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REGISTERED NUMBER: OC309545

STREETS LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 March 2025

STREETS LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 35,114 | 451

Current assets

Debtors | 6 | 2,814,433 |  | 2,251,346
Cash at bank and in hand | 231 |  | 918
| ------------- |  | -------------
| 2,814,664 |  | 2,252,264

Creditors: amounts falling due within one year | 7 | ( 1,939,731) |  | ( 1,781,746)
| ------------- |  | -------------
Net current assets |  | 874,933 | 470,518
|  | ---------- | ----------
Total assets less current liabilities |  | 910,047 | 470,969
|  | ---------- | ----------

Represented by:
Loans and other debts due to members

Other amounts | 8 |  | 557,947 | 118,869

Members' other interests

Members' capital classified as equity |  | 352,100 | 352,100
Other reserves |  | – | –
|  | ---------- | ----------
|  | 910,047 | 470,969
|  | ---------- | ----------

Total members' interests

Amounts due from members |  | (398,888) | (152,948)
Loans and other debts due to members | 8 |  | 557,947 | 118,869
Members' other interests |  | 352,100 | 352,100
|  | ---------- | ----------
|  | 511,159 | 318,021
|  | ---------- | ----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

STREETS LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025
These financial statements were approved by the members and authorised for issue on 23 December 2025 , and are signed on their behalf by:
Paul F Tutin Ltd
Designated member
Registered number: OC309545

STREETS LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. | General information

The LLP is registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.

2. | Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3. | Accounting policies

Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax, and is inclusive of accrued income for any work done not invoiced. Given the nature of the services provided the billings plus any accrued income represent the fair value of the services provided.
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
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.
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 statement of comprehensive income 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'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Leasehold Improvements | - | 10% straight line
| Plant & machinery | - | 20% straight line
| IT Equipment | - | 33 % straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. | Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 47 (2024: 48 ).

5. | Tangible assets

| Land and buildings | Plant and machinery | IT Equipment | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 April 2024 | – | – | 580 | 580
Additions | 14,764 | 20,935 | 624 | 36,323
| --------- | --------- | ------- | ---------
At 31 March 2025 | 14,764 | 20,935 | 1,204 | 36,903
| --------- | --------- | ------- | ---------
Depreciation |  |  |  |
At 1 April 2024 | – | – | 129 | 129
Charge for the year | 600 | 780 | 280 | 1,660
| --------- | --------- | ------- | ---------
At 31 March 2025 | 600 | 780 | 409 | 1,789
| --------- | --------- | ------- | ---------
Carrying amount |  |  |  |
At 31 March 2025 | 14,164 | 20,155 | 795 | 35,114
| --------- | --------- | ------- | ---------
At 31 March 2024 | – | – | 451 | 451
| --------- | --------- | ------- | ---------

6. | Debtors

| 2025 | 2024
| £ | £
Trade debtors | 931,366 | 882,121
Other debtors | 1,883,067 | 1,369,225
| ------------- | -------------
| 2,814,433 | 2,251,346
| ------------- | -------------

7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 477,412 | 600,505
Trade creditors | 1,247,528 | 954,174
Social security and other taxes | 214,791 | 227,067
| ------------- | -------------
| 1,939,731 | 1,781,746
| ------------- | -------------

The bank borrowings are secured by the debenture detailed in the charges on assets note.

8. | Loans and other debts due to members

| 2025 | 2024
| £ | £
Amounts owed to members in respect of profits | 557,947 | 118,869
| ---------- | ----------

9. | Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 36,183 | 36,183
Later than 1 year and not later than 5 years | 83,585 | 119,768
| ---------- | ----------
| 119,768 | 155,951
| ---------- | ----------

10. | Charges on assets

Natwest Bank hold a debenture which secures all amounts owing to the bank by any of the Streets entities. The debenture contains a fixed and floating charge over the assets of this LLP and other related Streets entities.

11. | Related party transactions

The partnership was under the control of Streets Management Services, a general commercial partnership, throughout the current and previous year. The partnership did not enter into any transactions during the current or previous year, such as would require disclosure in accordance with FRS 102 section 1A.