period end. One of the designated members 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 25 December 2024
Aggregate cost	5,806,641
Aggregate depreciation	–
	------------
Carrying value	5,806,641
	------------

At 25 December 2023
Aggregate cost	5,806,641
Aggregate depreciation	–
	------------
Carrying value	5,806,641
	------------

5.	Debtors

	2024	2023
	£	£
Trade debtors	28,455	11,722
Other debtors	30,550	22,291
	--------	--------
	59,005	34,013
	--------	--------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	–	2,135,000
Trade creditors	50,628	66,959
Social security and other taxes	21,435	22,529
Other creditors	125,152	177,505
	---------	------------
	197,215	2,401,993
	---------	------------