Limited Liability Partnership registration number OC451939 (England and Wales)
P KNIGHT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR PERIOD FROM 17 APRIL 2024 TO 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
P KNIGHT LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
P KNIGHT LLP
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
2025
Notes
£
£
Fixed assets
Investment property
4
2,440,000
Current assets
-
Creditors: amounts falling due within one year
5
(2,440,000)
Net current liabilities
(2,440,000)
Total assets less current liabilities and net assets attributable to members
-
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
50,960
Other amounts
(50,960)
-
TOTAL MEMBERS' INTERESTS

For the financial period ended 30 April 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 23 April 2026 and are signed on their behalf by:
23 April 2026
S Harding
Designated member
Limited Liability Partnership registration number OC451939 (England and Wales)
P KNIGHT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 2 -
1
Accounting policies
Limited liability partnership information

P Knight LLP is a limited liability partnership incorporated in England and Wales. The registered office is Forge Farm, Northleigh, Colyton, Devon, EX24 6BJ.

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

1.1
Reporting period

This is the first time the limited liability partnership has presented its financial statements since its incorporation and hence the financial statements presented are for a period of more than twelve months with no comparatives.

1.2
Basis of preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in May 2024, 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
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. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents the amounts recoverable for property rental services.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

P KNIGHT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 3 -
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.

2
Employees

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

2025
Number
Total
0
3
Information in relation to members
2025
Number
Average number of members during the period
4
4
Investment property
2025
£
Fair value
At 17 April 2024
-
Additions
2,440,000
At 30 April 2025
2,440,000

On 12 August 2024, the limited liability partnership acquired the beneficial interest in the investment properties from a member for £2,440,000, being the market value of the properties at that date. Members believe that the fair value of the investment properties had not materially changed between acquisition date and the balance sheet date.

5
Creditors: amounts falling due within one year
2025
£
Other creditors
2,440,000
P KNIGHT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 4 -
6
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
£
£
£
£
£
£
Balance at 17 April 2024
-
-
-
-
-
-
Profit for the period available for discretionary division among members
-
50,960
50,960
-
-
50,960
Members' interests after profit for the period
-
50,960
50,960
-
-
50,960
Allocation of profit for the period
-
(50,960)
(50,960)
50,960
50,960
-
Other movements
-
-
-
(50,960)
(50,960)
(50,960)
Balance at 30 April 2025
-
-
-
-
-
-
P KNIGHT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 5 -
7
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.

8
Related party transactions

Included within other creditors is deferred consideration of £2,440,000 payable to a member of the limited liability partnership in respect of the acquisition of the beneficial interest in the investment properties.

During the period £37,225 was paid to S Harding, a member of the limited liability partnership, in respect of property maintenance services.

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