REGISTERED NUMBER: OC362920 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

AZRAK LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Mrs P F Judd

G N Judd

REGISTERED OFFICE:

Bouttells

The Street

Kersey

Ipswich

Suffolk

IP7 6DY

REGISTERED NUMBER:

OC362920 (England and Wales)

ACCOUNTANTS:

Walter Wright

Chartered Accountants

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

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 a member of 90 North Real Estate Partners LLP and that of interior design.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mrs P F Judd

G N Judd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £16,192 (2024 - £58,307 loss).

MEMBERS' INTERESTS

in the absence of a partnership agreement, the members drawings policy follows the default provisions provided by the Limited Liability Partnership Regulations 2008. All members of the limited liability partnership are entitled to share equally in the capital and profits and losses of the limited liability partnership as and when they arise.

ON BEHALF OF THE MEMBERS:

G N Judd - Designated member

20 December 2025

TURNOVER

(3,693

)

35,324

Administrative expenses

18,073

103,527

(21,766

)

(68,203

)

Other operating income

5,565

9,657

OPERATING LOSS

4

(16,201

)

(58,546

)

Interest receivable and similar income

9

239

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

(16,192

)

(58,307

)

FIXED ASSETS

Tangible assets

5

2,017

1,810

Investments

6

461,962

531,147

463,979

532,957

CURRENT ASSETS

Debtors

7

2,815

130,273

Cash at bank

142,245

119,338

145,060

249,611

CREDITORS

Amounts falling due within one year

8

15,963

5,688

NET CURRENT ASSETS

129,097

243,923

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

593,076

776,880

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

593,076

776,880

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

593,076

776,880

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 20 December 2025 and were signed by:

G N Judd - Designated member

Mrs P F Judd - Designated member

1.	STATUTORY INFORMATION

Azrak 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.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the members have made the following judgements:

1) Determine whether there are indicators of impairment of the groups tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the visibility and expected future performance of that unit.

Other key sources of estimation uncertainty

1) Tangible fixed assets (see note 4)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as the future market conditions, the remaining life of the asset and projected disposal values.

2) Investments (see note 5)

The most critical estimates, assumptions and judgements relate to the determination of accruing value of unlisted investments at fair value through profit & loss. In determining this amount the company applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arms length transaction. The nature facts and circumstances of the investment drives the valuation methodology.

Listed investments are valued at the quoted bid price at the reporting date. Unquoted investments are valued using a price/earnings multiple methodology. The relevant price/earnings multiple is determined by reference to those applying to quoted companies in similar industries after adjustment for the reduced liquidity of unquoted companies. the multiple is then applied to the earnings of the invested company ion the period after adjustment for the one-off unusual income or expenditure in the period.

Turnover

Turnover is the income receivable from investments held and interior design consultancy carried out during the year, excluding value added tax. Turnover is recognised on an accruals basis.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance

Valuation of investments

Investments held as fixed assets are stated at cost less any provision for impairment.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2024 - 2 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

1,008

904

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

6,001

Additions

1,298

Disposals

(1,108

)

At 31 March 2025

6,191

DEPRECIATION

At 1 April 2024

4,191

Charge for year

1,008

Eliminated on disposal

(1,025

)

At 31 March 2025

4,174

NET BOOK VALUE

At 31 March 2025

2,017

At 31 March 2024

1,810

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2024

531,147

Disposals

(69,185

)

At 31 March 2025

461,962

NET BOOK VALUE

At 31 March 2025

461,962

At 31 March 2024

531,147

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

2,815

130,273

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

15,963

5,688

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loans to members would be paid after the payment of other creditors.