REGISTERED NUMBER: OC452706 (England and Wales)

Financial Statements

for the Period 17 June 2024 to 31 December 2024

for

PH (The Deanwater) LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

P H Property Holdings Limited

PHPH Developments Limited

REGISTERED OFFICE:

Bollin House

Oakfield Road

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3GX

REGISTERED NUMBER:

OC452706 (England and Wales)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

CURRENT ASSETS

Stocks

3,696,070

Debtors

4

1,000

Cash at bank

770

3,697,840

CREDITORS

Amounts falling due within one year

5

(3,601,920

)

NET CURRENT ASSETS

95,920

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

95,920

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

100,000

MEMBERS' OTHER INTERESTS

Other reserves

(4,080

)

95,920

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

100,000

Members' other interests

(4,080

)

95,920

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 29 September 2025 and were signed by:

P H Property Holdings Limited - Designated member

1.	STATUTORY INFORMATION

PH (The Deanwater) 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.

Work in-progress

The LLP holds work-in-progress which is stated at the lower of cost and net realisable value. To assess the net realisable value of land held for development and housing work in progress, the LLP assesses the likely revenue which will be generated when these sites are converted into residential properties and sold. Where it is assessed that the revenue generated will exceed costs expended to date and costs to bring the properties into a saleable condition, work in progress is stated at cost. Where it is assessed that the revenue generated will be lower, work in progress is stated at net realisable value.

Work in progress includes land and associated aquisition costs, direct materials and subcontract work, other direct costs and those overheads (based on normal operating capacity) that have been incurred in bringing the stocks to their present location and condition.

Deposits

New property deposits and reservation fees are shown within other creditors until the associated sale is recognised.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rates are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

Loans and borrowings

Loans and borrowings are initially recognised at fair value including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Members' participating interests

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 FRS102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has unconditional rights to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within "Loans and other debts due to members" and, where such an amount relates to current year profits, they are recognised within "Members' remuneration charged as an expense" in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within "Members' other interests". Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Critical estimates and judgements in applying the entity's accounting policies

The LLP makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next 12 months are:

(a) Carrying value of land and work in progress and estimation of costs to complete

The LLP holds inventories stated at the lower of cost and net realisable value. Such inventories include land, work in progress and completed units. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore due to the nature of the LLP's activity and, in particular the scale of its developments and the length of the development cycle, the LLP has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments.

In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The LLP has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving assessments, particularly in relation to the LLP's long-term developments.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by related entities

1,000

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

2,500,000

Trade creditors

3,881

Amounts owed to related entities

1,095,039

Other creditors

3,000

3,601,920

6.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

2,500,000

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jason Leach FCA (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited