REGISTERED NUMBER: OC437467 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

FREEDOM COMMERCIAL PROPERTIES LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J P Gannaway

Freedom Property Management Ltd.

REGISTERED OFFICE:

2 The Pippins

Bellevue Road

Cowes

Isle of Wight

PO31 7UU

REGISTERED NUMBER:

OC437467 (England and Wales)

ACCOUNTANTS:

TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

FIXED ASSETS

Tangible assets

4

14,914

29,698

Investment property

5

873,000

1,348,000

887,914

1,377,698

CURRENT ASSETS

Debtors

6

4,632

4,812

Cash at bank

118,967

9,075

123,599

13,887

CREDITORS

Amounts falling due within one year

7

5,209

6,295

NET CURRENT ASSETS

118,390

7,592

TOTAL ASSETS LESS CURRENT LIABILITIES

1,006,304

1,385,290

CREDITORS

Amounts falling due after more than one year

8

629,778

925,805

NET ASSETS ATTRIBUTABLE TO MEMBERS

376,526

459,485

LOANS AND OTHER DEBTS DUE TO MEMBERS

376,526

459,485

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

376,526

459,485

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 21 December 2025 and were signed by:

J P Gannaway - Designated member

1.	STATUTORY INFORMATION

Freedom Commercial 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 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 historic cost convention as modified by the revaluation of certain assets. The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound.

Turnover

Turnover 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

Tangible fixed assets under the cost model are initially stated at cost and subsequently carried at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of income and retained earnings.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use

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.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loan's to related parties and investments in ordinary shares.

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial assets and liabilities are offset and 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.

Members' participation rights

The LLP agreement determines the amount of profit to be treated as members' remuneration. The profits are automatically allocated to members. Allocated profit is included within 'loans and other debts due to members' on the Balance Sheet.

Drawings are treated as payments on account of profit allocations and are subject to sufficient cash availability.

The capital requirements of the LLP are determined by the members and are reviewed regularly. No interest is paid on capital.

On leaving the partnership, a member's capital is repaid without reasonable delay.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Property,

furniture

and

Plant and

improv

Computer

machinery

ements

equipment

Totals

£

£

£

£

COST

At 1 April 2024

9,718

31,302

600

41,620

Additions

-

6,812

-

6,812

Disposals

-

(20,040

)

-

(20,040

)

Reclassification/transfer

(9,718

)

9,718

-

-

At 31 March 2025

-

27,792

600

28,392

DEPRECIATION

At 1 April 2024

4,139

7,708

75

11,922

Charge for year

-

8,756

75

8,831

Eliminated on disposal

-

(7,275

)

-

(7,275

)

Reclassification/transfer

(4,139

)

4,139

-

-

At 31 March 2025

-

13,328

150

13,478

NET BOOK VALUE

At 31 March 2025

-

14,464

450

14,914

At 31 March 2024

5,579

23,594

525

29,698

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

1,348,000

Disposals

(475,000

)

At 31 March 2025

873,000

NET BOOK VALUE

At 31 March 2025

873,000

At 31 March 2024

1,348,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2024

(29,624

)

Cost

902,624

873,000

The valuation was made by New Forest Property Sales and Hamwick on an open market value basis in August 2024 by reference to market evidence of transaction prices for similar properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,822

4,030

Prepayments and accrued income

810

782

4,632

4,812

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

VAT

2,689

3,470

Accruals and deferred income

2,520

2,825

5,209

6,295

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Mortgage

629,778

925,805

Amounts falling due in more than five years:

Repayable by instalments

Mortgage

629,778

925,805

The mortgages held on the investment properties are interest only mortgages.

9.	SECURED DEBTS

The mortgages are secured against the properties to which they relate.

10.	RELATED PARTY DISCLOSURES

In accordance with FRS 102 33.1A the LLP 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 conducted at market rates.