REGISTERED NUMBER: OC404120 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Priory Lane 2 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Designated members:

J F Daly

R Savill

Registered office:

Tyburn Lane Private Equity

Linen Hall

162-168 Regent Street

London

Greater London

W1B 5TD

Registered number:

OC404120 (England and Wales)

Fixed assets

Investments

4

686,852

686,852

Current assets

Debtors

3,380,241

3,202,258

Creditors

Amounts falling due within one year

5

3,380,241

3,202,258

Net current liabilities

-

-

Total assets less current liabilities

and

Net assets attributable to members

686,852

686,852

Loans and other debts due to members

-

-

Members' other interests

Capital accounts

686,852

686,852

686,852

686,852

Total members' interests

Members' other interests

686,852

686,852

Amounts due from members

(3,380,241

)

(3,202,258

)

(2,693,389

)

(2,515,406

)

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 29 December 2025 and were signed by:

J F Daly - Designated member

1.	Statutory information

Priory Lane 2 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.

Related party exemption

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In applying the firm's accounting policies, the members are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The members' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the

decisions are made, and are based on historical experience and other factors that are considered to be

applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions,

the actual results and outcomes may differ.

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.

Critical judgements in applying the company's accounting policies

The critical judgement that the members have made in the process of applying the firm's accounting policies

that have the most significant effect on the amounts recognised in the statutory financial statements are

discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment of assets, the members have considered

both external and internal sources of information such as market conditions, and experience or recoverability.

There have been no indicators or impairments identified during the current financial year.

Key accounting estimates and assumptions

The firm makes estimates and assumptions concerning the future. The resulting accounting estimates will, by

definition, seldom equal the related actual results. The key assumptions concerning the future, and other key

sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying

amounts of assets and liabilities within the next financial year are discussed below:

(i) Recoverability of receivables

The firm establishes a provision for receivables that are estimated not to be recoverable. When assessing

recoverability the members consider factors such as the aging of the receivables, past experience and

recoverability, and the credit profile of customers.

(ii) Determining residual values and useful economic lives of property, plant and equipment

The firm depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is

based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by management when determining the residual values for plant, machinery and

equipment. When determining the residual value management aim to assess the amount that the firm would

currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and liabilities are recognised when the partnership becomes party to the contractual provisions of the financial instrument. The partnership holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. The partnership has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets / liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with

original maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs,

and subsequently measured at amortised cost including the effective interest method, less any provision for

impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the partnership assesses whether there is objective evidence that an

receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the partnership will not be able to collect all amounts due according to the original terms of the

receivables.The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including

any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

Going concern

The financial statements have been prepared on a going concern basis. The Members have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Members have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the current economic environment, alongside the measures that they can take to mitigate the impact. The Members have also considered financial support available from both themselves and other Companies within the group. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Members have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

3.	Employee information

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

4.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2024

and 31 March 2025

686,852

Net book value

At 31 March 2025

686,852

At 31 March 2024

686,852

5.

Creditors: amounts falling due within one year

2025

2024

£

£

Other creditors

3,380,241

3,202,258