Company No: OC421596 (England and Wales)

Contents

• Limited Liability Partnership Information
• Accountants' Report
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	P V G Tregear
	V A G Tregear, Chairman

Registered office	North Farm House
	Long House Lane
	Cowfold
	West Sussex
	RH13 8AR
	United Kingdom

Registered number

OC421596 (England and Wales)

Accountant	Kreston Reeves LLP
	9 Donnington Park
	85 Birdham Road
	Chichester
	West Sussex
	PO20 7AJ

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of South Lodge Estate (Cowfold) LLP for the financial year ended 31 March 2025 which comprise the Balance Sheet, the Reconciliation of Members' Interests and the related notes 1 to 8 from the LLP’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that South Lodge Estate (Cowfold) 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 result of South Lodge Estate (Cowfold) LLP. You consider that South Lodge Estate (Cowfold) LLP is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of South Lodge Estate (Cowfold) 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.

This report is made solely to the members of South Lodge Estate (Cowfold) LLP, as a body, in accordance with the terms of our engagement letter dated 11 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of South Lodge Estate (Cowfold) LLP and state those matters that we have agreed to state to members of South Lodge Estate (Cowfold) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Lodge Estate (Cowfold) LLP and its members as a body for our work or for this report.

Kreston Reeves LLP

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

12 December 2025

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	288,000		304,000
Tangible assets	4	1,958,954		1,992,685
Investment property	5	9,561,752		9,537,580
		11,808,706		11,834,265
Current assets
Stocks	6	6,000		0
Debtors	7	695,919		578,380
Cash at bank and in hand		52,184		4,030
		754,103		582,410
Creditors: amounts falling due within one year	8	( 689,709)		( 600,855)
Net current assets/(liabilities)		64,394		(18,445)
Total assets less current liabilities		11,873,100		11,815,820
Net assets attributable to members		11,873,100		11,815,820
Represented by
Loans and other debts due to members within one year
Other amounts		341,100		283,820
		341,100		283,820
Members' other interests
Members' capital classified as equity		11,532,000		11,532,000
		11,532,000		11,532,000
		11,873,100		11,815,820
Total members' interests
Amounts due from members (included in debtors)		(593,894)		(476,764)
Loans and other debts due to members		341,100		283,820
Members' other interests		11,532,000		11,532,000
		11,279,206		11,339,056

South Lodge Estate (Cowfold) LLP has no equity and, in accordance with the provisions contained within the
Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a
Statement of Changes in Equity.

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of South Lodge Estate (Cowfold) LLP (registered number: OC421596) were approved and authorised for issue by the Board of Directors on 09 December 2025. They were signed on its behalf by:

V A G Tregear Designated member

P V G Tregear Designated member

	EQUITY Members' other interests	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Other amounts	Total
	£	£	£
Amounts due to members		357,740
Amounts due from members		(410,325)
Balance at 01 April 2023	11,532,000	(52,585)	11,479,415
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	(123,210)	(123,210)
Members' interest after result for the financial year	11,532,000	(175,795)	11,356,205
Drawings	0	(17,149)	(17,149)
Amounts due to members		275,140
Amounts due from members		(468,084)
Balance at 31 March 2024	11,532,000	(192,944)	11,339,056
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	(29,851)	(29,851)
Members' interest after result for the financial year	11,532,000	(222,795)	11,309,205
Drawings	0	(119,999)	(119,999)
Capital introduced	0	90,000	90,000
Amounts due to members		341,100
Amounts due from members		(593,894)
Balance at 31 March 2025	11,532,000	(252,794)	11,279,206

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

South Lodge Estate (Cowfold) LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is North Farm House, Long House Lane, Cowfold, West Sussex, RH13 8AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

25 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 25 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 - 25 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the members, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 initially 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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	9		7

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	400,000		400,000
At 31 March 2025	400,000		400,000
Accumulated amortisation
At 01 April 2024	96,000		96,000
Charge for the financial year	16,000		16,000
At 31 March 2025	112,000		112,000
Net book value
At 31 March 2025	288,000		288,000
At 31 March 2024	304,000		304,000

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	1,959,305		126,467		59,984		61,958		2,207,714
Additions	0		6,201		40,149		0		46,350
Disposals	0		( 2,584)		( 36,779)		0		( 39,363)
At 31 March 2025	1,959,305		130,084		63,354		61,958		2,214,701
Accumulated depreciation
At 01 April 2024	124,415		47,894		38,243		4,477		215,029
Charge for the financial year	39,186		18,966		10,207		1,239		69,598
Disposals	0		( 1,845)		( 27,035)		0		( 28,880)
At 31 March 2025	163,601		65,015		21,415		5,716		255,747
Net book value
At 31 March 2025	1,795,704		65,069		41,939		56,242		1,958,954
At 31 March 2024	1,834,890		78,573		21,741		57,481		1,992,685

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	9,537,580
Additions	24,172
As at 31 March 2025	9,561,752

The 2025 valuations were made by V A G Tregear, a designated member, on an open market value for existing use basis.

6. Stocks

	2025		2024
	£		£
Stocks	6,000		0

7. Debtors

	2025		2024
	£		£
Amounts owed by members	593,894		476,764
Prepayments	29,093		23,684
Other debtors	72,932		77,932
	695,919		578,380

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	200,500		200,500
Accruals	8,820		21,169
Other taxation and social security	4,481		3,101
Obligations under finance leases and hire purchase contracts	4,372		0
Other creditors	471,536		376,085
	689,709		600,855

The Company has a fixed and floating charge over all the property.