Ph15 Partners LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: OC378438

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		9,008		21,432
Investment Properties	5		185,000		-

			194,008		21,432
CURRENT ASSETS
Debtors	6	9,614		1,780
Cash at bank and in hand		88,750		240,154

		98,364		241,934
Creditors: Amounts Falling Due Within One Year	7	(6,064 )		(9,596 )

NET CURRENT ASSETS (LIABILITIES)			92,300		232,338

TOTAL ASSETS LESS CURRENT LIABILITIES			286,308		253,770

Creditors: Amounts Falling Due After More Than One Year	8		(15,000 )		-

NET ASSETS ATTRIBUTABLE TO MEMBERS			271,308		253,770

REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability		(170,965)		(126,498)
Other amounts		442,273		380,268

			271,308		253,770

			271,308		253,770

TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year			271,308		253,770

			271,308		253,770

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Ph15 Partners LLP

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Simon James RANDALL

Designated Member

23/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Ph15 Partners LLP is a limited liability partnership, incorporated in , registered number OC378438 . The Registered Office is 1 The Courtyard, Clare Park Farm, Crondall, Hampshire, GU10 5DT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% SL
Fixtures & Fittings	33.33% SL

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 2 (2024: 2)

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Ph15 Partners LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Motor Vehicles	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	80,845	7,431	88,276

As at 31 March 2025	80,845	7,431	88,276

Depreciation
As at 1 April 2024	59,413	7,431	66,844
Provided during the period	12,424	-	12,424

As at 31 March 2025	71,837	7,431	79,268

Net Book Value
As at 31 March 2025	9,008	-	9,008

As at 1 April 2024	21,432	-	21,432

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024	-
Additions	185,000

As at 31 March 2025	185,000

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	9,614	1,780

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	353	2,676
Other creditors	900	900
Taxation and social security	4,811	6,020

	6,064	9,596

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	15,000	-

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Ph15 Partners LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Later than one year and not later than five years	15,000	-

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