REGISTERED NUMBER: OC426513 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Ringwood Lettings LLP

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

5

722,612

1,638,329

Current assets

Debtors

6

1,497

1,107

Cash at bank

3,810

5,498

5,307

6,605

Creditors

Amounts falling due within one year

7

(10,156

)

(75,054

)

Net current liabilities

(4,849

)

(68,449

)

Total assets less current liabilities

717,763

1,569,880

Creditors

Amounts falling due after more than one year

8

(508,691

)

(1,412,915

)

Net assets attributable to members

209,072

156,965

Loans and other debts due to members

9

209,072

156,965

Total members' interests

Loans and other debts due to members

9

209,072

156,965

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 15 December 2025 and were signed by:

Mrs W J Ringwood - Designated member

1.	Statutory information

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

Registered number:

OC426513

Registered office:

Shepherds Hey

57 Nursery Lane

South Wootton

King's Lynn

Norfolk

PE30 3NA

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

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

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern

The members believe that the LLP is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i)Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised:

Turnover is generated through rental income received on residential properties held by the company. It is measured by pre-agreed rental amounts stipulated in tenancy agreements and is recognised on a monthly or annual basis.

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

-

15% p.a. reducing balance

Motor vehicles

-

20% p.a. reducing balance

Computer equipment

-

15% p.a. reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Financial instruments

The LLP classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

4.	Employee information

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

5.	Tangible fixed assets

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2024

1,520,105

90,941

112,031

3,263

1,726,340

Disposals

(827,400

)

(56,759

)

(88,031

)

-

(972,190

)

At 31 March 2025

692,705

34,182

24,000

3,263

754,150

Depreciation

At 1 April 2024

-

42,854

44,513

644

88,011

Charge for year

-

3,042

2,611

393

6,046

Eliminated on disposal

-

(28,950

)

(33,569

)

-

(62,519

)

At 31 March 2025

-

16,946

13,555

1,037

31,538

Net book value

At 31 March 2025

692,705

17,236

10,445

2,226

722,612

At 31 March 2024

1,520,105

48,087

67,518

2,619

1,638,329

6.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

£

Other debtors

1,497

1,107

7.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

£

Bank loans and overdrafts

5,324

5,324

Hire purchase contracts

-

50,069

Trade creditors

3,137

1,279

Taxation and social security

-

2,307

Other creditors

1,695

16,075

10,156

75,054

8.

Creditors: amounts falling due after more than one year

31.3.25

31.3.24

£

£

Bank loans

508,691

1,412,915

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

506,621

1,405,776

9.

Loans and other debts due to members

31.3.25

31.3.24

£

£

Amounts owed to members in respect of profits

209,072

156,965

Falling due within one year

209,072

156,965

Loans and other debts due to members are payable after all other creditors of the LLP have been settled.

10.	Related party disclosures

No transactions were undertaken with the members or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.