ACCOUNTS - Final Accounts

Loans and other debts due to members

Registered number: OC379823

ARMSTRONG REIVER LLP

UNAUDITED

FINANCIAL STATEMENTS

31 MARCH 2025

ARMSTRONG REIVER LLP

REGISTERED NUMBER: OC379823

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025


	2025	2024
Note	£	£

Fixed assets
Tangible assets	4		1,361		1,815
Investment property	5		8,730,000		5,620,000
			8,731,361		5,621,815
Current assets
Debtors: amounts falling due within one year	6	27,623		26,071
Cash at bank and in hand		-		171,966
		27,623		198,037
Creditors: amounts falling due within one year	7	(2,768,197)		(1,660,553)
Net current liabilities			(2,740,574)		(1,462,516)
Total assets less current liabilities			5,990,787		4,159,299
Creditors: amounts falling due after more than one year	8		(1,188,235)		(2,781,210)

Net assets			4,802,552		1,378,089

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ARMSTRONG REIVER LLP

REGISTERED NUMBER: OC379823

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025


	2025	2024
Note	£	£

Represented by:
Loans and other debts due to members within one year
Other amounts	9	4,802,552	1,378,089

		4,802,552	1,378,089

Total members' interests
Loans and other debts due to members	9	4,802,552	1,378,089
		4,802,552	1,378,089

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

The entity 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.

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.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by:

Mrs J M Potts

Designated member

Date: 5 September 2025

The notes on pages 3 to 7 form part of these financial statements.

Armstrong Reiver LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

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ARMSTRONG REIVER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Armstrong Reiver LLP is a limited liability partnership incorporated in England & Wales. The LLP's registration number is OC379823. The LLP's registered address and principal place of business is Randalinton Farm, Sandysike, Longtown, Carlisle, Cumbria CA6 5SX.
The financial statements are presented in Pounds Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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ARMSTRONG REIVER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods detailed below.

Depreciation is provided on the following basis:

				Plant and machinery	-	25% reducing balance
				Office equipment	-	3 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 2).

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ARMSTRONG REIVER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

	Plant and machinery	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	4,800	695	5,495
At 31 March 2025	4,800	695	5,495
Depreciation
At 1 April 2024	2,985	695	3,680
Charge for the year on owned assets	454	-	454
At 31 March 2025	3,439	695	4,134
Net book value
At 31 March 2025	1,361	-	1,361
At 31 March 2024	1,815	-	1,815

5.	Investment property

		Investment property
		£
	Valuation
	At 1 April 2024	5,620,000
	Surplus on revaluation	3,110,000
	At 31 March 2025	8,730,000

The 2025 valuations were made by the designated members, on an open market value for existing use basis.

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ARMSTRONG REIVER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	27,610	26,057
Other debtors	14	14
	27,624	26,071

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	1,446,027	-
Bank loans	-	230,363
Trade creditors	104,536	230,734
Other taxation and social security	21,170	13,861
Accruals and deferred income	1,196,464	1,185,595
	2,768,197	1,660,553

Bank loans are secured on the individual investment properties to which they relate. The bank overdraft is secured on the Woodlands investment property.

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	1,592,975
Other creditors	1,188,235	1,188,235
	1,188,235	2,781,210

Bank loans are secured on the individual investment properties to which they relate.

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ARMSTRONG REIVER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


	Other amounts due to members	4,802,552	1,378,089

Loans and other debts due to members may be further analysed as follows:

					2025	2024
					£	£


	Falling due within one year	4,802,552	1,378,089

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

10.Commitments under operating leases

At the reporting date the LLP had future minimum lease payments under non-cancellable operating leases of £59,400 (2024 - £66,000).

11.

Related party transactions

At the reporting date an amount was owed to Armstrong Reiver BBS Limited amounting to £1,044,085 (2024 - £949,169) in respect of its members capital account. Armstrong Reiver BBS Limited is a corporate partner of Armstrong Reiver LLP and a company in which PRA Discretionary Trust, partner is the sole shareholder.
Furthermore, at the reporting date £1,188,235 (2024 - £1,188,235) was owed to Armstrong Reiver BBS Limited in respect of a loan. This is included in creditors and is unsecured and interest free. There is no fixed repayment terms but 12 months' notice must be given for amounts owed, no such notice has been given during the period or in the period post year end.

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