Company No: OC425362 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Investments	4	1		1
		1		1
Current assets
Debtors	5	0		558,013
		0		558,013
Creditors: amounts falling due within one year	6	( 3,062)		( 6,100)
Net current (liabilities)/assets		(3,062)		551,913
Total assets less current liabilities		(3,061)		551,914
Net (liabilities)/assets attributable to members		( 3,061)		551,914
Represented by
Loans and other debts due to members within one year
Other amounts		871,369		866,543
		871,369		866,543
Members' other interests
Members' capital classified as equity		10		10
Other reserves		(874,440)		(314,639)
		(874,430)		(314,629)
		(3,061)		551,914
Total members' interests
Loans and other debts due to members		871,369		866,543
Members' other interests		(874,430)		(314,629)
		(3,061)		551,914

For the financial year ending 31 December 2024 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Summix LKY Developments LLP (registered number: OC425362) were approved and authorised for issue by the Board of Directors on 30 December 2025. They were signed on its behalf by:

T Naqib Summix Limited

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Summix LKY Developments LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Fifth Floor, Berkeley Square House, Berkeley Square, London, W1J 6BY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group entities 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.

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Members' participation rights

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.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Policy on members' drawings

The members' drawing policy states no member shall be entitled to draw on account of his or its profit share of profits at any time unless any Designated member shall agree.

A members' capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership.

2. Prior year adjustment

In line with the LLP agreement the prior year presentation of the automatic division of results to members has been removed from the face of the profit and loss account. In conjunction with this in the current year, accumulated losses which were previously presented within Other Debtors (due from members) have been reclassified to Members’ Interests in Equity. The reclassification has been applied retrospectively, and comparative figures have been restated accordingly.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Other debtors		314,634		(314,634)		0
Other reserves		0		314,634		314,634

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

There were no employees during the current year or prior year.

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	2024		2023
	Number		Number
Average number of members during the financial year	2		2

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	1		1
At 31 December 2024	1		1
Carrying value at 31 December 2024	1		1
Carrying value at 31 December 2023	1		1

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2024	Ownership 31.12.2023	Held
Summix BRW Developments Ltd	Fifth Floor, Berkeley Square House, Berkeley Square, London, W1J 6BY	Property development	Ordinary	100.00%	100.00%	Direct

5. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	0		558,013

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	0		600
Other creditors	3,062		5,500
	3,062		6,100

7. Related party transactions

The limited liability partnership has availed itself of the exemptions available under FRS 102 not to disclosure transactions with wholly owned group companies.

8. Loans and others debts due to members

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