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REGISTERED NUMBER: OC352044 (England and Wales)

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Herbert Woods LLP |

Herbert Woods LLP (Registered number: OC352044)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

General Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Herbert Woods LLP

General Information

for the Year Ended 31 March 2025

| DESIGNATED MEMBERS: | Herbert Woods Enterprises Limited

| J A Butler

| REGISTERED OFFICE: | Broads Haven

| Potter Heigham

| Norfolk

| NR29 5JD

| REGISTERED NUMBER: | OC352044 (England and Wales)

| AUDITORS: | Lovewell Blake LLP

| Statutory Auditors

| Bankside 300

| Peachman Way

| Broadland Business Park

| Norwich

| Norfolk

| NR7 0LB

Herbert Woods LLP (Registered number: OC352044)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 10,328,154 |  | 10,018,319 |  |

Investment property | 6 | 8,889,245 |  | 8,479,245 |  |

19,217,399 |  | 18,497,564 |  |

CURRENT ASSETS

Stocks | 23,479 |  | 39,204 |  |

Debtors | 7 | 593,279 |  | 293,863 |  |

Cash at bank and in hand | 5,477 |  | 260,954 |  |

622,235 |  | 594,021 |  |

CREDITORS

Amounts falling due within one year | 8 | 7,331,006 |  | 3,017,082 |  |

NET CURRENT LIABILITIES | (6,708,771 | ) | (2,423,061 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,508,628 |  | 16,074,503 |  |

CREDITORS

Amounts falling due after more than one year | 9 | - |  | 4,538,576 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 12,508,628 |  | 11,535,927 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | - |  | - |  |

MEMBERS' OTHER INTERESTS

Members capital classified as

equity | 11,258,043 |  | 9,585,044 |  |

Members other interests - other reserves classified as equity | 1,250,585 |  | 1,950,883 |  |

12,508,628 |  | 11,535,927 |  |

TOTAL MEMBERS' INTERESTS

Members' other interests | 12,508,628 |  | 11,535,927 |  |

Herbert Woods LLP (Registered number: OC352044)

Balance Sheet - continued

31 March 2025

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 13 November 2025 and were signed by:

J A Butler - Designated member

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

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

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.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Amounts due to members

| The rights of members to capital introduced and undrawn profits are governed by the members' agreement.

| The precise terms of the members' agreement have been assessed so as to distinguish amounts falling to be treated as loans and other debts due to members and members' capital.

| All amounts due to the members are considered to be capital and have been classified accordingly.

| 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 from boat hired is recognised fully in the period in which the hire period commences.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

| Goodwill is initially measured at cost and subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on cost, 20% on cost and 10% on cost

| Depreciation of £nil has been charged on the land & buildings and boats held by the LLP as the members consider that the net realisable value is at least equal to the net book value.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Going concern

| The designated members have prepared the accounts using the going concern basis, this is despite the net current liabilities position at the period end. The members have indicated that they will continue to provide financial support to the LLP and financial forecasts prepared by the designated members show that the LLP will continue to trade within its banking facilities for the foreseeable future.

| Based on the loan covenants in place at 31 March 2025, the LLP is in breach of financial covenants pertaining to the company's bank loans. Post year end the company's bankers have issued a letter noting the breach of these covenants and confirming as at the date of the financial statements being approved, the facility is not being removed. This letter, combined with the company's forecasts, the history of bank support and expected future bank support, satisfies the Designated Members that this breach will not impact on the going concern status of the entity.

| Based on the above conclusions, the Going Concern principle is deemed to be appropriate for the LLP and the financial statements are prepared on this basis.

| Provision for liabilities

| Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Distribution of profits

| The rights of members to distributions of profits are governed by the members’ agreement.

| The precise terms of the members’ agreement have been assessed so as to distinguish amounts falling due as members’ remuneration charged as an expense and those falling to be available for discretionary division among members.

| Amounts in respect of distributions of profits are accounted for when the member becomes entitled to them, either as:

| Amounts falling due as members’ remuneration are charged as an expense in the period to which they relate; and

| Amounts available for discretionary division among members are accounted for when they are formally divided by the LLP.

| Profits that do not fall due as members’ remuneration charged as an expense, or that have not been formally divided by the LLP at the accounting date, are accumulated in other reserves.

3. | EMPLOYEE INFORMATION

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 100 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 100 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 3,397,842 |  | 7,556,164 |  | 10,954,006 |  |

| Additions | - |  | 471,566 |  | 471,566 |  |

| Disposals | - |  | (107,000 | ) | (107,000 | ) |

| At 31 March 2025 | 3,397,842 |  | 7,920,730 |  | 11,318,572 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 935,687 |  | 935,687 |  |

| Charge for year | - |  | 54,731 |  | 54,731 |  |

| At 31 March 2025 | - |  | 990,418 |  | 990,418 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,397,842 |  | 6,930,312 |  | 10,328,154 |  |

| At 31 March 2024 | 3,397,842 |  | 6,620,477 |  | 10,018,319 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 2,156,000 (2024 - £ 2,258,000 ) which is not depreciated.

| Cost or valuation at 31 March 2025 is represented by:

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| Valuation in 2019 | 1,771,709 |  | - |  | 1,771,709 |  |

| Cost | 1,626,133 |  | 7,920,730 |  | 9,546,863 |  |

3,397,842 |  | 7,920,730 |  | 11,318,572 |  |

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | TANGIBLE FIXED ASSETS - continued

| If freehold land & buildings had not been revalued they would have been included at the following historical cost:

| 31.3.25 |  | 31.3.24

£ | £ |

| Cost | 1,796,268 |  | 1,787,426 |  |

| Aggregate depreciation | 209,634 |  | 209,634 |  |

| Value of land in freehold land and buildings | 345,500 |  | 345,500 |  |

| Freehold land and buildings were valued on an open market basis on 31 March 2025 by the designated members .

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 8,479,245 |  |

| Disposals | (320,000 | ) |

| Revaluations | 730,000 |  |

| At 31 March 2025 | 8,889,245 |  |

| NET BOOK VALUE

| At 31 March 2025 | 8,889,245 |  |

| At 31 March 2024 | 8,479,245 |  |

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2019 | 2,417,993 |  |

| Valuation in 2021 | 550,000 |  |

| Valuation in 2022 | 2,843,750 |  |

| Valuation in 2024 | 1,480,000 |  |

| Valuation in 2025 | 730,000 |  |

| Cost | 867,502 |  |

8,889,245 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

| 31.3.25 |  | 31.3.24

£ | £ |

| Cost | 1,306,752 |  | 1,306,752 |  |

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 15,182 |  | 5,710 |  |

| Other debtors | 135,017 |  | 55,701 |  |

| VAT | 21,830 |  | 126,944 |  |

| Prepayments and accrued income | 421,250 |  | 105,508 |  |

593,279 |  | 293,863 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts | 5,026,992 |  | 896,703 |  |

| Trade creditors | 471,330 |  | 136,729 |  |

| Other creditors | 336,391 |  | 298,162 |  |

| Accruals and deferred income | 1,496,293 |  | 1,685,488 |  |

7,331,006 |  | 3,017,082 |  |

| Based on the loan covenants in place at 31 March 2025, the LLP is in breach of financial covenants pertaining to the company's bank loans. Post year end the company's bankers have issued a letter noting the breach of these covenants and confirming as at the date of the financial statements being approved, the facility is not being removed. This letter, combined with the company's forecasts, the history of bank support and expected future bank support, satisfies the Designated Members that this breach will not impact on the going concern status of the entity.

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans - 1-2 years | - |  | 620,342 |  |

| Bank loans - 2-5 years | - |  | 1,435,929 |  |

| Bank loans more 5 yr by instal | - |  | 2,482,305 |  |

- |  | 4,538,576 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | - |  | 2,482,305 |  |

Herbert Woods LLP (Registered number: OC352044)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans | 4,746,204 |  | 5,435,279 |  |

| Security has been given by way of a debenture from HSBC comprising fixed and floating charges over all the assets and undertaking of Herbert Woods LLP including all present and future freehold and leasehold property, book and other debtors, chattels and goodwill, both present and future.

| HSBC has a first legal mortgage over the freehold property of Herbert Woods LLP being part of Herbert Woods Boatyard on the South West Side of Bridge Road, Potter Heigham, Norfolk - Title Numbers NK80570, NK3822, NK137333, NK292633, NK11221, NK58078, NK93849 and NK1456.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The auditors report for the year ended 31 March 2025 was unqualified with no emphasis of matter.

| The senior statutory auditor was Steven Scarlett FCA, for and on behalf of Lovewell Blake LLP.

12. | CURRENCY

| The company's presentational and functional currency is pounds sterling.