Rodewell Properties LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC353713 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Rodewell Properties LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J E J Blackwell

E K Blackwell

REGISTERED OFFICE:

17 Nicholas Way

Northwood

London

HA6 2TR

REGISTERED NUMBER:

OC353713 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Tangible assets

4

-

Investment property

5

3,380,000

CURRENT ASSETS

Debtors

6

23,959

23,832

Cash at bank

119,113

181,806

143,072

205,638

CREDITORS

Amounts falling due within one year

7

(45,404

)

(66,927

)

NET CURRENT ASSETS

97,668

138,711

TOTAL ASSETS LESS CURRENT LIABILITIES

3,477,668

3,518,711

CREDITORS

Amounts falling due after more than one year

8

(800,000

)

(1,085,000

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,677,668

2,433,711

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

728,653

484,696

MEMBERS' OTHER INTERESTS

Capital accounts

1,003,400

Revaluation reserve

11

945,615

2,677,668

2,433,711

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

728,653

484,696

Members' other interests

1,949,015

Amounts due from members

6

(6,849

)

(3,961

)

2,670,819

2,429,750

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 20 August 2025 and were signed by:

J E J Blackwell - Designated member

1.	STATUTORY INFORMATION

Rodewell Properties 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the LLP's accounting policies the members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The LLP does not make significant estimates and assumptions concerning the future.

Turnover

The turnover in the profit and loss account relates to rental income receivable by the LLP exclusive of Value Added Tax.

Turnover on rental income is recognised on a monthly basis in line with the rental agreement.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Investment property

Investment property is included at fair value. Changes in market value are recognised in the income statement.

No depreciation is charged on investment properties. Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the members believe that the policy of not providing depreciation is necessary in order for the financial statements to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

840

DEPRECIATION

At 1 April 2024

and 31 March 2025

840

NET BOOK VALUE

At 31 March 2025

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

3,380,000

NET BOOK VALUE

At 31 March 2025

3,380,000

At 31 March 2024

3,380,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2022

489,640

Valuation in 2023

46,269

Valuation in 2024

430,635

Cost

2,413,456

3,380,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

Cost

2,413,456

Investment property was valued on an open market basis on 31 March 2025 by Mr J Blackwell, a Chartered Surveyor .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

15,600

18,465

Other debtors

8,359

5,367

23,959

23,832

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

-

20,000

Taxation and social security

12,670

12,679

Other creditors

32,734

34,248

45,404

66,927

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

Bank loans

800,000

1,085,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank loans

800,000

1,105,000

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

945,615

12.	ULTIMATE CONTROLLING PARTY

Mr J Blackwell controls the LLP.

13.	CAPITAL ACCOUNTS

Mr Blackwell introduced his own funds of £2,203,400 into the LLP when the business started in 2010. In 2020, £1,200,000 of these funds were drawn from the LLP. These funds have been provided interest free to the LLP since 2010 to establish and expand its business. Whilst no interest charge has been levied on these funds since 2010, Mr Blackwell reserves the right to make an interest charge at a commercial rate on these funds.