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Registered number: OC451278 HEMEL HEMPSTEAD INVESTMENT LLP FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
HEMEL HEMPSTEAD INVESTMENT LLP INFORMATION
Designated Members Bridges Property Alternatives Fund VI (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund VI LP) (appointed 2 March 2024)
Wrenbridge (Hemel Hempstead) LLP (appointed 2 March 2024)
LLP registered number OC451278
Registered office 38 Seymour Street London W1H 7BP
Independent auditors Sumer Auditco Limited Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW
HEMEL HEMPSTEAD INVESTMENT LLP CONTENTS
| Page
Members' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Profit and Loss Account | 7
Balance Sheet | 8
Reconciliation of Members' Interests | 9
Statement of Cash Flows | 10
Notes to the Financial Statements | 11 - 17
HEMEL HEMPSTEAD INVESTMENT LLP MEMBERS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The members present their annual report together with the audited financial statements of Hemel Hempstead Investment LLP (the "LLP") for the period ended 31 March 2025. Principal activity The LLP was incorporated on 2 March 2024 and commenced trading on that date. The principal objective of the LLP is that of property development Designated Members Bridges Property Alternatives Fund VI (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund VI LP) and Wrenbridge (Hemel Hempstead) LLP were Designated Members of the LLP throughout the period. Members' capital and interests Each Members' 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 period 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 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 LLP is currently reliant on its members for financial support. The members are committed to sustaining the LLP and its property development activities, and their forecasts indicate that the LLP has the resources to continue operating for at least 12 months from the date the financial statements are authorised. The members have concluded that it is appropriate that the financial statements be prepared on a going concern basis. 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
HEMEL HEMPSTEAD INVESTMENT LLP MEMBERS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 In preparing these financial statements, the members are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments 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 Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Sumer Auditco Limited will therefore continue in office. 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 VI (General Partner) LLP (acting in its capacity as general partner of Bridges Property Alternatives Fund VI LP) Designated Member |
Page 2
HEMEL HEMPSTEAD INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEMEL HEMPSTEAD INVESTMENT LLP
Opinion
We have audited the financial statements of Hemel Hempstead Investment LLP (the "LLP") for the period 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 period 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report. Page 3
HEMEL HEMPSTEAD INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEMEL HEMPSTEAD 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
HEMEL HEMPSTEAD INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEMEL HEMPSTEAD 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. Extent to which the audit was considered capable of detecting irregularities, including fraud 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
HEMEL HEMPSTEAD INVESTMENT LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEMEL HEMPSTEAD 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 Auditors 14th Floor 33 Cavendish Square London W1G 0PW 27 October 2025 Page 6
HEMEL HEMPSTEAD INVESTMENT LLP PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2025
| 2025
Note | £
Turnover | 4 | 23,331,016
Cost of sales |  | (11,175,744)
Gross profit |  | 12,155,272
Administrative expenses |  | (484,326)
Operating profit |  | 11,670,946
Interest receivable and similar income |  | 5,103
Profit before tax |  | 11,676,049
Profit for the period before members' remuneration and profit shares |  | 11,676,049
Profit for the year before members' remuneration and profit shares |  | 11,676,049
Members' remuneration charged as an expense |  | (11,676,049)
Results for the period available for discretionary division among members |  | -
The notes on pages 11 to 17 form part of these financial statements.
Page 7
HEMEL HEMPSTEAD INVESTMENT LLP REGISTERED NUMBER: OC451278 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025
Note |  | £
Current assets |  |  |
Debtors: amounts falling due within one year | 7 | 23,076,516 |
Cash at bank and in hand | 8 | 257,741 |
|  | 23,334,257 |
Creditors: Amounts Falling Due Within One Year | 9 | (657,109) |
Net current assets |  |  | 22,677,148
Total assets less current liabilities |  |  | 22,677,148
Net assets |  |  | 22,677,148
Represented by: |  |  |
Loans and other debts due to members within one year |  |  |
Other amounts | 10 |  | 11,676,049
|  |  | 11,676,049
Members' other interests |  |  |
Members' capital classified as equity |  | 11,001,099 |
|  |  | 11,001,099
|  |  | 22,677,148
Total members' interests |  |  |
Loans and other debts due to members | 10 |  | 11,676,049
Members' other interests |  |  | 11,001,099
|  |  | 22,677,148
The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 24 October 2025.by:
................................................ Mr P Richings for and on behalf of Bridges Property Alternatives Fund VI (General Partner) LLP (acting in its capacity as general partner of Bridges Property Alternatives Fund VI LP)
Designated Member
The notes on pages 11 to 17 form part of these financial statements. Page 8
HEMEL HEMPSTEAD INVESTMENT LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE PERIOD 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
| £ | £ | £ | £ | £
Balance at 1 March 2024 | - | - | - | - | -
Amounts due to members | - | - | 11,676,049 | 11,676,049 | 11,676,049
Amounts introduced by members | 11,001,099 | 11,001,099 | - | - | 11,001,099
Amounts due to members |  |  | 11,676,049 | 11,676,049 |
Balance at 31 March 2025 | 11,001,099 | 11,001,099 | 11,676,049 | 11,676,049 | 22,677,148
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 9
HEMEL HEMPSTEAD INVESTMENT LLP STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025
|  |  | 2025
|  |  | £
Cash flows from operating activities |
Profit for the financial period | -
Adjustments for: |
Members' remuneration charged as an expense | 11,676,049
Interest receivable | (5,103)
(Increase) in debtors | (23,076,516)
Increase in creditors | 657,109
Net cash used in operating activities before transactions with members | (10,748,461)
Cash flows from investing activities |
Interest receivable | 5,103
Net cash from investing activities | 5,103
Cash flows from financing activities |
Members' capital contributed | 11,001,099
Net cash from financing activities | 11,001,099
Net increase in cash and cash equivalents | 257,741
Cash and cash equivalents at the end of period | 257,741
Cash and cash equivalents at the end of period comprise: |
Cash at bank and in hand | 257,741
| 257,741
The notes on pages 11 to 17 form part of these financial statements.
Page 10
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | General information
Hemel Hempstead 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 LLP is currently reliant on its members for financial support. The members are committed to sustaining the LLP and its property development activities, and their forecasts indicate that the LLP has the resources to continue operating for at least 12 months from the date the financial statements are authorised. The members have concluded that it is appropriate that the financial statements be prepared on a going concern basis.
| 2.3 | Turnover
Sale of property Turnover comprises proceeds from sale of property and is recognised when both parties become legally binded to the conditions of the contract. Rental income Rental income from properties let via operating leases are recognised on a straight-line basis over the lease term. Rent increases that depend on an index or rate are initially measured using the index or rate at the commencement date. Where rent increases arise from rent reviews which are not able to be determined at the outset of the lease, these are then taken into account when such reviews have been settled with the tenants. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a straight-line basis over the lease term ('rent averaging’).
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Taxation
Taxation on all the LLP's profit is solely the liabilty of the individual members and is not dealt with in these financial statements. Page 11
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | 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 Profit and Loss Account. 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.
| 2.7 | Debtors
Short-term debtors are measured at the 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 | 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. Page 12
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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. Page 13
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Other financial assets Other financial assets, which include investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where Other financial assets are not publicly traded, and therefore 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 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 are subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. 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. Page 14
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In application of the LLP’s accounting policies, as mentioned above, the members are required to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities. The nature of estimation and judgement means that actual results may differ and may result in a material adjustment to the carrying amount of the asset or liability affected in future periods. Significant Judgement – Timing of Revenue Recognition During the period ended 31 March 2025, the LLP entered into an unconditional and irrevocable contract for the sale of a property located in Hemel Hempstead. Although legal title and physical possession transferred after the reporting date, the LLP recognised the sale at the date of exchange of contracts, based on the following considerations: • The sale agreement was legally binding and unconditional, with no outstanding conditions precedent. • The purchaser paid a substantial non-refundable deposit, evidencing a firm commitment to complete the transaction. • The LLP retained legal title only as security for the remaining balance of the purchase price. Based on these factors, the members concluded that the significant risks and rewards of ownership had substantively transferred to the purchaser at the point of exchange. Accordingly, the sale was recognised in the financial statements for the year ended 31 March 2025.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Sale of property | 23,000,000
| Rental income | 228,090
| Service charge income | 102,926
|  | 23,331,016
Analysis of turnover by country of destination:
|  |  |  |  | 2025
|  |  |  |  | £
| United Kingdom | 23,331,016
Page 15
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
5. | Auditors' remuneration
| During the period, the LLP obtained the following services from the LLP's auditors:
|  |  |  |  | 2025
|  |  |  |  | £
| Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 10,000
6. | Employees
| The entity has no employees. The average monthly number of members during the period was 2. The highest paid member received remuneration of £9,458,899.
7. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Other debtors | 2,376,516
| Prepayments and accrued income | 20,700,000
|  | 23,076,516
8. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 257,741
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Trade creditors | 146,207
| Other creditors | 226,794
| Accruals and deferred income | 284,108
|  | 657,109
Page 16
HEMEL HEMPSTEAD INVESTMENT LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
10. | Loans and other amounts due to members
|  |  |  |  | 2025
|  |  |  |  | £
| Other amounts due to members | 11,676,049
|  | 11,676,049
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
11. | Related party transactions
| Asset management fees of £225,000 were recharged to Wrenbridge (Hemel Hempstead) LLP, a Designated Member.
12. | Subsequent events
Subsequent to the year end, additional funding of £200,000 was received on 7 April 2025 from Bridges Property Alternatives Fund VI LP. Subsequent to the year end, the LLP exchanged and completed on the sale of the property on 30 April 2025.
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.
Page 17