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Registered number: OC437085 PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP INFORMATION
Designated Members Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund IV LP)
Wrenbridge (Basingstoke) LLP
LLP registered number OC437085
Registered office 38 Seymour Street London W1H 7BP
Independent auditors Sumer Auditco Limited Statutory Auditor 14th Floor 33 Cavendish Square London W1G 0PW
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP CONTENTS
| Page
Members' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Profit and Loss Account | 7
Balance Sheet | 8 - 9
Reconciliation of Members' Interests | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 - 19
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The members present their annual report together with the audited financial statements of Priestley Road Basingstoke Investment LLP (the "LLP") for the year ended 31 March 2025. Principal activities The principal objective of the LLP is that of property development. Designated Members Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund IV LP) and Wrenbridge (Basingstoke) LLP were Designated Members of the LLP throughout the year. Members' capital and interests Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. Details of changes in members' capital in the year ended 31 March 2025 are set out in the Reconciliation of Members' Interests. Members are remunerated from the profits of the LLP. Profits are allocated and divided between members automatically. Automatic division of profits is recognised as 'Members' remuneration charged as an expense' in the Profit and Loss Account and reflects the provisions of the Members' agreement. Members draw a proportion of their profit shares, subject to the cash requirements of the business. Going concern The financial statements have not been prepared on a going concern basis as the LLP is no longer deemed to be a going concern. This is based on members' intentions to dissolve the LLP following the completion of the property development. The accounts have been prepared using the normal recognition and measurement criteria of UK GAAP, only deviating from these where adequate justifications exist. Members' responsibilities statement The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. Page 1
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In preparing these financial statements, the members are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are members at the time when this Members' Report is approved has confirmed that: ∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and ∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. Auditors Sumer Auditco Limited will be proposed for reappointment in accordance with section 487 of the Companies Act 2006. This report was approved by the members on 24 October 2025 and signed on their behalf by:
................................................ Mr P Richings for and on behalf of Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its LLP capacity as General Partner of Bridges Property Alternatives Fund IV LP) Designated Member |
Page 2
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP
Opinion
We have audited the financial statements of Priestley Road Basingstoke Investment LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its result for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 2.2 of the financial statements which explains that the members intend to dissolve the partnership and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Page 3
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED)
Other information
The Other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the Other information contained within the Annual Report. Our opinion on the financial statements does not cover the Other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the Other information and, in doing so, consider whether the Other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. Page 4
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the LLP and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. We obtained an understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included, but were not limited to, the Companies Act 2006, the Statement of Recommended Practice for LLPs and taxation legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the LLP’s ability to operate or to avoid a material penalty. As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue and profit/loss recognition. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same, concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; challenging assumptions and judgements made by management in their significant accounting estimates; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). Page 5
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Thomas Jeffries BSc FCA (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor 14th Floor 33 Cavendish Square London W1G 0PW 27 October 2025 Page 6
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | As restated 2024
Note | £ | £
Turnover |  | - | 17,845,857
Cost of sales |  | (111,538) | (18,599,444)
Gross loss |  | (111,538) | (753,587)
Administrative expenses |  | (14,094) | (23,822)
Operating loss |  | (125,632) | (777,409)
Interest receivable and similar income | 6 | 22,937 | 107,033
Interest payable and similar expense |  | (8,990) | -
Loss for the year before members' remuneration and profit shares |  | (111,685) | (670,376)
Members' remuneration charged as an expense |  | 111,685 | 670,376
Result for the year available for discretionary division among members |  | - | -
The notes on pages 12 to 19 form part of these financial statements.
Page 7
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP REGISTERED NUMBER: OC437085 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | As restated 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 7 | - |  | 282,006 |
Debtors: amounts falling due within one year | 7 | 306,565 |  | 2,384,256 |
Cash at bank and in hand | 8 | 10,160 |  | 3,018,061 |
|  | 316,725 |  | 5,684,323 |
Creditors: Amounts Falling Due Within One Year | 9 | (296,365) |  | (967,061) |
Net current assets |  |  | 20,360 |  | 4,717,262
Total assets less current liabilities |  |  | 20,360 |  | 4,717,262
Creditors: amounts falling due after more than one year | 10 |  | - |  | (282,006)
|  |  | 20,360 |  | 4,435,256
Net assets |  |  | 20,360 |  | 4,435,256
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 11 |  | 20,360 |  | 4,435,256
|  |  | 20,360 |  | 4,435,256
|  |  | 20,360 |  | 4,435,256
Total members' interests |  |  |  |  |
Loans and other debts due to members | 11 |  | 20,360 |  | 4,435,256
Members' other interests |  |  | - |  | -
|  |  | 20,360 |  | 4,435,256
Page 8
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP REGISTERED NUMBER: OC437085 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 October 2025.
................................................ Mr P Richings for and on behalf of Bridges Property Alternatives Fund IV (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund IV LP)
Designated member
The notes on pages 12 to 19 form part of these financial statements. Page 9
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| 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) | Total | Other amounts | Total | Total
| £ | £ | £ | £ | £
Amounts due to members |  |  | 9,985,326 | 9,985,326 |
Balance at 1 April 2023 | 120,306 | 120,306 | 9,985,326 | 9,985,326 | 10,105,632
Members' remuneration charged as an expense (as restated) | - | - | (670,376) | (670,376) | (670,376)
Repayment of capital | (120,306) | (120,306) | - | - | (120,306)
Amounts repaid to members | - | - | (4,879,694) | (4,879,694) | (4,879,694)
Amounts due to members |  |  | 4,435,256 | 4,435,256 |
Balance at 31 March 2024 (as previously stated) | - | - | 4,290,797 | 4,290,797 | 4,290,797
Prior year adjustment | - | - | 144,459 | 144,459 | 144,459
Balance at 31 March 2024 (as restated) | - | - | 4,435,256 | 4,435,256 | 4,435,256
Members' remuneration charged as an expense | - | - | (111,685) | (111,685) | (111,685)
Amounts repaid to members | - | - | (4,303,211) | (4,303,211) | (4,303,211)
Amounts due from members |  |  | 20,360 | 20,360 |
Balance at 31 March 2025 | - | - | 20,360 | 20,360 | 20,360
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.
Page 10
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | Restated 2024
|  |  | £ | £
Profit for the financial year | - | -
Adjustments for: |  |
Members' remuneration charged as an expense | (111,685) | (670,376)
Interest received | (22,937) | (107,033)
Decrease/(increase) in debtors | 2,359,697 | (2,002,844)
(Decrease)/increase in creditors | (952,702) | 448,486
Increase/(decrease) in provisions | - | (688,820)
Net cash generated from operating activities before transactions with members | 1,272,373 | (3,020,587)
Cash flows from investing activities |  |
Interest received | 22,937 | 107,033
Net cash from investing activities | 22,937 | 107,033
Cash flows from financing activities |  |
Members' capital repaid | - | (120,306)
Distribution paid to members | (4,303,211) | (4,879,694)
Net cash used in financing activities | (4,303,211) | (5,000,000)
Net (decrease) in cash and cash equivalents | (3,007,901) | (7,913,554)
Cash and cash equivalents at beginning of year | 3,018,061 | 10,931,615
Cash and cash equivalents at the end of year | 10,160 | 3,018,061
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 10,160 | 3,018,061
| 10,160 | 3,018,061
The notes on pages 12 to 19 form part of these financial statements.
Page 11
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Priestley Road Basingstoke Investment LLP is a Limited Liability Partnership (‘LLP’) incorporated in England & Wales under the Limited Liability Partnerships Act 2000. The address of its registered office is 38 Seymour Street, London, W1H 7BP. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have not been prepared on a going concern basis as the LLP is no longer deemed to be a going concern. This is based on members' intentions to dissolve the LLP following the completion of the property development. The accounts have been prepared using the normal recognition and measurement criteria of UK GAAP, only deviating from these where adequate justifications exist.
| 2.3 | Turnover
Sale of property Turnover comprises proceeds from the sale of property and is recognised on legal completion of the transaction. Rendering of services Turnover 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 turnover 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.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | 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. Page 12
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Taxation
Taxation on all the LLP's profits is solely the liability of individual members and is not dealt with in these financial statements.
| 2.7 | Debtors
Debtors are initially measured at the transaction price and are subsequently carried at amortised cost using the effective interest method, less any impairment. Debtors classified as due within one year are not amortised.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.
| 2.9 | 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.
| 2.10 | Financial instruments
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the Page 13
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities 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 LLP after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit and loss. They are subsequently measured at fair value with changes to the profit and loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss . Page 14
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expires, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
| 2.11 | Construction contracts
When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. This is normally measured by the proportion of the contract costs incurred for work performed to date compared to the estimated contract costs, except, where this would not be representative of the stage of completion. The cost recognised for the main subcontractor is based on certified valuations. However, in the event of the valuation being mid-month, there is a pro-rata estimation of the percentage completion using a linear approach based on the number of days between the previous and next valuation. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable. When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision. Page 15
PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contract income | - | 17,845,857
Analysis of turnover by country of origin:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | - | 17,845,857
4. | Auditors' remunerations
| During the year, the LLP obtained the following services from the LLP's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 13,500 | 13,500
5. | Employees
| The entity has no employees.
| The average monthly number of members during the year was 2 (2024: 2).
6. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 22,937 | 107,033
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PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | - | 282,006
|  |  |  |  | 2025 | As restated 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Other debtors | 306,565 | 153,018
| Prepayments and accrued income | - | 2,231,238
|  | 306,565 | 2,384,256
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 10,160 | 3,018,061
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 860 | 20,026
| Contractor retentions | 282,005 | 282,005
| Accruals and deferred income | 13,500 | 665,030
|  | 296,365 | 967,061
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contractor retentions | - | 282,006
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PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Loans and other amounts due to members
|  |  |  |  | 2025 | As restated 2024
|  |  |  |  | £ | £
| Members' capital treated as equity | - | -
| Other amounts due (from)/to members | 20,360 | 4,435,256
|  | 20,360 | 4,435,256
Loans and other debts due to members rank behind debts due to ordinary creditors in the event of a winding up.
12. | Subsequent events
There have been no significant subsequent events to report since 31 March 2025 up to the date of approal of these financial statements.
13. | Controlling party
The ultimate parent undertaking is Bridges Fund Management Limited. This entity has its registered office at 38 Seymour Street, London, W1H 7BP. The ultimate controlling parties are Philip Newbourough and Michele Giddens.
14. | Prior year adjustment
|  | 31 March 2024 | Increase/ Decrease | 31 March 2024 (restated)
|  | £ | £ | £
| Change in debtors due for more than a year | 282,006 | - | 282,006
| Change in debtors due for less than a year | 2,239,797 | 144,459 | 2,384,256
| Change in cash at bank and in hand | 3,018,061 | - | 3,018,061
| Change in creditors due for more than a year | (282,006) | - | (282,006)
| Change in creditors due for less than a year | (967,061) | - | (967,061)
|  | 4,290,797 | 144,459 | 4,435,256
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PRIESTLEY ROAD BASINGSTOKE INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
|  | 31 March 2024 | Increase/ Decrease | 31 March 2024 (restated)
|  | £ | £ | £
| Change in Members' Capital account | - | - | -
| Change in Members' Current account | 4,290,797 | 144,459 | 4,435,256
| Change in Equity | 4,290,797 | 144,459 | 4,435,256
During the year, the LLP identified and corrected prior period error. An amount of £144,459, previously recorded under cost of sales, relating to deposit monies receivable for Section 278 works, this has been reclassified to other receivables.
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