Limited Liability Partnership registration number OC426722 (England and Wales)
TREVETH TRANCHE A LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TREVETH TRANCHE A LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Treveth Holdings LLP
Cornwall Council
LLP registration number
OC426722
Registered office
5a Pydar House
Pydar Street
Truro
Cornwall
United Kingdom
TR1 1XU
Auditor
Azets Audit Services
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
TREVETH TRANCHE A LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Notes to the financial statements
10 - 15
TREVETH TRANCHE A LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the limited liability partnership is to invest in a range of mainly property based assets.

Members' drawings, contributions and repayments

There is currently no intention for members to make any drawings or for any distributions to be made to members. A formal policy will be established as the limited liability partnership’s operations develop.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Treveth Holdings LLP
Cornwall Council
Auditor

In accordance with the limited liability partnership's membership agreement, a notice proposing that Azets Audit Services be reappointed as auditor of the limited liability partnership will be put at a general meeting.

Statement of disclosure to auditor

The designated members of the LLP who held office at the date of approval of this annual report confirm that:

- so far as they are aware, there is no relevant audit information needed by the LLP's auditors in connection with preparing their report of which the LLP's auditors are unaware; and

- they have all taken the steps that they ought to have taken as a designated member in order to make themselves aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP s within Part 15 of the Companies Act 2006.

Approved by the members on 28 October 2025 and signed on behalf by:
28 October 2025
Treveth Holdings LLP
Cornwall Council
Designated Member
Designated Member
TREVETH TRANCHE A LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TREVETH TRANCHE A LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREVETH TRANCHE A LLP
- 3 -
Opinion

We have audited the financial statements of Treveth Tranche A LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and notes 1 to 10 to the financial statements, 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 FRS 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 limited liability partnership's affairs as at 31 March 2025 and of its loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 limited liability partnership’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.

Other information

The members are responsible for the other information. The other information comprises the information included in the members' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

TREVETH TRANCHE A LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREVETH TRANCHE A LLP
- 4 -
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; or

- the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TREVETH TRANCHE A LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TREVETH TRANCHE A LLP
- 5 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's 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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Webb FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
6 November 2025
Chartered Accountants
Statutory Auditor
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
TREVETH TRANCHE A LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
Turnover
1,571,616
749,237
Property management expenses
(407,443)
(102,178)
Gross profit
1,164,173
647,059
Administrative expenses
(496,737)
(91,976)
Other operating income
2,201
183
Operating profit
669,637
555,266
Change in fair value of investment properties
(959,667)
(90,000)
Interest receivable and similar income
118
-
Interest payable and similar expenses
4
(1,478,579)
(468,405)
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members
(1,768,491)
(3,139)
TREVETH TRANCHE A LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties under construction
5
240,000
-
Investment properties
6
53,061,204
31,280,871
53,301,204
31,280,871
Current assets
Stocks
-
240,000
Debtors
7
55,257
76,349
Cash at bank and in hand
3,416
210,336
Restricted cash
90,414
52,412
149,087
579,097
Creditors: amounts falling due within one year
8
(512,454)
(87,671)
Net current (liabilities)/assets
(363,367)
491,426
Total assets less current liabilities and net assets attributable to members
52,937,837
31,772,297
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
100
100
Other amounts
51,617,673
28,683,642
51,617,773
28,683,742
Members' other interests
Other reserves classified as equity
1,320,064
3,088,555
52,937,837
31,772,297
Total members' interests
Loans and other debts due to members
51,617,773
28,683,742
Members' other interests
1,320,064
3,088,555
52,937,837
31,772,297

These financial statements have been prepared 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 28 October 2025 and are signed on their behalf by:
28 October 2025
Treveth Holdings LLP
Cornwall Council
Designated member
Designated Member
Limited Liability Partnership Registration No. OC426722
TREVETH TRANCHE A LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2025
£
£
£
£
Amounts due to members
28,683,642
Members' interests at 1 April 2024
3,088,555
100
28,683,642
28,683,742
31,772,297
Loss for the financial year available for discretionary division among members
(1,768,491)
-
-
-
(1,768,491)
Members' interests after loss for the year
1,320,064
100
28,683,642
28,683,742
30,003,806
Introduced by members
-
-
24,447,253
24,447,253
24,447,253
Repayment of debt
-
-
(1,513,222)
(1,513,222)
(1,513,222)
Members' interests at 31 March 2025
1,320,064
100
51,617,673
51,617,773
52,937,837
Other reserves includes £2,645,403 relating to cumulative unrealised fair value gains.
TREVETH TRANCHE A LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
13,622,500
Members' interests at 1 April 2023
3,091,694
100
13,622,500
13,622,600
16,714,294
Loss for the financial year available for discretionary division among members
(3,139)
-
-
-
(3,139)
Members' interests after loss for the year
3,088,555
100
13,622,500
13,622,600
16,711,155
Introduced by members
-
-
15,061,142
15,061,142
15,061,142
Members' interests at 31 March 2024
3,088,555
100
28,683,642
28,683,742
31,772,297
Other reserves includes £3,605,070 relating to cumulative unrealised fair value gains.
TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Limited liability partnership information

Treveth Tranche A LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5a Pydar House, Pydar Street, Truro, Cornwall, United Kingdom, TR1 1XU.

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 as applicable to companies subject to the small companies regime. 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.

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 pound.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

This limited liability partnership is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this limited liability partnership, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The limited liability partnership has therefore taken advantage of exemptions from the following disclosure requirements:

- C ash flow statement and related notes;

- Related party transactions; and

- Key management personnel compensation.

The financial statements of the limited liability partnership are consolidated in the financial statements of Cornwall Council. These consolidated financial statements are available from its registered office, County Hall, Treyew Road, Truro, TR1 3AY.

1.2
Going concern

Notwithstanding the net current liabilities of £363,367, at the time of approving the financial statements, t he members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Specifically Treveth Holdings LLP has provided a letter of support confirming that it will provide financial support as necessary, including, but not limited to, provision of working capital funding and ongoing and further provision of intercompany loans, to enable the limited liability partnership to settle in full all valid creditors or claims and ensure the limited liability partnership remains a going concern for a period of at least 18 months from 22 September 2025. In addition existing facilities provided by Treveth Holdings LLP are not required to be repaid until the limited liability partnership has sufficient available funds. Accordingly, the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Residential property rental income is recognised on a straight line basis over the term of the lease.

TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Investment property under construction is recognised at cost. When completed the properties are measured at fair value with any change recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value.

Net realisable value represents the estimated selling prices less all estimated costs of completion and overheads.

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. Reversals of impairment losses are also recognised in profit or loss.

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.

Restricted Cash

Restricted cash comprises service charge and sinking fund monies that are held in a separate bank account. The use of these funds is restricted to property related expenditure falling within the scope of the service charge and sinking fund arrangements.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities include the inputs and estimates used in determining the fair value of investment properties.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was nil.

2025
2024
Number
Number
Total
0
0
4
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts
155
-
Interest payable to group undertakings
1,478,424
468,405
Total finance costs
1,478,579
468,405
5
Investment Properties under construction
Assets under construction
£
Cost
At 1 April 2024
-
Transfer from stocks
240,000
At 31 March 2025
240,000
Depreciation and impairment
At 1 April 2024 and 31 March 2025
-
Carrying amount
At 31 March 2025
240,000
At 31 March 2024
-
TREVETH TRANCHE A LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
6
Investment property
2025
£
Fair value
At 1 April 2024
31,280,871
Additions
22,740,000
Change in fair value
(959,667)
At 31 March 2025
53,061,204

Investment property comprises residential properties available for rental. The fair value of the investment property has been arrived at on the basis of valuations carried out as at 31 March 2025 by Vickery Holman Ltd, Registered Valuer, who are not connected with the limited liability partnership. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
32,360
35,342
Other debtors
22,897
41,007
55,257
76,349
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
89,424
(3,917)
Other creditors
84,167
52,613
Accruals and deferred income
338,863
38,975
512,454
87,671
9
Loans and other debts due to members

Amounts owed to members are subject to interest at 2.5% to 3.69% (2024: 2.5% to 3.69%) and are repayable on demand. Cornwall Council holds a legal mortgage and fixed charge over the freehold and leasehold properties of the limited liability partnership. In the event of a winding up the unsecured amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Parent entity

The immediate parent undertaking is Treveth Holdings LLP.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Cornwall Council, whose address is County Hall, Treyew Road, Truro, Cornwall, United Kingdom, TR1 3AY.

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