REGISTERED NUMBER: OC324410 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 28 MARCH 2025

FOR

LONDON TROCADERO (2015) LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Reconciliation of Members' Interests

11

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DESIGNATED MEMBERS:

Central London Investments Limited

Trocadero Limited

REGISTERED OFFICE:

C/O Zedwell Hotel

Great Windmill Street

London Trocadero

London

W1D 7DH

REGISTERED NUMBER:

OC324410 (England and Wales)

SENIOR STATUTORY AUDITOR:

Thurairatnam Sudarshan, FCCA

AUDITORS:

Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

The members present their report with the financial statements of the LLP for the period 1 April 2024 to 28 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of property investment.

DESIGNATED MEMBERS

The designated members during the period under review were:

Central London Investments Limited

Trocadero Limited

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The loss for the period before members' remuneration and profit shares was £66,775,057 (2024 - £39,502,293 loss).

MEMBERS' INTERESTS

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the Limited Liability Partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

GOING CONCERN

We consider that the adoption of the going concern basis in these financial statements is appropriate, as the immediate and ultimate parent companies, ACT Property Holdings Limited and ACT Finance Limited, which provide finance to the subsidiaries of ACT Property Holdings Limited, have indicated their willingness in writing to provide the necessary support to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of signature of these financial statements.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

ON BEHALF OF THE MEMBERS:

Trocadero Limited - Designated member

22 December 2025

Opinion

We have audited the financial statements of London Trocadero (2015) LLP (the 'LLP') for the period ended 28 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 28 March 2025 and of its loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the LLP through discussions with members and other management, and from our commercial knowledge and experience of the LLP's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- tested the appropriateness of journal entries;

- tested authorisation of expenditure;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the LLP's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Thurairatnam Sudarshan, FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

22 December 2025

TURNOVER

35,738,988

35,172,871

Cost of sales

(2,183,826

)

(2,763,110

)

GROSS PROFIT

33,555,162

32,409,761

Administrative expenses

(3,511,703

)

(2,998,953

)

OPERATING PROFIT

30,043,459

29,410,808

Interest receivable and similar income

18,917

58,482

30,062,376

29,469,290

Interest payable and similar expenses

4

(96,837,433

)

(68,971,583

)

LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(66,775,057

)

(39,502,293

)

LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(66,775,057

)

(39,502,293

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(66,775,057

)

(39,502,293

)

FIXED ASSETS

Investment property

6

785,034,585

770,448,401

CURRENT ASSETS

Debtors

7

602,877,010

527,226,836

Cash at bank

2,852,291

2,460,522

605,729,301

529,687,358

CREDITORS

Amounts falling due within one year

8

601,370,175

490,560,513

NET CURRENT ASSETS

4,359,126

39,126,845

TOTAL ASSETS LESS CURRENT LIABILITIES

789,393,711

809,575,246

CREDITORS

Amounts falling due after more than one year

9

782,393,711

802,575,246

NET ASSETS ATTRIBUTABLE TO MEMBERS

7,000,000

7,000,000

REPRESENTED BY:

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

7,000,000

7,000,000

7,000,000

7,000,000

TOTAL MEMBERS' INTERESTS

Members' other interests

7,000,000

7,000,000

Amounts due from members

7

(515,563,439

)

(448,788,382

)

(508,563,439

)

(441,788,382

)

The financial statements were approved by the members of the LLP and authorised for issue on 22 December 2025 and were signed by:

Trocadero Limited - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2024

7,000,000

-

7,000,000

Loss for the financial period available for discretionary division among members

-

(66,775,057

)

(66,775,057

)

Members' interests after loss for the period

7,000,000

(66,775,057

)

(59,775,057

)

Other divisions of loss

-

66,775,057

66,775,057

Balance at 28 March 2025

7,000,000

-

7,000,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(448,788,382

)

Balance at 1 April 2024

(448,788,382

)

(441,788,382

)

Loss for the financial period available for discretionary division among members

-

(66,775,057

)

Members' interests after loss for the period

(448,788,382

)

(508,563,439

)

Other divisions of loss

(66,775,057

)

-

Amount due to members

-

Amount due from members

(515,563,439

)

Balance at 28 March 2025

(515,563,439

)

(508,563,439

)

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2023

7,000,000

-

7,000,000

Loss for the financial period available for discretionary division among members

-

(39,502,293

)

(39,502,293

)

Members' interests after loss for the period

7,000,000

(39,502,293

)

(32,502,293

)

Other divisions of loss

-

39,502,293

39,502,293

Balance at 31 March 2024

7,000,000

-

7,000,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(409,286,089

)

Balance at 1 April 2023

(409,286,089

)

(402,286,089

)

Loss for the financial period available for discretionary division among members

-

(39,502,293

)

Members' interests after loss for the period

(409,286,089

)

(441,788,382

)

Other divisions of loss

(39,502,293

)

-

Amount due to members

-

Amount due from members

(448,788,382

)

Balance at 31 March 2024

(448,788,382

)

(441,788,382

)

Cash flows from operating activities

Cash generated from operations

2

45,550,487

39,816,505

Interest paid

(11,219,916

)

(39,837,803

)

Net cash from operating activities

34,330,571

(21,298

)

Cash flows from investing activities

Purchase of investment property

(14,586,184

)

(948,401

)

Interest received

18,917

58,482

Net cash from investing activities

(14,567,267

)

(889,919

)

Cash flows from financing activities

Loan repayments in year

(19,371,535

)

-

Net cash from financing activities

(19,371,535

)

-

Increase/(decrease) in cash and cash equivalents

391,769

(911,217

)

Cash and cash equivalents at beginning of period

3

2,460,522

3,371,739

Cash and cash equivalents at end of period

3

2,852,291

2,460,522

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

In accordance with section 7 of FRS 102, distribution of profits is classified as operating cash flows, because they are paid out of operating cash flows. Members of LLP have determined that this is appropriate to their business.

2.	RECONCILIATION OF LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

Period

1.4.24

to

Year Ended

28.3.25

31.3.24

£

£

Loss for the financial period before members' remuneration and profit shares available for discretionary division among members

(66,775,057

)

(39,502,293

)

Finance costs

96,837,433

68,971,583

Finance income

(18,917

)

(58,482

)

30,043,459

29,410,808

Increase in trade and other debtors

(10,474,780

)

(6,646,641

)

Increase in trade and other creditors

25,981,808

17,052,338

Cash generated from operations

45,550,487

39,816,505

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 28 March 2025

28.3.25

1.4.24

£

£

Cash and cash equivalents

2,852,291

2,460,522

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,460,522

3,371,739

4.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 28.3.25

£

£

£

Net cash

Cash at bank

2,460,522

391,769

2,852,291

2,460,522

391,769

2,852,291

Debt

Debts falling due after 1 year

(205,221,160

)

19,371,535

(185,849,625

)

(205,221,160

)

19,371,535

(185,849,625

)

Net debt (before members' debt)

(202,760,638

)

19,763,304

(182,997,334

)

Represented by:

-

-

-

Net debt

(202,760,638

)

19,763,304

(182,997,334

)

1.	STATUTORY INFORMATION

London Trocadero (2015) 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" 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.

Assessment of going concern

The members have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The members have made this assessment in respect to a period of one year from the date of approval of these accounts.

The members have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the partnership to continue as a going concern. The members are of the opinion that the partnership will have sufficient resources to meet its liabilities as they fall due as the immediate and ultimate parent companies, ACT Property Holdings Limited and ACT Finance Limited, which provide finance to the subsidiaries of ACT Property Holdings Limited, have indicated their willingness in writing to provide the necessary support to enable the entity to meet its liabilities as they fall due for a period of at least 12 months from the date of signature of these financial statements.

Significant judgements and estimates

Preparation of the financial statements requires the members and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

- Estimating the required provision for bad debts;

- Fair value of investment properties; and

- Assessment of going concern.

Related party exemption

The Limited Liability Partnership has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents rent and other income net of VAT and trade discounts.

Rental income

Income from the rental of properties is recognised when the income is receivable under the contract or lease document, when the amount can be measured reliably, and it is probable such income will be received.

Management fees

Management fees are recognised as income at the point when the company becomes contractually entitled to the charges.

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments.

Financial instruments are recognised when the Limited Liability Partnership 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 includes cash in hand and deposits held at call with banks.

Members participating interests

Members participation rights are the rights of a member against the Limited Liability Partnership 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 Limited Liability Partnership are analysed between those that are, from the Limited Liability Partnership'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 member's capital, are classed as liabilities unless the Limited Liability Partnership has an unconditional right to refuse payment to members, in which case they are classified as equity.

Profits are automatically divided as they arise, so the Limited Liability Partnership does not have an unconditional right to refuse payment and 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.

Losses are automatically divided as they arise giving the Limited Liability Partnership the right to seek payment from members. Therefore they are presented within members remuneration charged as an expense and to the extent they remain unpaid and are considered recoverable, shown as debtors in the Statement of Financial Position and as amounts due from members with members interests.

Basic financial assets

Basic financial assets, which include trade and other receivables and amount due from group undertakings, 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 financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including trade investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired the impairment loss is difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 LLP after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities including trade and other payables, bank loans and amounts due to group undertakings 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 receipts discounted at a market rate of interest.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when and only when, the company's contractual obligations are discharged, cancelled or they expire.

Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

Leases

Rental income from operating leases, including any lease incentives, is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3.	EMPLOYEE INFORMATION

There were no staff costs for the period ended 28 March 2025 nor for the year ended 31 March 2024.

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

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.24

to

Year Ended

28.3.25

31.3.24

£

£

Interest on bank loans

11,016,067

13,592,993

Interest payable on other

loans

85,821,366

55,378,590

96,837,433

68,971,583

5.	INFORMATION IN RELATION TO MEMBERS

Period

1.4.24

to

Year Ended

28.3.25

31.3.24

The average number of members during the period was

2

2

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

770,448,401

Additions

14,586,184

At 28 March 2025

785,034,585

NET BOOK VALUE

At 28 March 2025

785,034,585

At 31 March 2024

770,448,401

Fair value at 28 March 2025 is represented by:

£

Valuation in 2018

99,792,558

Valuation in 2019

204,035,250

Valuation in 2021

(510,628,711

)

Valuation in 2023

250,563,302

Cost

741,272,186

785,034,585

The investment property, being freehold commercial property, was valued on an open market basis on 31 March 2025 by Criterion Capital Limited, the company's asset managers. The investment property is located within the United Kingdom.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,777,347

4,571,246

Amounts owed by group undertakings

81,390,425

69,631,299

Amounts owed by associates

-

341,117

Amounts due from members

515,563,439

448,788,382

Other debtors

67,499

2,813,522

Prepayments and accrued income

1,078,300

1,081,270

602,877,010

527,226,836

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,172,899

1,599,663

Amounts owed to group undertakings

9,377,328

15,663,916

Amounts owed to associates

92,463,642

66,088,448

VAT

2,642,694

2,881,595

Other creditors

12,312,966

6,293,918

Accruals and deferred income

483,400,646

398,032,973

601,370,175

490,560,513

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 10)

185,849,625

205,221,160

Amounts owed to group undertakings

596,344,086

596,344,086

Other creditors

200,000

1,010,000

782,393,711

802,575,246

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due between two and five years:

Bank loans

185,849,625

205,221,160