Company No: 09211300 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2024		30.09.2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,504		1,179
Investment property	5	3,250,000		3,250,000
Investments	6	103		200
		3,251,607		3,251,379
Current assets
Stocks		732,321		475,000
Debtors	7	2,671,235		2,922,414
Cash at bank and in hand		32,454		208,193
		3,436,010		3,605,607
Creditors: amounts falling due within one year	8	( 5,173,854)		( 6,328,707)
Net current liabilities		(1,737,844)		(2,723,100)
Total assets less current liabilities		1,513,763		528,279
Creditors: amounts falling due after more than one year	9	( 24,813)		( 31,574)
Net assets		1,488,950		496,705
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		1,488,850		496,605
Total shareholders' funds		1,488,950		496,705

For the financial period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of RBL Partnership Limited (registered number: 09211300) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

F F Whitcomb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RBL Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Management Suite, Parc Tawe, Swansea, SA1 2AL, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they adopt the going concern basis in preparing the financial statements. The company is dependent on the support of its parent entity, which has confirmed its willingness to continue to provide support.

Prior period adjustment

The comparative figures have been restated to correct a prior period error relating to the classification of development expenditure and the fair value of investment property. Further details are provided in Note 2.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is measured at the fair value of rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of properties is recognised when the risks and rewards of ownership are transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Computer equipment

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at cost. Subsequently, they are measured at cost less impairment.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Prior period adjustment

During the year, management identified that an amount of £475,000 relating to development expenditure had been incorrectly classified as Investment Property in the prior year. This amount has now been correctly reclassified to Work in Progress within Current Assets.

To reflect the fair value of the investment property at the prior year-end, a revaluation of £475,000 was also recognised, bringing the investment property back to its agreed fair value. Additionally, a further fair value uplift of £144,456 was identified and applied to the investment property, also recognised through the Profit and Loss Account.

As a result, the comparative figures have been restated as follows:

		As previously reported		Adjustment		As restated
Period ended 30 September 2023		£		£		£
Investment Property		3,105,544		144,456		3,250,000
Work in Progress		0		475,000		475,000
Retained Earnings		(122,851)		619,456		496,605
Revaluation Gain on Investment Property		0		619,456		619,456
Profit/(Loss) for the Year		(164,957)		619,456		454,499

3. Employees

	Period from 01.10.2023 to 31.12.2024		Year ended 30.09.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	0		0

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 October 2023	1,415		1,415
Additions	1,052		1,052
At 31 December 2024	2,467		2,467
Accumulated depreciation
At 01 October 2023	236		236
Charge for the financial period	727		727
At 31 December 2024	963		963
Net book value
At 31 December 2024	1,504		1,504
At 30 September 2023	1,179		1,179

5. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	3,250,000
As at 31 December 2024	3,250,000

Valuation

Freehold investment property of £3,250,000 (2023 - £3,250,000) is included within investment properties. The fair value of freehold investment property is based on the directors’ best estimate, having considered properties of a similar nature, condition and location.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

6. Fixed asset investments

Investments in subsidiaries

	31.12.2024
	£
Cost
At 01 October 2023	200
At 31 December 2024	200
Provisions for impairment
At 01 October 2023	0
Impairment	97
At 31 December 2024	97
Carrying value at 31 December 2024	103
Carrying value at 30 September 2023	200

7. Debtors

	31.12.2024		30.09.2023
	£		£
Amounts owed by Group undertakings	1,996,537		2,264,366
Prepayments	4,795		8,206
Other debtors	669,903		649,842
	2,671,235		2,922,414

8. Creditors: amounts falling due within one year

	31.12.2024		30.09.2023
	£		£
Bank loans	5,514		5,608
Trade creditors	17,634		6,322
Amounts owed to directors	5,040,301		5,445,301
Accruals and deferred income	29,468		4,900
Corporation tax	68,800		39,382
Other taxation and social security	11,280		12,379
Other creditors	857		814,815
	5,173,854		6,328,707

9. Creditors: amounts falling due after more than one year

	31.12.2024		30.09.2023
	£		£
Bank loans	24,813		31,574

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	31.12.2024		30.09.2023
	£		£
Bank loans	956		7,686

10. Called-up share capital

	31.12.2024		30.09.2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Related party transactions

At the year end the company was owed £398,723 by an entity under common control (2023 - £421,079).

At the year end the company was owed £71,092 by another entity under common control (2023 - the company owed £28,678 to this entity).

At the year end the company owed £nil to a third entity under common control (2023 - £785,322).

At the year end the company was owed £1,996,537 by a subsidiary company (2023 - £2,264,366).

All loans are interest free and repayable on demand.