Company No: SO307098 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Current assets
Stocks	3	13,748,013		12,885,378
Debtors	4	16,318		16,493
Cash at bank and in hand		174,266		33,740
		13,938,597		12,935,611
Creditors: amounts falling due within one year	5	( 22,430)		( 26,922)
Net current assets		13,916,167		12,908,689
Total assets less current liabilities		13,916,167		12,908,689
Creditors: amounts falling due after more than one year	6	( 3,236,744)		( 2,794,123)
Net assets attributable to members		10,679,423		10,114,566
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		10,724,990		10,174,990
Other amounts		0		(22,800)
		10,724,990		10,152,190
Members' other interests
Members' capital classified as equity		10		10
Other reserves		(45,577)		(37,634)
		(45,567)		(37,624)
		10,679,423		10,114,566
Total members' interests
Loans and other debts due to members		10,724,990		10,152,190
Members' other interests		(45,567)		(37,624)
		10,679,423		10,114,566

For the financial year ending 31 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Finance Development LLP (registered number: SO307098) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Square And Crescent Group Limited Designated member

1. Accounting policies

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

General information and basis of accounting

Finance Development LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 18 Walker Street, Edinburgh, EH3 7LP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP 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 continue to adopt the going concern basis in preparing the financial statements.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. No such impairments have been noted in the accounts for this year.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

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

Members' participation rights

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the statement of members reconciliation. Losses have been incurred to date and these are held in other reserves on the Balance Sheet until such time as there is profit available to be divided.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

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. 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 an unconditional right to refuse payment to members, in which case they are classified as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Stocks

	2024		2023
	£		£
Work in progress	13,748,013		12,885,378

Work in progress related to the purchase of the freehold property in addition to directly attributable professional and legal fees and other costs. Included within work in progress at 31 December 2024 are capitalised borrowing costs of £1,336,744 (2023: £894,123).

4. Debtors

	2024		2023
	£		£
Other debtors	16,318		16,493

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	12,716		17,922
Other creditors	9,714		9,000
	22,430		26,922

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

	2024		2023
	£		£
Bank loans (secured)	3,236,744		2,794,123

Finance Development LLP, as a continuing security for the payment of the secured loan, grants a standard security in favour of Unbranded Finance Limited over the property.