Limited Liability Partnership registration number OC447556 (England and Wales)
CREST PEABODY (TURWESTON) LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CREST PEABODY (TURWESTON) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Crest Nicholson Operations Ltd
Peabody Developments Ltd
LLP registration number
OC447556
Registered office
500 Dashwood Lang Road
Bourne Business Park
Addlestone
Surrey
KT15 2HJ
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
CREST PEABODY (TURWESTON) LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 16
CREST PEABODY (TURWESTON) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of property development.

Members' drawings, contributions and repayments

The members are to initially provide equal value loans in accordance with the requirements of the partnership agreement, to provide general working capital to the partnership in pursuit of its development objectives.

No members will be entitled to drawings from the partnership unless it has been expressly agreed by both parties. The Members will be entitled to share in the profit of the partnership in their relevant proportions. Each Member's share of the profit for any accounting period calculated in accordance with the partnership agreement shall be paid to it or credited to its Members current account. The partnership shall maintain accounts in the name of each of the Members to which there shall be credited that Member's share of the profit (if any) and that Member's share of contribution. Distribution of profit may only be made once Member loans and contributions have been repaid to members.

Detailed arrangements for repayment of capital exist to cover resignation by a Member, where this results in the appointment of a replacement member, or in the winding up of the LLP.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Crest Nicholson Operations Ltd
Peabody Developments Ltd
Risk management

The members have carried out a robust assessment of the principal risks and uncertainties facing the LLP, including those that could threaten its business model, future performance, solvency, or liquidity. These include reliance on member funding during the development phase, exposure to property market fluctuations, and potential regulatory changes. Mitigation strategies include formal funding agreements, stress-tested cash flow forecasts, and active monitoring of market conditions. The Members regularly review anticipated construction costs and selling prices to ensure the project remains viable in current market conditions.

Future developments

Currently, no further development opportunities are being considered by the LLP. The future of the LLP will be reviewed on completion of the current development.

Auditor

MGI Midgley Snelling LLP were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

CREST PEABODY (TURWESTON) LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 8 January 2026 and signed on behalf by:
08 January 2026
Crest Nicholson Operations Ltd
Peabody Developments Ltd
Designated Member
Designated Member
CREST PEABODY (TURWESTON) LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREST PEABODY (TURWESTON) LLP
- 3 -
Opinion

We have audited the financial statements of Crest Peabody (Turweston) LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

CREST PEABODY (TURWESTON) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREST PEABODY (TURWESTON) LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the limited liability partnership for fraud and identified that the greatest area of risk was in relation to management override and valuation of work in progress.

We have obtained an understanding of the legal and regulatory frameworks that the limited liability partnership operates in from discussions with the members and our knowledge of the limited liability partnership and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation

CREST PEABODY (TURWESTON) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREST PEABODY (TURWESTON) LLP
- 5 -

We performed the following audit procedures after consideration of the above risks which included the following:

- enquiry of management of actual and potential litigation and claims;

- agreeing purchase invoices for raw materials to ensure these are correctly allocated to WIP;

- review market data and sales forecasts for property developments to assess NRV of WIP;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Squires BEng FCA (Senior Statutory Auditor)
For and on behalf of MGI Midgley Snelling LLP, Statutory Auditor
Chartered Accountants
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
9 January 2026
CREST PEABODY (TURWESTON) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Year
Period
ended
ended
31 March
31 March
2025
2024
£
£
Turnover
-
-
Administrative expenses
(10,361)
(10,000)
Operating loss
(10,361)
(10,000)
Interest payable and similar expenses
6
(348,259)
(188,844)
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members
(358,620)
(198,844)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 16 form part of these financial statements.

CREST PEABODY (TURWESTON) LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
7
1,687,959
557,413
Debtors
8
5,621,978
5,240,988
Cash at bank and in hand
12,890,178
-
20,200,115
5,798,401
Creditors: amounts falling due within one year
Other creditors
9
162,036
90,581
Accruals and deferred income
10,000
10,000
172,036
100,581
Net current assets and net assets attributable to members
20,028,079
5,697,820
Represented by:
Loans and other debts due to members
10
Other amounts
16,128,567
4,721,091
Members' other interests
10
Members' capital classified as equity
3,899,512
976,729
20,028,079
5,697,820
Total members' interests
10
Amounts due from members
(557,464)
(198,844)
Loans and other debts due to members
16,128,567
4,721,091
Members' other interests
3,899,512
976,729
19,470,615
5,498,976

The notes on pages 10 to 16 form part of these financial statements.

The financial statements were approved by the members and authorised for issue on 8 January 2026 and are signed on their behalf by:
08 January 2026
Crest Nicholson Operations Ltd
Peabody Developments Ltd
Designated member
Designated Member
Limited Liability Partnership registration number OC447556 (England and Wales)
CREST PEABODY (TURWESTON) LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Members' capital
Other reserves
Total
Notes
£
£
£
Balance at 30 May 2023
-
-
-
Period ended 31 March 2024:
Loss and total comprehensive income for the year
-
(198,844)
(198,844)
Members' capital introduced
10
976,729
-
976,729
Profit allocations
-
198,844
198,844
Balance at 31 March 2024
976,729
-
976,729
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
(358,620)
(358,620)
Members' capital introduced
10
2,922,783
-
2,922,783
Profit allocations
-
358,620
358,620
Balance at 31 March 2025
3,899,512
-
3,899,512

The notes on pages 10 to 16 form part of these financial statements.

CREST PEABODY (TURWESTON) LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
14
(1,091,822)
(5,508,976)
Financing activities
Funds introduced by members (classified as debt)
13,982,000
5,508,976
Net cash generated from financing activities
13,982,000
5,508,976
Net increase in cash and cash equivalents
12,890,178
-
Cash and cash equivalents at beginning of year
-
-
Cash and cash equivalents at end of year
12,890,178
-

The notes on pages 10 to 16 form part of these financial statements.

CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Limited liability partnership information

Crest Peabody (Turweston) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey, KT15 2HJ.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of loans due to its members as these are measured at amortised cost. The principal accounting policies adopted are set out below.

1.2
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. The members have considered the LLP’s financial position, projected cash flows, and funding arrangements for a period of at least 12 months from the date of approval of these financial statements. The LLP is currently reliant on member funding to finance land acquisition and development activities, with sales expected in 1-2 years.

Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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 within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. 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.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Losses

Profit and losses are divided between members in accordance with the LLP agreement within 6 months of the accounting period.

CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
Unallocated profits and losses

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.

Members' remuneration and drawings

A project management fee of 2.75% of the gross development value of the project is payable to Crest Nicholson Operations Ltd by the LLP over the life of the development programme. The development life is determined to be one month after the project management agreement is signed. The project management fee is calculated on an interim basis by reference to the gross development value shown in the initial approval as appropriate on approval of the development appraisal and fully reconciled upon the final residual residential sale date with a reconciling payment due to or from the LLP.

A further marketing and sales management fee of 1.762% of the Market Units Gross Development value is payable to Crest Nicholson Operations Ltd by the LLP over the life of the development programme. The sales and marketing management fee is calculated on an interim basis by reference to the Units Gross Development Value shown in the initial approval as appropriate.

Capital contribution - interest free loans

The capital contribution represents the fair value amount that arose from the provision of an interest free loan to the LLP by its members.

1.4
Stocks

Work in progress comprises of initial costs incurred prior to the purchase of land which will be under development and is valued at the lower of cost and net realisable value. Provision is made for any foreseeable losses, where appropriate. No element of profit is included in the valuation of work in progress.

1.5
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 current liabilities.

1.6
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.

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.

CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 paymen ts 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. A m ounts 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.

1.7
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Discount factor on members loans

The incremental borrowing rate used to measure amounts due to members is 7%, which is SONIA plus margin on inter-group borrowing facilities. The members consider this a reasonable rate to amortise the amounts due to members.

During the year, the LLP revised this rate from 5% to 7% to better reflect market conditions. The change has been applied prospectively from 1 April 2024.

3
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
10,000
10,000
4
Employees

The LLP has no employees during the period.

CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
5
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
2
2
6
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest
348,259
188,844
7
Stocks
2025
2024
£
£
Work in progress
1,687,959
557,413
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by members
557,464
198,844
Other debtors
5,064,514
5,042,144
5,621,978
5,240,988
9
Other creditors falling due within one year
2025
2024
£
£
Trade creditors
162,036
90,581
CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
10
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Amounts due to members
4,721,091
Amounts due from members
(198,844)
Members' interests at 1 April 2024
976,729
-
976,729
4,522,247
4,522,247
5,498,976
Loss for the financial year available for discretionary division among members
-
(358,620)
(358,620)
-
-
(358,620)
Members' interests after loss for the year
976,729
(358,620)
618,109
4,522,247
4,522,247
5,140,356
Allocation of loss for the financial year
-
358,620
358,620
(358,620)
(358,620)
-
Introduced by members
2,922,783
-
2,922,783
11,407,476
11,407,476
14,330,259
Members' interests at 31 March 2025
3,899,512
-
3,899,512
15,571,103
15,571,103
19,470,615
Amounts due to members
16,128,567
Amounts due from members, included in debtors
(557,464)
15,571,103
CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
11
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due after more than one year
16,128,567
4,721,091
16,128,567
4,721,091

The above is a loan due to its members. This loan is due for repayment out of sales proceeds which are estimated to happen in 2027, the loan is recognised at amortised cost with an effective rate of interest of 7%.

The loan is secured by way of a floating charge over all LLP assets.

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

No restrictions or limitations exist on the ability of the members to reduce the amount of ‘Members’ other interests’ other than prior written constant of the other member.

12
Related party transactions

During the period, there were project management fees of £478,222 (2024: £258,628) charged by Crest Nicholson Operations Limited. This is shown within work in progress at the period end.

13
Ultimate controlling party

The LLP is jointly controlled by Crest Nicholson Operations Limited and Peabody Developments Limited. No one Member has overall control.

14
Cash absorbed by operations
2025
2024
£
£
Loss after taxation
(358,620)
(198,844)
Adjustments for:
Finance costs recognised in profit or loss
348,259
188,844
Movements in working capital:
Increase in stocks
(1,130,546)
(557,413)
Increase in debtors
(22,370)
(5,042,144)
Increase in creditors
71,455
100,581
Cash absorbed by operations
(1,091,822)
(5,508,976)
CREST PEABODY (TURWESTON) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
15
Analysis of changes in net funds
1 April 2024
Non-cash changes
31 March 2025
£
£
£
Cash at bank and in hand
-
12,890,178
12,890,178
Balances before members' debt
-
12,890,178
12,890,178
Loans and other debts due to members:
- Other amounts due to members
(4,721,091)
(11,407,476)
(16,128,567)
Balances including members' debt
(4,721,091)
1,482,702
(3,238,389)
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