Trieste Group LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC373388 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Trieste Group LLP

Page

General Information

1

Balance Sheet

2

Reconciliation of Members' Interests

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

C Kingston

N Baxter

R C Kingston

REGISTERED OFFICE:

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

REGISTERED NUMBER:

OC373388 (England and Wales)

ACCOUNTANTS:

Pace Accountants

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

FIXED ASSETS

Intangible assets

4

3,028

3,786

Tangible assets

5

14,584,483

3,244,809

Investments

6

25,001

1

14,612,512

3,248,596

CURRENT ASSETS

Debtors

7

2,183,706

3,322,324

Cash at bank

8,496

90,307

2,192,202

3,412,631

CREDITORS

Amounts falling due within one year

8

200,132

646,868

NET CURRENT ASSETS

1,992,070

2,765,763

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

16,604,582

6,014,359

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

4,850,263

3,382,234

MEMBERS' OTHER INTERESTS

Capital accounts

372,125

2,632,125

Revaluation reserve

10

11,382,194

-

16,604,582

6,014,359

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

4,850,263

3,382,234

Members' other interests

11,754,319

2,632,125

Amounts due from members

7

-

(894,245

)

16,604,582

5,120,114

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 24 December 2025 and were signed by:

C Kingston - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Revaluation

Other

equity)

reserve

reserves

Total

£

Balance at 1 April 2024

2,632,125

-

2,632,125

Profit for the financial year available for
discretionary division among members

-

417,157

Members' interests after profit for the year

2,632,125

-

417,157

3,049,282

Other divisions of profit

-

(417,157

)

(417,157

)

Revaluation

-

11,382,194

-

11,382,194

Introduced by members

-

Transfers

(2,260,000

)

-

(2,260,000

)

Transfers from members' capital less drawings

-

Balance at 31 March 2025

372,125

11,382,194

-

11,754,319

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

3,382,234

Amount due from members

(894,245

)

Balance at 1 April 2024

2,487,989

5,120,114

Profit for the financial year available for
discretionary division among members

-

417,157

Members' interests after profit for the year

2,487,989

5,537,271

Other divisions of profit

417,157

-

Revaluation

-

11,382,194

Introduced by members

203,181

Transfers

-

(2,260,000

)

Transfers from members' capital less drawings

1,741,936

Amount due to members

4,850,263

Amount due from members

-

Balance at 31 March 2025

4,850,263

16,604,582

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2023

2,632,125

-

2,632,125

Profit for the financial year available for
discretionary division among members

-

1,134,813

Members' interests after profit for the year

2,632,125

1,134,813

3,766,938

Other divisions of profit

-

(1,134,813

)

(1,134,813

)

Drawings on account and distributions of profit

-

Balance at 31 March 2024

2,632,125

-

2,632,125

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

3,838,200

Amount due from members

(760,852

)

Balance at 1 April 2023

3,077,348

5,709,473

Profit for the financial year available for
discretionary division among members

-

1,134,813

Members' interests after profit for the year

3,077,348

6,844,286

Other divisions of profit

1,134,813

-

Drawings on account and distributions of profit

(1,724,172

)

(1,724,172

)

Amount due to members

3,382,234

Amount due from members

(894,245

)

Balance at 31 March 2024

2,487,989

5,120,114

1.	STATUTORY INFORMATION

Trieste Group 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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets acquired on business combinations are recognized separately from goodwill at the acquisition date if the fair value can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the followings bases:

Website 5 years straight line

Tangible fixed assets

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

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

3.	EMPLOYEE INFORMATION

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

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

20,998

AMORTISATION

At 1 April 2024

17,212

Amortisation for year

758

At 31 March 2025

17,970

NET BOOK VALUE

At 31 March 2025

3,028

At 31 March 2024

3,786

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

machinery

£

COST OR VALUATION

At 1 April 2024

3,094,796

352,941

160,263

Disposals

-

(11,612

)

Revaluations

11,382,194

-

At 31 March 2025

14,476,990

352,941

148,651

DEPRECIATION

At 1 April 2024

-

261,674

145,397

Charge for year

-

18,257

2,813

Eliminated on disposal

-

(10,813

)

At 31 March 2025

-

279,931

137,397

NET BOOK VALUE

At 31 March 2025

14,476,990

73,010

11,254

At 31 March 2024

3,094,796

91,267

14,866

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 April 2024

10,808

205,920

6,055

3,830,783

Disposals

-

(83,154

)

(6,055

)

(100,821

)

Revaluations

-

11,382,194

At 31 March 2025

10,808

122,766

-

15,112,156

DEPRECIATION

At 1 April 2024

8,397

166,421

4,085

585,974

Charge for year

482

7,331

-

28,883

Eliminated on disposal

-

(72,286

)

(4,085

)

(87,184

)

At 31 March 2025

8,879

101,466

-

527,673

NET BOOK VALUE

At 31 March 2025

1,929

21,300

-

14,584,483

At 31 March 2024

2,411

39,499

1,970

3,244,809

Cost or valuation at 31 March 2025 is represented by:

Improvements

Freehold

to

Plant and

property

machinery

£

Valuation in 2025

11,382,194

-

Cost

3,094,796

352,941

148,651

14,476,990

352,941

148,651

Fixtures

and

Motor

fittings

vehicles

Totals

£

Valuation in 2025

-

11,382,194

Cost

10,808

122,766

3,729,962

10,808

122,766

15,112,156

Freehold land and buildings were valued on an open market basis on 23 September 2025 by Fletcher King Chartered Surveyors. .

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2024

1

Additions

25,000

At 31 March 2025

25,001

NET BOOK VALUE

At 31 March 2025

25,001

At 31 March 2024

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

91,614

54,024

Other debtors

2,092,092

3,268,300

2,183,706

3,322,324

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade creditors

111,272

472,137

Amounts owed to associates

20,052

-

Taxation and social security

22,468

121,063

Other creditors

46,340

53,668

200,132

646,868

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.3.24

£

Amounts owed to members in respect of profits

4,850,263

3,382,234

Falling due within one year

4,850,263

3,382,234

In the event of a winding up the amounts included in ''loans and other debts due to members'' will rank equally with unsecured creditors.

10.

RESERVES

Revaluation

reserve

£

Revaluation

11,382,194

At 31 March 2025

11,382,194

11.	RELATED PARTY DISCLOSURES

During the period, Trieste Group LLP had the following transactions with entities in which shareholders and/or close family members had beneficial interests:

Sales and Other income - £608,638 (2024: £1,781,607)

Purchases - £52,134 (2024: £68,030)

Balances with entities at the period end totalled:

Amounts due from such entities - £2,088,666 (2024: £1,419,135)

Amounts due to such entities - £20,052 (2024: £nil )

The above amounts were unsecured and interest free.