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Registration number: OC321432

123 DEF LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

123 DEF LLP

Contents

Balance Sheet | 1 to 2
Notes to the Financial Statements | 3 to 4

123 DEF LLP

(Registration number: OC321432)
Balance Sheet as at 31 March 2025

| Note | 2025 | 2024
|  | £ | £ | £ | £
Fixed assets |  |  |  |  |
Investments | 3 |  | 4 |  | 4
Current assets |  |  |  |  |
Cash and short-term deposits |  |  | 60 |  | 60
Net assets attributable to members |  |  | 64 |  | 64
Represented by: |  |  |  |  |
Loans and other debts due to members |  |  |  |  |
Members' capital classified as a liability |  | 60 |  | 60 |
Members’ other interests |  |  |  |  |
Members' capital classified as equity |  | 4 |  | 4 |
|  |  | 64 |  | 64
Total members' interests |  |  |  |  |
Loans and other debts due to members |  | 60 |  | 60 |
Equity |  | 4 |  | 4 |
|  |  | 64 |  | 64

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of 123 DEF LLP (registered number OC321432) were approved by the Board and authorised for issue on 18 November 2025. They were signed on behalf of the limited liability partnership by:

123 DEF LLP

(Registration number: OC321432)
Balance Sheet as at 31 March 2025

......................................... Mr M C Wilcock Designated member

123 DEF LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of 123 DEF LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

123 DEF LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2024 - 0).

3 | Investments held as fixed assets

| 2025 £ | 2024 £
Other investments | 4 | 4

Other investments

| Unlisted investments £ | Total £
Cost |  |
At 1 April 2024 | 4 | 4
At 31 March 2025 | 4 | 4
Net book value |  |
At 31 March 2025 | 4 | 4
At 31 March 2024 | 4 | 4