Limited Liability Partnership registration number OC305602 (England and Wales)
SOUTHERN HOMES LETTING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SOUTHERN HOMES LETTING LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
SOUTHERN HOMES LETTING LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15
15
Investment properties
4
1,962,154
2,168,316
1,962,169
2,168,331
Current assets
Debtors
5
7,403
8,746
Cash at bank and in hand
20,805
42,572
28,208
51,318
Creditors: amounts falling due within one year
7
(13,183)
(169,256)
Net current assets/(liabilities)
15,025
(117,938)
Total assets less current liabilities
1,977,194
2,050,393
Creditors: amounts falling due after more than one year
8
(1,254,822)
(1,407,571)
Net assets attributable to members
722,372
642,822
Represented by:
Loans and other debts due to members within one year
Other amounts
115,200
-
Members' other interests
Members' capital classified as equity
1,000
1,000
Other reserves classified as equity
606,172
641,822
722,372
642,822
Total members' interests
Loans and other debts due to members
115,200
-
Members' other interests
607,172
642,822
722,372
642,822

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

SOUTHERN HOMES LETTING LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 8 October 2025 and are signed on their behalf by:
08 October 2025
Mr A D Sweeney
Mr K W Barnes
Designated member
Designated Member
Limited Liability Partnership Registration No. OC305602
SOUTHERN HOMES LETTING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Unrealised reserves
Realised reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
£
Members' interests at 1 April 2024
1,000
134,767
507,055
642,822
-
-
642,822
Loss for the financial year available for discretionary division among members
-
-
(35,650)
(35,650)
-
-
(35,650)
Members' interests after loss for the year
1,000
134,767
471,405
607,172
-
-
607,172
Introduced by members
-
-
-
-
115,200
115,200
115,200
Members' interests at 31 March 2025
1,000
134,767
471,405
607,172
115,200
115,200
722,372
Amounts due to members
115,200
115,200
SOUTHERN HOMES LETTING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Unrealised reserves
Realised reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
£
Amounts due to members
137,079
Members' interests at 1 April 2023
1,000
204,767
479,919
685,686
137,079
137,079
822,765
Profit for the financial year available for discretionary division among members
-
-
135,057
135,057
-
-
135,057
Members' interests after profit for the year
1,000
204,767
614,976
820,743
137,079
137,079
957,822
Other divisions of profits
-
-
(177,921)
(177,921)
-
-
(177,921)
Other movements
-
(70,000)
70,000
-
(137,079)
(137,079)
(137,079)
Members' interests at 31 March 2024
1,000
134,767
507,055
642,822
-
-
642,822
Amounts due to members
-
-
SOUTHERN HOMES LETTING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Limited liability partnership information

Southern Homes Letting LLP is a limited liability partnership incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for rent and services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.4
Members' participating interests

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. A mounts that are classified as equity are shown within ‘Members' other interests’ under the classifications 'Realised reserves' and 'Unrealised reserves'.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% on reducing balance

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 recognised in the profit and loss account.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

SOUTHERN HOMES LETTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.7
Impairment of fixed assets

At each reporting end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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 current liabilities.

1.9
Financial instruments

The limited liability partnership only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.10
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members. C onsequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

2
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
4
4
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2024 and 31 March 2025
2,550
Depreciation and impairment
At 1 April 2024 and 31 March 2025
2,535
Carrying amount
At 31 March 2025
15
At 31 March 2024
15
SOUTHERN HOMES LETTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Investment property
2025
£
Fair value
At 1 April 2024
2,168,316
Disposals
(206,162)
At 31 March 2025
1,962,154

Investment property comprises:

Residential properties £1,562,154

Commercial properties £400,000

The fair values of the residential and commercial investment properties have been arrived at on the basis of a valuations carried out by the designated members, Mr A D Sweeney and Mr K W Barnes. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and from offers received for specific residential properties in the post balance sheet period.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,164
2,087
Prepayments and accrued income
6,239
6,659
7,403
8,746
6
Loans and overdrafts
2025
2024
£
£
Bank loans
1,254,822
1,560,757
Payable within one year
-
153,186
Payable after one year
1,254,822
1,407,571

The bank loan is secured by Paragon Bank PLC by way of a legal charge over specific properties of the company.

SOUTHERN HOMES LETTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
6
-
153,186
Trade creditors
4,438
4,645
Other taxation and social security
1,533
1,579
Accruals and deferred income
7,212
9,846
13,183
169,256
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
6
1,254,822
1,407,571
9
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
115,200
-

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.300 false OC305602 2024-04-01 2025-03-31 OC305602 2025-03-31 OC305602 bus:PartnerLLP1 2024-04-01 2025-03-31 OC305602 bus:PartnerLLP2 2024-04-01 2025-03-31 OC305602 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC305602 bus:FRS102 2024-04-01 2025-03-31 OC305602 bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC305602 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC305602 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares