Readings Property Services LLP

REGISTERED NUMBER: OC416567 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

READINGS PROPERTY SERVICES LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Mr. L G Reading

Mr M Pearce

Mr J L Reading

REGISTERED OFFICE:

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

REGISTERED NUMBER:

OC416567 (England and Wales)

ACCOUNTANTS:

Clemence Hoar Cummings

Chartered Accountants

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

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 lettings and sales.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr. L G Reading

Mr M Pearce

Mr J L Reading

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £268,229 (2024 - £203,391 profit).

MEMBERS' INTERESTS

Members' interests are set out in the notes to the financial statements.

ON BEHALF OF THE MEMBERS:

Mr. L G Reading - Designated member

13 November 2025

REVENUE

713,424

624,276

Cost of sales

79,034

76,607

GROSS PROFIT

634,390

547,669

Administrative expenses

371,195

349,337

263,195

198,332

Other operating income

5,000

OPERATING PROFIT

4

268,195

203,332

Interest receivable and similar income

541

493

268,736

203,825

Interest payable and similar expenses

507

434

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

268,229

203,391

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

268,229

203,391

Members' remuneration charged as an
expense

5

(129,613

)

(170,853

)

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

138,616

32,538

FIXED ASSETS

Property, plant and equipment

6

29,488

28,996

CURRENT ASSETS

Debtors

7

3,973

Cash at bank and in hand

186,728

69,730

190,701

73,703

CREDITORS

Amounts falling due within one year

8

45,277

38,993

NET CURRENT ASSETS

145,424

34,710

TOTAL ASSETS LESS CURRENT
LIABILITIES

174,912

63,706

CREDITORS

Amounts falling due after more than
one year

9

25,372

16,782

NET ASSETS ATTRIBUTABLE TO
MEMBERS

149,540

46,924

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

149,540

46,924

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

149,540

46,924

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:

Mr. L G Reading - Designated member

1.	STATUTORY INFORMATION

Readings Property Services 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 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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members' interests

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 FRS 102. A members participation right 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 years results. Undivided amounts that are classified as equity are shown within 'Members other interest'. Amounts due from members are presented as debtors and shown as amounts due form members within members' interests.

3.	EMPLOYEE INFORMATION

The average number of employees, including members with contracts of employment, during the year was 9 (2024 - 11 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

9,829

4,351

5.	INFORMATION IN RELATION TO MEMBERS

2025

2024

£

Members' remuneration charged as an expense

Remuneration paid under an
employment contract

129,613

170,853

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2024

102,834

Additions

26,265

Disposals

(28,346

)

At 31 March 2025

100,753

DEPRECIATION

At 1 April 2024

73,838

Charge for year

9,829

Eliminated on disposal

(12,402

)

At 31 March 2025

71,265

NET BOOK VALUE

At 31 March 2025

29,488

At 31 March 2024

28,996

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2024

28,346

Disposals

(28,346

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

12,402

Eliminated on disposal

(12,402

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

15,944

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

3,973

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Hire purchase contracts

4,260

4,336

Trade creditors

32

1,278

Taxation and social security

38,685

31,079

Other creditors

2,300

45,277

38,993

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Hire purchase contracts

25,372

16,782

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Hire purchase contracts

29,632

21,118

The hire purchase is secured against the assets to which it relates.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank equally with other unsecured creditors in the event of a winding up.