REGISTERED NUMBER: OC429991 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WESPE LLP

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Property, plant and equipment

4

3,398

4,530

Investment property

5

7,175,097

6,356,535

7,178,495

6,361,065

CURRENT ASSETS

Debtors

6

32,040

22,394

Cash at bank

5,696

10,980

37,736

33,374

CREDITORS

Amounts falling due within one year

7

328,032

230,370

NET CURRENT LIABILITIES

(290,296

)

(196,996

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,888,199

6,164,069

CREDITORS

Amounts falling due after more than one year

8

2,490,000

2,490,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

4,398,199

3,674,069

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

4,603,232

3,759,840

MEMBERS' OTHER INTERESTS

Other reserves

(205,033

)

(85,771

)

4,398,199

3,674,069

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

4,603,232

3,759,840

Members' other interests

(205,033

)

(85,771

)

4,398,199

3,674,069

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 December 2024.

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 9 December 2025 and were signed by:

MFJ Immobilien UG - Designated member

1.	STATUTORY INFORMATION

Wespe LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC429991

Registered office:

40 High Road

London

N2 9PJ

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue

Revenue represents the value of rental income chargeable in respect of the LLP's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Tangible fixed assets

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

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

4,530

DEPRECIATION

Charge for year

1,132

At 31 December 2024

1,132

NET BOOK VALUE

At 31 December 2024

3,398

At 31 December 2023

4,530

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

6,356,535

Additions

818,562

At 31 December 2024

7,175,097

NET BOOK VALUE

At 31 December 2024

7,175,097

At 31 December 2023

6,356,535

The members consider that the market value of the property as at 31 December 2024 was as per the value stated in the financial statements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

28,352

17,188

Other debtors

3,688

5,206

32,040

22,394

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,024

120

Other creditors

325,008

230,250

328,032

230,370

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,490,000

2,490,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,490,000

2,490,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

2,490,000

2,490,000

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.