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Registered Number: OC425556
England and Wales

 

 

 

TLM MASTER LLP



Abridged Accounts
 


Period of accounts

Start date: 01 April 2024

End date: 31 March 2025

TLM MASTER LLP
Contents Page
For the year ended 31 March 2025
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have compiled the financial statements of the LLP from the accounting records and information and explanations you have given to us.


This report is made solely to the members of the LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of the LLP and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members as a body for our work or for this report. It is your duty to ensure that the LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of the LLP.


You consider that the LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of the LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



....................................................
66 PAH
8 Hill Street
London
W1J 5NG
05 December 2025
1
 
 		 Notes
 		 2025
£		   2024
£
Fixed assets      
Investments 3 1,928,720    2,290,949 
1,928,720    2,290,949 
Current assets      
Cash at bank and in hand 334    2,609 
Creditors: amount falling due within one year (6,239)   (5,520)
Net current assets (5,905)   (2,911)
 
Total assets less current liabilities 1,922,815    2,288,038 
Net assets 1,922,815    2,288,038 
 

Represented by:
Loans and other debts due to members 4 1,921,815    2,287,038 
Members' other interest
Members' capital 1,000    1,000 
1,000    1,000 

1,922,815    2,288,038 
 

Total members' interests
Loans and other debts due to members 1,921,815    2,287,038 
Members' other interests 1,000    1,000 
1,922,815    2,288,038 
 


For the year ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs and small group.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.The LLP has opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account under section 444(1) of the Companies Act 2006.


The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006 (as applied to LLPs).

These accounts were approved by the members and signed on their behalf by:


.............................................................................
TLM HOLDCO LTD
Designated Member
Date approved by the members: 05 December 2025
2
General Information
TLM MASTER LLP is a limited liability partnership, registered in England and Wales, registration number OC425556, registration address 76 New Bond Street, London, W1S 1RX.

The presentation currency is £ sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.
The Limited liability partnership's principal activities are disclosed in the Member's report.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1a)  The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice "Accounting for Limited Liability Partnerships" issued December 2018, and the requirement 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.

Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
Group accounts
The Partnership is a parent subject to the small LLP regime. The Partnership and its subsidiary comprise a small group. The Partnership has taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
The Partnership owns a 66.66% interest in TLM Purfleet LLP, a commercial property investment business.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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 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. 

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that
investments in equity instruments that are not publicly traded and whose fair values cannot be measured
reliably are measured at cost less impairment. 

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 assets 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, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are 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. 
Trade creditors are obligations to pay for goods or services that have been  acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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 though 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.
2.

Average number of employees


Average number of employees during the year was 0 (2024 : 0).
3.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2024 2,290,949    2,290,949 
Additions -    - 
Disposals (362,229)   (362,229)
At 31 March 2025 1,928,720    1,928,720 

4.

Members' Interests

Members' capital   Other reserves   Total   Loans and other debts due to members less any amounts due from members included in debtors   Total
Balance at 01 April 2024 1,000    0    1,000    2,287,038    2,288,038 
Members' remuneration charged as an expense, including retirement benefit costs 0    0    0    201,597    201,597 
Profit for the period available for discretionary division among members 0    0    0    0    0 
Members' interests after profit for the period 1,000    0    1,000    2,488,635    2,489,635 
Repaid to members 0    0    0    (566,820)   (566,820)
Balance at 31 March 2025 1,000    0    1,000    1,921,815    1,922,815 
 



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