REGISTERED NUMBER: OC325004 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Rex Partners LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S K M Williams

Mrs H A Williams

Rex Venture Resources Limited

REGISTERED OFFICE:

54 St. Marys Lane

Upminster

Essex

RM14 2QT

REGISTERED NUMBER:

OC325004 (England and Wales)

FIXED ASSETS

Investments

4

29,259,095

34,008,718

Investment property

5

1,800,000

1,100,001

31,059,095

35,108,719

CURRENT ASSETS

Debtors

6

249,326

315,860

Investments

7

1,131,425

923,654

Cash at bank

1,311,213

1,325,775

2,691,964

2,565,289

CREDITORS

Amounts falling due within one year

8

736,913

442,810

NET CURRENT ASSETS

1,955,051

2,122,479

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

33,014,146

37,231,198

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

36,071,028

36,163,325

MEMBERS' OTHER INTERESTS

Revaluation reserve

10

668,714

(31,285

)

Other reserves

(3,725,596

)

1,099,158

33,014,146

37,231,198

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

36,071,028

36,163,325

Members' other interests

(3,056,882

)

1,067,873

33,014,146

37,231,198

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 15 December 2025 and were signed by:

S K M Williams - Designated member

1.	STATUTORY INFORMATION

Rex Partners 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 represents rents receivable and service charge income excluding value added tax.

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 has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Cash and cash equivalents

These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

OPERATING LEASES

The company's properties are let out under operating leases and the income is credited to the profit and loss account on a straight line basis over the period of the lease.

INVESTMENTS

Listed investments are included in the balance sheet at market value. Unlisted investments are shown at cost less any provision for impairment.

3.	EMPLOYEE INFORMATION

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

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2024

61,534,714

Additions

6,511,489

Disposals

(6,806,656

)

Reclassification/transfer

(1,066,106

)

At 31 March 2025

60,173,441

PROVISIONS

At 1 April 2024

27,525,996

Provision for year

3,388,350

At 31 March 2025

30,914,346

NET BOOK VALUE

At 31 March 2025

29,259,095

At 31 March 2024

34,008,718

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

1,100,001

Revaluations

699,999

At 31 March 2025

1,800,000

NET BOOK VALUE

At 31 March 2025

1,800,000

At 31 March 2024

1,100,001

The partnership's land and buildings are held in order to let under operating leases.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2020

(31,286

)

Valuation in 2025

699,999

Cost

1,131,287

1,800,000

If the land and buildings had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

1,802,977

1,802,977

The land and buildings were valued on an open market basis on 31 March 2014 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amounts owed by participating interests

196,029

-

Other debtors

50,644

118,881

Prepayments and accrued income

2,653

196,979

249,326

315,860

7.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Listed investments

1,131,425

923,654

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

VAT

869

5,345

Other creditors

720,988

364,647

Accruals and deferred income

15,056

72,818

736,913

442,810

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.3.24

£

£

Loans from members

26,051,527

27,051,527

Amounts owed to members in respect of profits

10,019,501

9,111,798

36,071,028

36,163,325

Falling due within one year

36,071,028

36,163,325

Debts due to members rank equally with other creditors in the event of a winding up.

10.

RESERVES

Revaluation

reserve

£

At 1 April 2024

(31,285

)

Movement in revaluations in the year

699,999

At 31 March 2025

668,714

The revaluation reserve comprises the unallocated provision for the unrealised revaluation in the partnership's investment property.

Other reserves comprise the impairment provision on the partnership's listed investments not allocated to members.