REGISTERED NUMBER: OC375612 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Places Mortgages LLP

Page

General Information

1

Report of the Members

2

Report of the Accountants

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

A F Craig

S F Carr

REGISTERED OFFICE:

Albert House

Albert Drive

Gateshead

Tyne and Wear

NE9 6EH

REGISTERED NUMBER:

OC375612 (England and Wales)

ACCOUNTANTS:

Thornton Accountancy Ltd

87 Station Road

Ashington

Northumberland

NE63 8RS

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of mortgage and insurance agents.

DESIGNATED MEMBERS

The designated members during the year under review were:

A F Craig

S F Carr

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £15,642 (2024 - £10,359 loss).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

A F Craig - Designated member

13 November 2025

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2025 set out on pages four to nine and you consider that the LLP is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Thornton Accountancy Ltd

87 Station Road

Ashington

Northumberland

NE63 8RS

13 November 2025

TURNOVER

70,999

282,511

Cost of sales

52,688

254,028

GROSS PROFIT

18,311

28,483

Administrative expenses

2,203

37,907

OPERATING PROFIT/(LOSS)

16,108

(9,424

)

Interest payable and similar expenses

466

935

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

15,642

(10,359

)

CURRENT ASSETS

Debtors

4

11,758

27,306

Cash at bank

33,579

14,703

45,337

42,009

CREDITORS

Amounts falling due within one year

5

28,765

20,738

NET CURRENT ASSETS

16,572

21,271

TOTAL ASSETS LESS CURRENT LIABILITIES

16,572

21,271

CREDITORS

Amounts falling due after more than one year

6

1,427

11,409

NET ASSETS ATTRIBUTABLE TO MEMBERS

15,145

9,862

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

15,143

9,860

MEMBERS' OTHER INTERESTS

Capital accounts

2

2

15,145

9,862

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

15,143

9,860

Members' other interests

2

2

Amounts due from members

4

-

(10,359

)

15,145

(497

)

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 13 November 2025 and were signed by:

A F Craig - Designated member

1.	STATUTORY INFORMATION

Places Mortgages LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

Turnover

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

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Conversely, where profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment, such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - 4 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

950

179

Amounts owed by associates

-

5,000

Other debtors

10,808

22,127

11,758

27,306

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

11,130

11,130

Trade creditors

1,296

1,063

Amounts owed to associates

14,239

6,445

Other creditors

2,100

2,100

28,765

20,738

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,427

11,409

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

8.	RELATED PARTY DISCLOSURES

At the year end date, the company had the following:-

Amounts due to related parties

2025 2023

£ £

Connected 14,239 1,445

These are related parties of the limited liability partnership as they are under the control of the members of the limited liability partnership.

The amounts outstanding are unsecured, non-interest bearing and will be settled in cash. No guarantees have been given.