Limited Liability Partnership registration number OC374499 (England and Wales)
HOWES LANE PROJECTS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
HOWES LANE PROJECTS LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
HOWES LANE PROJECTS LLP
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
4
200,000
200,000
Debtors
5
5,128,006
3,218,132
Cash at bank and in hand
293,149
752,690
5,621,155
4,170,822
Creditors: amounts falling due within one year
6
(160,049)
(854,990)
Net current assets and net assets attributable to members
5,461,106
3,315,832
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
5,441,717
3,052,831
Other amounts
18,389
262,001
5,460,106
3,314,832
Members' other interests
Members' capital classified as equity
1,000
1,000
5,461,106
3,315,832

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 22 January 2026 and are signed on their behalf by:
22 January 2026
Faccenda Property Limited
Designated member
Limited Liability Partnership registration number OC374499 (England and Wales)
HOWES LANE PROJECTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Current financial year
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
£
£
£
£
£
£
Members' interests at 1 June 2024
1,000
-
1,000
3,314,832
3,314,832
3,315,832
Profit for the financial year available for discretionary division among members
-
4,668,886
4,668,886
-
-
4,668,886
Members' interests after profit for the year
1,000
4,668,886
4,669,886
3,314,832
3,314,832
7,984,718
Allocation of profit for the financial year
-
(4,668,886)
(4,668,886)
4,668,886
4,668,886
-
Introduced by members
-
-
-
6,388
6,388
6,388
Repayment of debt (including members' capital classified as a liability)
-
-
-
(250,000)
(250,000)
(250,000)
Other movements
-
-
-
(2,280,000)
(2,280,000)
(2,280,000)
Members' interests at 31 May 2025
1,000
-
1,000
5,460,106
5,460,106
5,461,106
HOWES LANE PROJECTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Prior financial year
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
2024
£
£
£
£
£
£
Members' interests at 1 June 2023
1,000
-
1,000
2,660,497
2,660,497
2,661,497
Profit for the financial year available for discretionary division among members
-
392,334
392,334
-
-
392,334
Members' interests after profit for the year
1,000
392,334
393,334
2,660,497
2,660,497
3,053,831
Allocation of profit for the financial year
-
(392,334)
(392,334)
392,334
392,334
-
Introduced by members
-
-
-
262,001
262,001
262,001
Members' interests at 31 May 2024
1,000
-
1,000
3,314,832
3,314,832
3,315,832
HOWES LANE PROJECTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
1
Accounting policies
Limited liability partnership information

Howes Lane Projects LLP is a limited liability partnership incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.

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

1.1
Accounting convention

These financial statements have been prepared in accordance 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable from the sale of land, excluding value added tax, under contractual obligations.

Where the consideration receivable represents a financing arrangement, the turnover recognised is discounted to its present value. Interest is then recognised on amounts outstanding up to the point when the balance is settled in full.

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.

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.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

HOWES LANE PROJECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -

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.

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

HOWES LANE PROJECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

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.

HOWES LANE PROJECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
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.

Stock

Work-in-progress, included within stock, relates to a piece of land retained by the LLP at Howes Lane, Bicester. The land was initially valued at cost. Upon review by the members, this was impaired in the year ended 31 May 2024, to £200,000, the estimated recoverable amount of the land. This was based on an estimate performed by Albion Land, who developed the site. The members reviewed the position at 31 May 2025 and did not consider any further impairments necessary, taking into the consideration the movements of the prices of land, the expected future use and the anticipated future cash flows associated with the land. This includes an expectation that a strategic link road will be built through the site, which is part of an ongoing planning application by a separate entity.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
0
0
4
Stocks
2025
2024
£
£
Stocks
200,000
200,000

Fixed and floating charges are held over the land at Howes Lane, held in Work-in-Progress, by Cherwell District Council, Oxfordshire County Council, WH Farms Limited, Coldharbour Farming Limited and Faccenda Property Limited.

During the current year the LLP has recognised impairment losses in respect of land held as work in progress amounting to £nil (2024 - £159,888). This amount was included within cost of sales in 2024.

This impairment arose due to ongoing uncertainties over the realistic likelihood that third party works required to connect this site to main infrastructure will be completed.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
326,951
Other debtors
218,878
2,891,181
Prepayments and accrued income
4,909,128
-
5,128,006
3,218,132
HOWES LANE PROJECTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
-
688,490
Other creditors
160,049
166,500
160,049
854,990
7
Loans and other debts due to members

In the event of a winding up the amounts included in "l oans and other debts due to members" will rank equally with unsecured creditors.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Martin Anson
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
22 January 2026
9
Members' transactions

During the year ended 31 May 2025 £127,500 (2024 - £nil) previously advanced was repaid to Faccenda Property Limited and a further £6,388 (2023 - £139,501) was advanced during the year. As at 31 May 2025 £18,388 (2024 - £139,501) was outstanding from the loan. No interest was charged on amounts advanced.

During the year ended 31 May 2025 £61,250 (2024 - £nil) previously advanced was repaid to Coldharbour Farming Limited. As at 31 May 2025 £nil (2024 - £61,250) was outstanding. No interest was charged on amounts advanced.

During the year ended 31 May 2025 £61,250 (2024 - £nil) previously advanced was repaid to W H Farms Limited. As at 31 May 2025 £nil (2024 - £61,250) was outstanding. No interest was charged on amounts advanced.

10
Parent company

The immediate parent undertaking of the limited liability partnership is Faccenda Property by virtue that it is a designated member and has invested 51% of the members capital. The ultimate parent undertaking is Faccenda Holdings Limited. Both Faccenda Property Limited and Faccenda Holdings Limited are incorporated and registered in England and Wales.

Copies of the consolidated financial statements of Faccenda Holdings Limited are available from the registered office at Willow Road, Brackley, Northamptonshire, NN13 7EX.

The ultimate controlling party is Payne Hicks Beach Trust Corporation Limited, a company acting as a corporate trustee for a number of trusts that own shares in Faccenda Holdings Limited.

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