REGISTERED NUMBER: OC427615 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

PIC Partnership LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S Ahmed

S Ahmed

Property Investment Consultants (GB) Lim

REGISTERED OFFICE:

Suite One

Italia House Business Centre

Pass Street

Oldham

OL9 6HZ

REGISTERED NUMBER:

OC427615 (England and Wales)

ACCOUNTANTS:

SKS Bailey Group Limited

Oaklea House

46 Coatham Road

Redcar

TS10 1RS

Fixed assets

Investment property

4

11,415,000

11,420,000

Current assets

Debtors

5

-

123,195

Cash at bank

130,479

32,635

130,479

155,830

Creditors

Amounts falling due within one year

6

(243,719

)

(79,681

)

Net current (liabilities)/assets

(113,240

)

76,149

Total assets less current liabilities

11,301,760

11,496,149

Creditors

Amounts falling due after more than one year

7

(6,542,709

)

(6,523,271

)

Net assets attributable to members

4,759,051

4,972,878

Loans and other debts due to members

10

4,759,051

4,972,878

Total members' interests

Loans and other debts due to members

10

4,759,051

4,972,878

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

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

S Ahmed - Designated member

1.	STATUTORY INFORMATION

PIC Partnership 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 as modified by the revaluation of certain assets.

TURNOVER

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

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS

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

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2024 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

11,420,000

Revaluations

(5,000

)

At 31 March 2025

11,415,000

NET BOOK VALUE

At 31 March 2025

11,415,000

At 31 March 2024

11,420,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2021

400,000

Valuation in 2022

580,000

Valuation in 2023

305,000

Valuation in 2024

105,000

Valuation in 2025

(5,000

)

Cost

10,030,000

11,415,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

-

123,195

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

-

4,707

Social security and other taxes

647

692

Other creditors

241,001

72,404

Accrued expenses

2,071

1,878

243,719

79,681

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans (see note 8)

26,652

29,977

Mortgages

6,516,057

6,493,294

6,542,709

6,523,271

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans - less than 1 yr

-

4,707

Amounts falling due between two and five years:

Other loans - 2-5 years

26,652

29,977

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Mortgages

6,516,057

6,493,294

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.