REGISTERED NUMBER: OC372374 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RED DRAGON MANAGEMENT LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs S J Murphy

Mr R B C Murphy

REGISTERED OFFICE:

Oakfield House

Station Road

Wargrave

Berkshire

RG10 8EU

REGISTERED NUMBER:

OC372374 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

Hillside

Albion Street

Chipping Norton

Oxfordshire

OX7 5BH

FIXED ASSETS

Tangible assets

4

195,150

205,226

CURRENT ASSETS

Debtors

5

943,460

824,423

Cash at bank

4,220

15,686

947,680

840,109

CREDITORS

Amounts falling due within one year

6

16,758

3,124

NET CURRENT ASSETS

930,922

836,985

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,126,072

1,042,211

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

1,126,072

1,042,211

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

1,126,072

1,042,211

Amounts due from members

5

(935,164

)

(819,169

)

190,908

223,042

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 December 2024.

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 30 December 2025 and were signed by:

Mr R B C Murphy - Designated member

1.	STATUTORY INFORMATION

Red Dragon Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

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

Plant and machinery

-

33% on cost and 5% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’

and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when

the limited liability partnership becomes party to the contractual provisions of the instrument.

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' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members'

agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from

the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A

member's participation rights including amounts subscribed or otherwise contributed by members, for example

members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to

members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other

means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to

members’ to the extent they exceed debts due from a specific member.

Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible

assets to determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,

the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An

impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued

amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is

recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the reversal of the impairment loss is treated as a revaluation increase.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publicly traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present

value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss's recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks

and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained

but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are

not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

502,781

-

7,761

510,542

Additions

-

21,500

-

21,500

Disposals

(320

)

-

-

(320

)

At 31 December 2024

502,461

21,500

7,761

531,722

DEPRECIATION

At 1 January 2024

304,029

-

1,287

305,316

Charge for year

23,958

5,375

2,137

31,470

Eliminated on disposal

(214

)

-

-

(214

)

At 31 December 2024

327,773

5,375

3,424

336,572

NET BOOK VALUE

At 31 December 2024

174,688

16,125

4,337

195,150

At 31 December 2023

198,752

-

6,474

205,226

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts due from members

935,164

819,169

Other debtors

630

630

VAT

4,332

1,564

Prepayments

3,334

3,060

943,460

824,423

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

13,258

1,374

Other creditors

2,500

1,750

Accrued expenses

1,000

-

16,758

3,124

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the LLP is R Murphy, a designated member.