Tonic Properties LLP - LLP accounts 24.3

REGISTERED NUMBER: OC371176 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Tonic Properties LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Reconciliation of Members' Interests

7

Notes to the Financial Statements

9

DESIGNATED MEMBERS:

Mr A M P Connor

Ms N Dunlop

REGISTERED OFFICE:

61 Stanley Road

Bootle

Merseyside

L20 7BZ

REGISTERED NUMBER:

OC371176 (England and Wales)

ACCOUNTANTS:

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of residential property lettings.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr A M P Connor

Ms N Dunlop

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £38,598 (2025 - £33,227 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them after the satisfaction of regulatory capital requirements.

The overall policy in relation to the amounts subscribed or otherwise contributed by members is that is should be sufficient for the day-to-day running of the business, and to meet its regulatory requirements. Capital will be repaid when a member leaves their post.

Details of transfers of members' interests from equity to debt (and vice versa) up to the date of approval of the accounts are set out in the notes to the financial statements.

ON BEHALF OF THE MEMBERS:

Mr A M P Connor - Designated member

26 May 2026

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Tonic Properties LLP for the year ended 31 March 2026 which comprise the Income Statement, Statement of Financial Position, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Tonic Properties LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tonic Properties LLP and state those matters that we have agreed to state to the members of Tonic Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tonic Properties LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Tonic Properties LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tonic Properties LLP. You consider that Tonic Properties LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tonic Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

27 May 2026

TURNOVER

96,572

89,756

Cost of sales

35,706

32,816

GROSS PROFIT

60,866

56,940

Administrative expenses

22,268

26,264

OPERATING PROFIT

4

38,598

30,676

Profit/loss on disposal of fixed asset
investments

5

-

2,551

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

38,598

33,227

FIXED ASSETS

Tangible assets

7

47,350

59,589

Investment property

8

950,000

997,350

1,009,589

CURRENT ASSETS

Debtors

9

3,946

5,336

Cash at bank

43,068

104,340

47,014

109,676

CREDITORS

Amounts falling due within one year

10

4,717

4,625

NET CURRENT ASSETS

42,297

105,051

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,039,647

1,114,640

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

761,496

836,489

MEMBERS' OTHER INTERESTS

Capital accounts

10,000

Revaluation reserve

12

268,151

1,039,647

1,114,640

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

761,496

836,489

Members' other interests

278,151

1,039,647

1,114,640

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2026.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 26 May 2026 and were signed by:

Mr A M P Connor - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Revaluation

Other

equity)

reserve

reserves

Total

£

Balance at 1 April 2025

10,000

268,151

-

278,151

Profit for the financial year available for
discretionary division among members

-

38,598

Members' interests after profit for the year

10,000

268,151

38,598

316,749

Other divisions of profit

-

(38,598

)

(38,598

)

Drawings on account and distributions of profit

-

Balance at 31 March 2026

10,000

268,151

-

278,151

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

836,489

Amount due from members

-

Balance at 1 April 2025

836,489

1,114,640

Profit for the financial year available for
discretionary division among members

-

38,598

Members' interests after profit for the year

836,489

1,153,238

Other divisions of profit

38,598

-

Drawings on account and distributions of profit

(113,591

)

(113,591

)

Amount due to members

761,496

Amount due from members

-

Balance at 31 March 2026

761,496

1,039,647

EQUITY

Members' other interests

Members'

capital

(classified

as

Revaluation

Other

equity)

reserve

reserves

Total

£

Balance at 1 April 2024

10,000

242,435

-

252,435

Profit for the financial year available for
discretionary division among members

-

33,227

Members' interests after profit for the year

10,000

242,435

33,227

285,662

Other divisions of profit

-

(33,227

)

(33,227

)

Current year movement

-

25,716

-

25,716

Introduced by members

-

Drawings on account and distributions of profit

-

Balance at 31 March 2025

10,000

268,151

-

278,151

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

818,093

Amount due from members

-

Balance at 1 April 2024

818,093

1,070,528

Profit for the financial year available for
discretionary division among members

-

33,227

Members' interests after profit for the year

818,093

1,103,755

Other divisions of profit

33,227

-

Current year movement

-

25,716

Introduced by members

44,000

Drawings on account and distributions of profit

(58,831

)

(58,831

)

Amount due to members

836,489

Amount due from members

-

Balance at 31 March 2025

836,489

1,114,640

1.	STATUTORY INFORMATION

Tonic Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2025 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.26

31.3.25

£

Depreciation - owned assets

12,239

15,692

5.	EXCEPTIONAL ITEMS

31.3.26

31.3.25

£

Profit/loss on disposal of fixed asset
investments

-

2,551

6.	INFORMATION IN RELATION TO MEMBERS

31.3.26

31.3.25

The average number of members during the year was

3

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

and 31 March 2026

75,281

DEPRECIATION

At 1 April 2025

15,692

Charge for year

12,239

At 31 March 2026

27,931

NET BOOK VALUE

At 31 March 2026

47,350

At 31 March 2025

59,589

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

950,000

NET BOOK VALUE

At 31 March 2026

950,000

At 31 March 2025

950,000

Fair value at 31 March 2026 is represented by:

£

Valuation in 2017

(24,284

)

Valuation in 2022

257,385

Valuation in 2023

(14,950

)

Valuation in 2024

50,000

Cost

681,849

950,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.26

31.3.25

£

Cost

681,849

The investment properties were valued on an open market basis on 3 August 2022 by the members .

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Trade debtors

3,946

5,336

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Trade creditors

-

165

Other creditors

4,717

4,460

4,717

4,625

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2020

2019

£

Loans from members

57,455

Amounts owed to members in respect of profits

780,646

795,805

838,101

853,260

Falling due with in one year

838,101

853,260

Loans and other debts are due to the members and pari passu in relation to all creditors of the LLP in the event of a winding up.

No protection is afforded by the LLP to non-members creditors.

There are no restrictions on the ability of members to reduce the amount of 'members' other interest.

12.

RESERVES

Revaluation

reserve

£

At 1 April 2025

and 31 March 2026

268,151