REGISTERED NUMBER: OC347053 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

KIPLING STREET LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Bodminplan Ltd

R C Cohen

R M H Jackman

Mrs M Jackman

REGISTERED OFFICE:

5 Beaumont Gate

Shenley Hill

Radlett

WD7 7AR

REGISTERED NUMBER:

OC347053 (England and Wales)

ACCOUNTANTS:

Nagler Simmons

Chartered Accountants

5 Beaumont Gate

Shenley Hill

Radlett

WD7 7AR

FIXED ASSETS

Investment property

4

3,611,500

3,560,000

CURRENT ASSETS

Debtors

5

6,490

25,869

Cash at bank

71,623

31,926

78,113

57,795

CREDITORS

Amounts falling due within one year

6

38,464

124,814

NET CURRENT ASSETS/(LIABILITIES)

39,649

(67,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,651,149

3,492,981

CREDITORS

Amounts falling due after more than one year

7

1,650,000

1,449,642

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,001,149

2,043,339

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

744,748

786,938

MEMBERS' OTHER INTERESTS

Fair value reserve

10

1,256,401

1,256,401

2,001,149

2,043,339

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

744,748

786,938

Members' other interests

1,256,401

1,256,401

2,001,149

2,043,339

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 November 2025 and were signed by:

Bodminplan Ltd - Designated member

1.	STATUTORY INFORMATION

Kipling Street LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

At the balance sheet date the limited liability partnership had net current liabilities of £1,610,573 (2024 £1,516,660). The limited liability partnership meets its day to day working capital requirements through the support of its creditors and members.

The limited liability partnership has a healthy balance sheet and resources to meet its liabilities. On this basis, the members consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rents receivable, excluding value added tax. Turnover is recognised to the extent that it is probably that the economic benefits will flow to the LLP and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable.

Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' 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.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks..

Investment properties

Investment properties, which is properties 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.

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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

3,560,000

Additions

51,500

At 31 March 2025

3,611,500

NET BOOK VALUE

At 31 March 2025

3,611,500

At 31 March 2024

3,560,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

1,256,401

Cost

2,355,099

3,611,500

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

2,355,099

2,303,599

The investment properties have been valued on open market basis on 31 March 2025 by Mr S Ettinger .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

-

12,300

Other debtors

6,490

13,569

6,490

25,869

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

714

26,674

Other creditors

37,750

98,140

38,464

124,814

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,650,000

1,449,642

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

1,650,000

1,449,642

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.3.24

£

£

Amounts owed to members in respect of profits

638,748

680,938

Capital account

106,000

106,000

744,748

786,938

Falling due within one year

744,748

786,938

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

10.

RESERVES

Fair

value

reserve

£

At 1 April 2024

and 31 March 2025

1,256,401

11.	RELATED PARTY DISCLOSURES

During the year, the company paid one of the members a management fee of £24,000.