Limited Liability Partnership registration number OC323881 (England and Wales)
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
1,968,905
3,037,896
Debtors
3
12,332
33,515
Cash at bank and in hand
538,140
168,184
2,519,377
3,239,595
Creditors: amounts falling due within one year
4
(501,043)
(309,526)
Net current assets and net assets attributable to members
2,018,334
2,930,069
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
2,018,334
2,930,069

For the financial year ended 30 November 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

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 9 April 2026 and are signed on their behalf by:
09 April 2026
St. Paul's Developments Limited
Designated member
Limited Liability Partnership registration number OC323881 (England and Wales)
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2025
£
£
£
Members' interests at 1 December 2024
2,930,069
2,930,069
2,930,069
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(11,735)
(11,735)
(11,735)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
2,918,334
2,918,334
2,918,334
Drawings on account and distributions of profit
(900,000)
(900,000)
(900,000)
Members' interests at 30 November 2025
2,018,334
2,018,334
2,018,334
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 December 2023
3,060,013
3,060,013
3,060,013
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(129,944)
(129,944)
(129,944)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
2,930,069
2,930,069
2,930,069
Members' interests at 30 November 2024
2,930,069
2,930,069
2,930,069
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
1
Accounting policies
Limited liability partnership information

Smithy Wood Business Parks Development LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6a Hall Annex Thorncliffe Park Estate, Newton Chambers Road, Chapeltown, Sheffield, South Yorkshire, England, S35 2PH.

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 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 revenue arising from the sale of land and property. It is stated at the fair value of consideration receivable, net of value added tax, rebates and discounts.

Revenue from the sale of land and property is recognised when the significant risks and benefits of ownership of the property have transferred to the buyer based on specific contract terms.

Rentals under operating leases are credited to the Statement of Comprehensive Income on a straight line basis over the lease term. Benefits allowed as an incentive to sign an operating lease are recognised on a straight line basis over the period.

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.

1.4
Stocks

Stocks comprise of land development costs. They are stated at the lower of cost and net realisable value, after provisions.

Cost is based on the cost of direct expenditure, labour and attributable overheads.

Net realisable value is the estimated selling price less all further costs to complete and all costs to be incurred in marketing and selling.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

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.

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.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

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.

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
Employees

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

2025
2024
Number
Number
Total
0
0
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,737
8,173
Other debtors
-
5,890
Prepayments and accrued income
3,595
19,452
12,332
33,515
SMITHY WOOD BUSINESS PARKS DEVELOPMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
4
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
16,721
Taxation and social security
215,739
-
Other creditors
285,304
292,805
501,043
309,526
5
Loans and other debts due to members

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

6
Operating lease commitments
Lessor

At the reporting end date the limited liability partnership had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
-
116,859
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