Silverfin false false 31/03/2025 01/04/2024 31/03/2025 C Garnett 20/10/2003 S N Wade 31/03/2022 21 January 2026 The principal activity of the limited liability partnership continued to be that of providing architechtural services. OC305826 2025-03-31 OC305826 bus:Director1 2025-03-31 OC305826 bus:Director2 2025-03-31 OC305826 2024-03-31 OC305826 core:CurrentFinancialInstruments 2025-03-31 OC305826 core:CurrentFinancialInstruments 2024-03-31 OC305826 core:Non-currentFinancialInstruments 2025-03-31 OC305826 core:Non-currentFinancialInstruments 2024-03-31 OC305826 core:Vehicles 2024-03-31 OC305826 core:FurnitureFittings 2024-03-31 OC305826 core:ComputerEquipment 2024-03-31 OC305826 core:Vehicles 2025-03-31 OC305826 core:FurnitureFittings 2025-03-31 OC305826 core:ComputerEquipment 2025-03-31 OC305826 core:CostValuation 2024-03-31 OC305826 core:CostValuation 2025-03-31 OC305826 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2025-03-31 OC305826 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-03-31 OC305826 2024-04-01 2025-03-31 OC305826 bus:FilletedAccounts 2024-04-01 2025-03-31 OC305826 bus:SmallEntities 2024-04-01 2025-03-31 OC305826 bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC305826 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC305826 bus:Director1 2024-04-01 2025-03-31 OC305826 bus:Director2 2024-04-01 2025-03-31 OC305826 core:Vehicles core:TopRangeValue 2024-04-01 2025-03-31 OC305826 core:FurnitureFittings core:TopRangeValue 2024-04-01 2025-03-31 OC305826 core:ComputerEquipment core:TopRangeValue 2024-04-01 2025-03-31 OC305826 2023-04-01 2024-03-31 OC305826 core:Vehicles 2024-04-01 2025-03-31 OC305826 core:FurnitureFittings 2024-04-01 2025-03-31 OC305826 core:ComputerEquipment 2024-04-01 2025-03-31 OC305826 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Company No: OC305826 (England and Wales)

# GARNETT ARCHITECTURE LLP

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

GARNETT ARCHITECTURE LLP

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

GARNETT ARCHITECTURE LLP

## BALANCE SHEET

As at 31 March 2025
GARNETT ARCHITECTURE LLP

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 61,323 |  | 82,885
Investments | 4 | 100 |  | 100
|  | 61,423 |  | 82,985
Current assets |  |  |  |
Debtors | 5 | 208,998 |  | 192,810
Cash at bank and in hand |  | 112,468 |  | 107,823
|  | 321,466 |  | 300,633
Creditors: amounts falling due within one year | 6 | ( 321,896) |  | ( 295,275)
Net current (liabilities)/assets |  | (430) |  | 5,358
Total assets less current liabilities |  | 60,993 |  | 88,343
Creditors: amounts falling due after more than one year | 7 | ( 27,494) |  | ( 64,130)
Net assets attributable to members |  | 33,499 |  | 24,213
Represented by |  |  |  |
Loans and other debts due to members within one year |  |  |  |
Members' capital classified as a liability |  | 5,000 |  | 5,000
Other amounts |  | 28,499 |  | 19,213
|  | 33,499 |  | 24,213
Members' other interests |  |  |  |
|  | 0 |  | 0
|  | 33,499 |  | 24,213
Total members' interests |  |  |  |
Loans and other debts due to members |  | 33,499 |  | 24,213
|  | 33,499 |  | 24,213

For the financial year ending 31 March 2025 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.

Garnett Architecture LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of Garnett Architecture LLP (registered number: OC305826) were approved and authorised for issue by the Board of Directors on 21 January 2026. They were signed on its behalf by:

C Garnett Designated member |

GARNETT ARCHITECTURE LLP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
GARNETT ARCHITECTURE LLP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 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

Garnett Architecture 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 2 Leman Street, London, E1W 9US, United Kingdom.
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 Company and rounded to the nearest £.

##### Turnover

Turnover represents amounts receivable for architectural services net of VAT.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles | 4 years straight line
Fixtures and fittings | 4 years straight line
Computer equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

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

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### 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 Company 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 Company 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 Company 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 Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, 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 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

##### 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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the LLP during the year | 15 |  | 15

#### 3. Tangible assets

| Vehicles |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 54,875 |  | 2,578 |  | 70,595 |  | 128,048
Additions | 0 |  | 0 |  | 10,212 |  | 10,212
At 31 March 2025 | 54,875 |  | 2,578 |  | 80,807 |  | 138,260
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 9,146 |  | 728 |  | 35,289 |  | 45,163
Charge for the financial year | 13,719 |  | 645 |  | 17,410 |  | 31,774
At 31 March 2025 | 22,865 |  | 1,373 |  | 52,699 |  | 76,937
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 32,010 |  | 1,205 |  | 28,108 |  | 61,323
At 31 March 2024 | 45,729 |  | 1,850 |  | 35,306 |  | 82,885

#### 4. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 100
At 31 March 2025 | 100
Carrying value at 31 March 2025 | 100
Carrying value at 31 March 2024 | 100

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 143,114 |  | 156,589
Other debtors | 65,884 |  | 36,221
| 208,998 |  | 192,810

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 28,125 |  | 37,500
Trade creditors | 4,912 |  | 8,653
Amounts owed to own subsidiaries | 33,407 |  | 27,087
Other taxation and social security | 108,436 |  | 106,835
Obligations under finance leases and hire purchase contracts | 8,510 |  | 8,299
Other creditors | 138,506 |  | 106,901
| 321,896 |  | 295,275

The member considers that the carrying amount of trade payables approximates to their fair value.

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 28,125
Obligations under finance leases and hire purchase contracts | 27,494 |  | 36,005
| 27,494 |  | 64,130

#### 8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

| 2025 |  | 2024
| £ |  | £
Garnett Design Management Limited | 33,407 |  | 27,087