Contents of the Financial Statements

for the Period Ended 31 March 2025

Profit And Loss Account

for the Period Ended 31 March 2025

Balance sheet

As at 31 March 2025

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue recognition Rental income Rental income receivable is recognised in the year in which it is earned (on an accruals basis). Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. The lease term is the non-cancellable term of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Members are reasonably certain that the tenant will exercise that option. Premiums received to terminate leases are recognised in the statement of comprehensive income when they arise. Interest income and expense Interest income is recognised within ‘other income’ in the statement of comprehensive income in the year in which it is earned. Interest expense is recognised within ‘administrative fees’ in the statement of comprehensive income in the period in which it is incurred. Service charge income recoverable from tenants Income arising from expenses recharged to tenants is recognised in the period in which the expense can be contractually recovered. Service charges and other such receipts are included gross of the related costs in revenue as the LLP acts as principal in this respect.

  Tangible fixed assets depreciation policy

  Investment properties comprise of completed properties held to generate rental income or for capital appreciation or both. Investment property is initially measured at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met. Subsequent to initial recognition, investment property is stated at fair value, which represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm's length transaction at the date of valuation, which reflects the market conditions at the statement of financial position date. Gains or losses arising from changes in the fair values are included in the statement of comprehensive income in the year in which they arise. Valuations are performed by professional valuers who hold recognised and professional qualifications and have experience in the location and category of the investment property being valued. The fair value of the investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged during the year and the significant risks and rewards of ownership have been transferred. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of investment property are recognised in the statement of comprehensive income in the year of retirement or disposal. The lease for the LLP has been accounted for as a finance lease as the Members have determined this to be appropriate due to the fixed component of ground rent enabling the present value of the minimum lease payments to be calculated. The recognition of £662,239 (2024: £nil) for the finance lease liability and associated right of use asset in the statement of financial position is not material to the net asset value of the LLP as at 31 March 2025. The right of use asset is measured at fair value at the reporting date. The finance lease liability is measured at the present value of future minimum lease payments, discounted using the effective interest rate implicit in the lease or, if that rate cannot be readily determined, the LLP's incremental borrowing rate. Refer to note 8 for further information.

  Valuation information and policy

  The investment property fair value is based on a valuation by Cushman & Wakefield ("C&W") an external, independent valuer, having qualified with the Royal Institute of Chartered Surveyors ("RICS") which is an appropriate recognised professional qualification. The valuation has been prepared in accordance with the RICS Valuation – Professional Standards (the "Red Book"). C&W has recent experience in the location and class of property being valued. C&W have issued the valuation of the LLP's perspective subject to the following material uncertainty disclosures: The valuation methodology requires subjective judgements that, even if logical and appropriate may differ from those made by a purchaser, or another valuer. Property values can change substantially over short periods of time, therefore the value of the property at the date of signing these financial statements may differ materially to the valuation provided at 31 March 2025. The valuations, which are supported by market evidence, are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs including voids and capital improvements. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation.

  Other accounting policies

  ACCOUNTING POLICIES (a) Basis of preparation of the financial statements The financial statements of the LLP have been prepared under the historical cost convention, except for investment properties that have been measured at fair value. The financial statements are presented in Sterling and rounded to the nearest £000. The financial statements have been prepared in accordance with UK GAAP, the Generally Accepted Accounting Practice is the body of accounting published by the UK's Financial Reporting council. The LLP has elected to present a single statement of comprehensive income and present its expenses by nature. (b) Going concern The financial statements are prepared on a going concern basis. The LLP is in net current liability position of £21.8 million as at 31 March 2025 (2024: £18.7 million), which is predominantly due to the intercompany loan of £21.6 million due to CUSP Limited Partnership (the "LP"). The funding provided by the LP to the LLP is part of the ongoing business plan of the LP, whereby repayment would be anticipated upon completion of the business plan once assets are realised. Therefore, the LP has no intention to recall the intercompany loan of £21.6 million within the next 12 months following approval of these financial statements. It was noted that the LP funds the LLP indirectly via its wholly owned subsidiaries, and that the funds received by LLP from its designated members were funded 55% by way of an interest free loan, and 45% by way of capital contribution. The Members have considered the following factors in relation to going concern. The LLP maintains detailed cash flow forecasts which are regularly reviewed by the Members to ensure that the LLP can continue to meet its obligations as they fall due despite the net liability position of LLP, as all expenses had been approved in line with a business plan that has the financial backing of British Airways Pension Trustees Limited and General Venture JAG Limited.(the "Ultimate Beneficial Owners"). The Members have given full consideration that the LLP has adequate resources to continue its operational existence for at least twelve months following signing of these financial statements. Thus the LLP adopts the going concern basis in preparing the annual financial statements. (c) Cash Flow exemption The LLP is exempt from preparing a cashflow statement under Section 7.1B of FRS 102 as the LLP complies with the small entity criteria and therefore is not required to prepare a statement of cash flows. The LLP has chosen to apply this exemption. (d) Taxation The LLP is treated as tax transparent for UK corporation tax, income tax and capital gains tax purposes. The activities of the LLP are not subject to income tax and the tax effects of the LLP activities accrue to the Members. Accordingly no provision for taxation is made in these financial statements.

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	0	0