| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Wearside Properties LLP |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Wearside Properties LLP |
| Wearside Properties LLP (Registered number: OC337441) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Wearside Properties LLP |
| General Information |
| for the Year Ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Kepier House |
| Belmont Business Park |
| Durham |
| DH1 1TW |
| Wearside Properties LLP (Registered number: OC337441) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
113,761 |
219,051 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
113,761 |
219,051 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 11 | 113,761 | 219,051 |
| 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. |
| Wearside Properties LLP (Registered number: OC337441) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Wearside Properties LLP (Registered number: OC337441) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Wearside Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and requirements of the Standard of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention. |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Income recognition |
| Income is recognised as rents are received, any rents received in advance that relate to future periods are deferred and provided for in creditors. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are measured at cost less accumulated depreciation and impairment. |
| Investment property |
| Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes |
| in fair value is recognised in profit or loss. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Taxation |
| Income tax payable on the profits of the LLP is solely the personal liability of the individual members and consequently is not dealt with in these financial statements. |
| Related party transactions |
| There were no related party transactions other than those concluded under normal market conditions. |
| Wearside Properties LLP (Registered number: OC337441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2024 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 April 2024 |
| Transfer to ownership | (93,320 | ) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Transfer to ownership | (49,870 | ) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Wearside Properties LLP (Registered number: OC337441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| Disposals | ( |
) |
| Revaluations | (54,286 | ) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2025 | (54,286 | ) |
| Cost | 194,286 |
| 140,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 194,286 | 520,000 |
| Investment property was valued on a fair value basis on 31 March 2025 by the members . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Wearside Properties LLP (Registered number: OC337441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1 - 2 years |
| Bank loans - 2 - 5 years |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | - | 30,843 |
| Bank loans are secured by way of a fixed and floating charge over all the property and assets of the company. |
| Hire purchase contracts are secured on the assets to which they relate. |
| 11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to members in respect of profits | 113,761 | 219,051 |
| Falling due within one year | 113,761 | 219,051 |
| In the event of a winding up loans due to members will rank 'pari passu' with other unsecured creditors of the LLP. |