Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Harepath Estates LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

C P Ackley

Mrs C Iskjaer Ackley

P J Whiteway

Mrs P H Whiteway

REGISTERED OFFICE:

8-10 South Street

Epsom

Surrey

KT18 7PF

REGISTERED NUMBER:

OC317259 (England and Wales)

ACCOUNTANTS:

Williams & Co Epsom LLP

Chartered Accountants

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Tangible assets

4

835

1,123

Investment property

5

22,582,547

29,188,613

22,583,382

29,189,736

CURRENT ASSETS

Debtors

6

5,209,231

2,978,681

Cash at bank

1,335,535

272,534

6,544,766

3,251,215

CREDITORS

Amounts falling due within one year

7

2,292,367

10,065,624

NET CURRENT ASSETS/(LIABILITIES)

4,252,399

(6,814,409

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

26,835,781

22,375,327

CREDITORS

Amounts falling due after more than one year

8

16,097,152

10,431,896

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

-

129,365

MEMBERS' OTHER INTERESTS

Fair valuation reserve

12

10,738,629

11,814,066

26,835,781

22,375,327

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

-

129,365

Members' other interests

10,738,629

11,814,066

Amounts due from members

6

(4,149,217

)

(2,571,396

)

6,589,412

9,372,035

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 4 December 2025 and were signed by:

C P Ackley - Designated member

1.	STATUTORY INFORMATION

Harepath Estates 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.

Turnover

Turnover represents rental income and service charges generated from investment property, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

Straight line over 3 years

Motor vehicles

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

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.

When an investment property is derecognised, the resultant gain or loss is recognised through profit or loss.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

23,576

35,189

4,942

63,707

Additions

424

-

-

424

At 31 March 2025

24,000

35,189

4,942

64,131

DEPRECIATION

At 1 April 2024

23,567

35,189

3,828

62,584

Charge for year

150

-

562

712

At 31 March 2025

23,717

35,189

4,390

63,296

NET BOOK VALUE

At 31 March 2025

283

-

552

835

At 31 March 2024

9

-

1,114

1,123

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

29,188,613

Disposals

(5,529,830

)

Revaluations

(1,076,236

)

At 31 March 2025

22,582,547

NET BOOK VALUE

At 31 March 2025

22,582,547

At 31 March 2024

29,188,613

If investment property were not carried at it's revalued amount it would be carried at cost, being £10,046,265 (2024: £14,213,570)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

47,631

152,991

Amounts owed by group undertakings

629,712

69,706

Amounts due from members

4,149,217

2,571,396

Other debtors

240,000

-

Rental deposits held

124,562

140,110

Prepayments

18,109

44,478

5,209,231

2,978,681

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 9)

-

8,199,000

Hire purchase contracts

18,623

18,623

Trade creditors

23,682

95,471

Amounts owed to group undertakings

-

4,501

Social security and other taxes

2,122

3,082

VAT

12,695

18,944

Accruals and deferred income

537,112

1,566,605

Accrued expenses

1,540,735

2,000

Tax due

157,398

157,398

2,292,367

10,065,624

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 9)

11,285,000

5,785,000

Other loans (see note 9)

1,081,394

916,138

Deferred tax

3,730,758

3,730,758

16,097,152

10,431,896

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans - less than 1 yr

-

8,199,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

5,785,000

5,785,000

No description

5,500,000

-

Other loans - 2-5 years

1,081,394

916,138

12,366,394

6,701,138

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

11,285,000

13,984,000

Bank loans are secured by way of a first legal charge over the freehold properties and a debenture given by the LLP.

Further, a guarantee has been given by C P Ackley and P J Whiteway, limited to £3,300,000.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members' (other than members' capital classified as debt) rank after amounts due to other creditors.

12.

RESERVES

Fair

valuation

reserve

£

At 1 April 2024

11,814,066

Fair value adjustment

(1,075,437

)

At 31 March 2025

10,738,629

The above is shown net of the deferred tax provision made in the accounts (see note 9), representing potential capital gains tax payable on the disposal of investment properties.