Limited Liability Partnership registration number OC325258 (England and Wales)
MARTLET ESTATES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
MARTLET ESTATES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARTLET ESTATES LLP
BALANCE SHEET
AS AT 5 APRIL 2025
05 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
1,515,000
1,515,000
Current assets
Debtors
4
132,757
190,119
Cash at bank and in hand
96,555
186,917
229,312
377,036
Creditors: amounts falling due within one year
5
(26,492)
(47,036)
Net current assets
202,820
330,000
Total assets less current liabilities
1,717,820
1,845,000
Creditors: amounts falling due after more than one year
6
(605,000)
(605,000)
Net assets attributable to members
1,112,820
1,240,000
Represented by:
Members' other interests
Members' capital classified as equity
1,100,000
1,100,000
Revaluation reserve
12,820
140,000
1,112,820
1,240,000
Total members' interests
Amounts due from members
(120,739)
(174,856)
Members' other interests
1,112,820
1,240,000
992,081
1,065,144
MARTLET ESTATES LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2025
05 April 2025
- 2 -

For the financial year ended 5 April 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of LLP accounts.

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

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

The financial statements were approved by the members and authorised for issue on 30 October 2025 and are signed on their behalf by:
30 October 2025
J Hamilton Stubber
Z Wesley
Designated member
Designated Member
Limited Liability Partnership registration number OC325258 (England and Wales)
MARTLET ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 3 -
1
Accounting policies
Limited liability partnership information

Martlet Estates LLP is a limited liability partnership incorporated in England and Wales. The registered office is 72 London Road, St Albans, Herts, AL1 1NS.

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 £.

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.

1.2
Going concern

These financial statements are prepared on the going concern basis. The members have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover represents the amounts receivable under rental agreements with tenants of the company's investment property, net of value added tax.

Turnover is recognised when as and when the company is entitled to that rental income, that being in accordance with the period to which the investment property was contractually leased to the company's tenants.

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.

MARTLET ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 4 -

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.

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.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Cash and cash equivalents

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

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and 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.

MARTLET ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MARTLET ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 6 -
2
Employees

There were no persons employed by the partnership during the current or prior year. The average number of members during the year was as below:

2025
2024
Number
Number
Total
4
4
3
Investment property
2025
£
Fair value
At 6 April 2024 and 5 April 2025
1,515,000

The i nvestment properties were valued at £1,51 5,000 as at M arch 202 5 by Chapman Petrie, an independent private surveying practice not connected with the limited liability partnership. The valuation was arrived at on the basis of the market experience of similar properties and potential rental yield. The members believe that this remains a fair reflection of the market value at year end.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by members
120,739
174,856
Other debtors
12,018
15,263
132,757
190,119
5
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
8,239
11,320
Other creditors
18,253
35,716
26,492
47,036
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
605,000
605,000

The bank loan is secured by the way of a fixed charge over the investment properties and a negative pledge.

MARTLET ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 7 -
7
Fair Value reserve
2025
2024
£
£
At beginning of year
140,000
140,000
Transfer to retained earnings
(127,180)
-
At end of year
12,820
140,000
8
Loans and other debts due to members

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

9
Events after the reporting date

Since the year end, the partnership has accepted an offer of £1,450,000 for the sale of its investment property with a fair value of £1,515,000. The members consider £1,515,000 to be representative of the fair value at the year end.

2025-04-05 2024-04-06 false false 31 October 2025 CCH Software CCH Accounts Production 2025.300 false OC325258 2024-04-06 2025-04-05 OC325258 2025-04-05 OC325258 bus:PartnerLLP1 2024-04-06 2025-04-05 OC325258 bus:PartnerLLP2 2024-04-06 2025-04-05 OC325258 2023-04-06 2024-04-05 OC325258 bus:LimitedLiabilityPartnershipLLP 2024-04-06 2025-04-05 OC325258 bus:SmallCompaniesRegimeForAccounts 2024-04-06 2025-04-05 OC325258 bus:FRS102 2024-04-06 2025-04-05 OC325258 bus:AuditExemptWithAccountantsReport 2024-04-06 2025-04-05 OC325258 bus:FullAccounts 2024-04-06 2025-04-05 xbrli:pure xbrli:shares