REGISTERED NUMBER: OC306042 (England and Wales)

BAXTER AND SHIPLEY LLP

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

H J Shipley Snr

D F Baxter Holdings Limited

D F Baxter (Engineering) Limited

REGISTERED OFFICE:

National House

Etchell Road

Tamworth

Staffordshire

B78 3HF

REGISTERED NUMBER:

OC306042 (England and Wales)

FIXED ASSETS

Investment property

4

5,513,000

6,114,865

CURRENT ASSETS

Debtors

5

4,199

3,008

Cash at bank

552,090

775,293

556,289

778,301

CREDITORS

Amounts falling due within one year

6

134,765

90,897

NET CURRENT ASSETS

421,524

687,404

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

5,934,524

6,802,269

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

5,934,524

6,802,269

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

5,934,524

6,802,269

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 1 December 2025 and were signed by:

H J Shipley Snr - Designated member

1.	STATUTORY INFORMATION

Baxter and Shipley 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

Investment Properties

The value of the properties is assessed by the members at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale.

Turnover

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

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.

The LLP's properties are held for long-term investment and depreciation is not provided in respect of such properties. At the balance sheet date, the investment properties are included at their fair value. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view.

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

6,114,865

Revaluations

(601,865

)

At 31 March 2025

5,513,000

NET BOOK VALUE

At 31 March 2025

5,513,000

At 31 March 2024

6,114,865

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

(601,865

)

Cost

6,114,865

5,513,000

The LLP holds freehold property for investment purposes. The members have decreased the fair value of the properties by reference to external valuation reports prepared by suitably qualified persons and which indicated a material change to the carrying fair value. Such loss on fair value has been taken to the profit and loss account.

Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

4,199

3,008

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

-

3,000

Taxation and social security

39,348

5,089

Other creditors

95,417

82,808

134,765

90,897

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members rank equally to other creditors who are unsecured in the event of a winding up. There is no protection afforded to other creditors in such an event. There are no restrictions or limitations in respect of the ability of the members to reduce the amount of members other interests.

8.	RELATED PARTY DISCLOSURES

During the year the LLP paid management charges of £41,800 (2024: £41,000) to Shipley Estates Limited, a company of which H J Shipley is a director and £25,000 (2024: £25,000) to D F Baxter Holdings Limited.