Company No: OC376638 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	S V Cordall
	C R Simmons

REGISTERED OFFICE	Brockbourne House
	77 Mount Ephraim
	Tunbridge Wells
	United Kingdom

REGISTERED NUMBER

OC376638 (England and Wales)

ACCOUNTANT	S&W Partners (South East) Limited
	Brockbourne House
	77 Mount Ephraim
	Royal Tunbridge Wells
	TN4 8BS

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	914,048		918,360
		914,048		918,360
Current assets
Stocks	4	727,004		727,004
Debtors	5	8,585		8,740
Cash at bank and in hand		6,081		8,865
		741,670		744,609
Creditors: amounts falling due within one year	6	( 34,322)		( 33,611)
Net current assets		707,348		710,998
Total assets less current liabilities		1,621,396		1,629,358
Net assets attributable to members		1,621,396		1,629,358
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		561,300		561,300
		561,300		561,300
Members' other interests
Members' capital classified as equity		1,350,000		1,350,000
Other reserves		(289,904)		(281,942)
		1,060,096		1,068,058
		1,621,396		1,629,358
Total members' interests
Loans and other debts due to members		561,300		561,300
Members' other interests		1,060,096		1,068,058
		1,621,396		1,629,358

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 Statement of Comprehensive Income has not been delivered.

The financial statements of Telham Gates LLP (registered number: OC376638) were approved and authorised for issue by the Board of Directors on 06 October 2025. They were signed on its behalf by:

Colin Simmons Designated member

	EQUITY Members' other interests			DEBT 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	Members' capital (classified as debt)	Total
	£	£	£	£	£
Amounts due to members				561,300
Balance at 01 January 2023	1,350,000	(275,973)	1,074,027	561,300	1,635,327
Loss for the financial year available for discretionary division among members	0	(5,969)	(5,969)	0	(5,969)
Members' interest after loss for the financial year	1,350,000	(281,942)	1,068,058	561,300	1,629,358
Amounts due to members				561,300
Balance at 31 December 2023	1,350,000	(281,942)	1,068,058	561,300	1,629,358
Loss for the financial year available for discretionary division among members	0	(7,962)	(7,962)	0	(7,962)
Members' interest after loss for the financial year	1,350,000	(289,904)	1,060,096	561,300	1,621,396
Amounts due to members				561,300
Balance at 31 December 2024	1,350,000	(289,904)	1,060,096	561,300	1,621,396

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

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

Telham Gates LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of its principal place of business is Crowhurst Park, Telham Lane, Battle, East Sussex, TN33 0SL. The address of the LLP's registered office is Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Telham Gates LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.

Going concern

The financial statements have been prepared on a going concern basis.

The LLP has met, and continues to meet, its working capital requirements through the support of the designated members. The designated members have pledged their ongoing support for the business and it is therefore considered appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover 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:

Revenue is recognised by the LLP in respect of ground rents, utilities and service charges receivable during the year.

Income received from the sale of 125 year leases is recognised on completion of the lease.

Division and distribution of profits

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 comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration' charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings	125 years straight line
Plant and machinery	4 years straight line
Fixtures and fittings	25 % reducing balance

Included in land and buildings is freehold land which is not depreciated.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the LLP during the year	2		2

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2024	930,452		34,200		38,016		1,002,668
At 31 December 2024	930,452		34,200		38,016		1,002,668
Accumulated depreciation
At 01 January 2024	19,281		30,276		34,751		84,308
Charge for the financial year	2,515		981		816		4,312
At 31 December 2024	21,796		31,257		35,567		88,620
Net book value
At 31 December 2024	908,656		2,943		2,449		914,048
At 31 December 2023	911,171		3,924		3,265		918,360

Freehold property comprises land introduced into the partnership by the designated members at market value and subsequent enhancement expenditure and show home construction costs. No depreciation is provided in respect of land at cost of £616,093.

4. Stocks

	2024		2023
	£		£
Development land	727,004		727,004

5. Debtors

	2024		2023
	£		£
Trade debtors	4,596		3,184
Prepayments	3,989		3,450
Other debtors	0		2,106
	8,585		8,740

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	5,846		6,628
Amounts owed to related parties	5,355		7,508
Other taxation and social security	13,571		14,875
Other creditors	9,550		4,600
	34,322		33,611

7. Contingencies

Contingent liabilities

A charge was held over the land held as stock which is dated 12 January 2022. This is in relation to a bank loan held by a connected company. This charge was satisfied on 9 December 2024.