Company No: OC335754 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	4	102,870		115,642
		102,870		115,642
Current assets
Stocks		70,468		77,185
Debtors	5	12,616		115,380
Cash at bank and in hand		270,707		0
		353,791		192,565
Creditors: amounts falling due within one year	6	( 384,148)		( 369,407)
Net current liabilities		(30,357)		(176,842)
Total assets less current liabilities		72,513		(61,200)
Creditors: amounts falling due after more than one year	7	( 53,497)		( 11,770)
Net assets/(liabilities) attributable to members		19,016		( 72,970)
Represented by
Loans and other debts due to members within one year
Other amounts	8	262,184		170,198
		262,184		170,198
Members' other interests
Other reserves		(243,168)		(243,168)
		(243,168)		(243,168)
		19,016		(72,970)
Total members' interests
Loans and other debts due to members		262,184		170,198
Members' other interests		(243,168)		(243,168)
		19,016		(72,970)

For the financial 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Killens Limited Liability Partnership (registered number: OC335754) were approved and authorised for issue by the Board of Directors on 28 May 2026. They were signed on its behalf by:

Mr T E J Killen Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Killens Limited Liability Partnership is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Cake House Upper Lodge Farm, Ston Easton, Radstock, BA3 4DH, United Kingdom. The principal place of business is 10 Sadler Street, Wells, Somerset, BA5 2SE.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to limited liability partnerships subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

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.

Work in progress

Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date. It is valued at the lower of professional time costs incurred and estimated fee chargeable less costs expected to be incurred to completion. Any non-recoverable work in progress is excluded.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, over its expected useful life, as follows:

Leasehold improvements	50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	8 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the LLP’s contractual obligations expire or are discharged or cancelled.

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. 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.

The profits are automatically divided as they arise, the LLP therefore has an unconditional right to distribute the profits for a particular year and following such a division, those profits are classed as expense. They are therefore shown as members’ remuneration charged as an expense in the Profit and Loss Account.

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 Profit and Loss Account 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'.

All amounts due by members that are classified as debt are presented in the Statement of Financial Position within ‘Other debtors’.

2. Employees

	Year ended 31.03.2025		Period from 07.04.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	21		19

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	31.03.2025		31.03.2024
	Number		Number
Average number of members during the financial year	2		2

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	71,742		53,582		59,450		38,049		222,823
Additions	0		0		0		564		564
At 31 March 2025	71,742		53,582		59,450		38,613		223,387
Accumulated depreciation
At 01 April 2024	3,685		28,739		48,642		26,115		107,181
Charge for the financial year	1,435		6,211		2,702		2,988		13,336
At 31 March 2025	5,120		34,950		51,344		29,103		120,517
Net book value
At 31 March 2025	66,622		18,632		8,106		9,510		102,870
At 31 March 2024	68,057		24,843		10,808		11,934		115,642

5. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	12,616		14,062
Other debtors	0		101,318
	12,616		115,380

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank loans and overdrafts	13,186		28,124
Trade creditors	33,513		47,910
Other loans	8,687		0
Accruals	98,250		10,890
Other taxation and social security	218,893		236,619
Other creditors	11,619		45,864
	384,148		369,407

Included within other loans is £8,687 (2024: £nil) on which a personal guarantee has been given by the designated members Mr & Mrs T Killen.

7. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Bank loans	1,569		11,770
Other loans	51,928		0
	53,497		11,770

Included within other loans is £51,928 (2024: £nil) on which a personal guarantee has been given by the designated members Mr & Mrs T Killen.

8. Loans and other debts due to members

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

9. Operating lease commitments

Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	31.03.2025		31.03.2024
	£		£
	37,583		57,683

10. Related party transactions

Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

	31.03.2025		31.03.2024
	£		£
Sales	572,448		689,409
Management charge	30,000		30,000

The related party is a company related through common control.

The following amounts were outstanding at the reporting end date:

Amounts due to/(by) related parties

	31.03.2025		31.03.2024
	£		£
	0		(101,318)

11. Members' transactions

Transactions with members

During the year an aggregate amount of £11,513 was withdrawn by members.