Tenet Partnership LLP - LLP accounts 24.3

REGISTERED NUMBER: OC422041 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 30th March 2025

for

Tenet Partnership LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

E Andrews

C S Andrews

Zig Zag Sail Charters Ltd

REGISTERED OFFICE:

C/O OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Billingham

Co. Durham

TS23 4EA

REGISTERED NUMBER:

OC422041 (England and Wales)

ACCOUNTANTS:

OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Coxwold Way

Billingham

Co. Durham

TS23 4EA

The members present their report with the financial statements of the LLP for the year ended 30th March 2025.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the year under review were:

E Andrews

C S Andrews

Zig Zag Sail Charters Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £65,060 (2024 - £5,203 profit).

MEMBERS' INTERESTS

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contribute capital to the LLP are allocated losses, if the LLP declares a loss in a period.

ON BEHALF OF THE MEMBERS:

C S Andrews - Designated member

24th June 2026

TURNOVER

882,793

812,700

Administrative expenses

(566,647

)

(479,733

)

316,146

332,967

Other operating income

6,400

-

Gain/loss on revaluation of tangible assets

-

52,000

OPERATING PROFIT

4

322,546

384,967

Interest receivable and similar income

858

807

323,404

385,774

Interest payable and similar expenses

(388,464

)

(380,571

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

(65,060

)

5,203

FIXED ASSETS

Tangible assets

5

14,513,829

14,514,094

CURRENT ASSETS

Debtors

6

150,612

53,329

Cash at bank

52,530

112,806

203,142

166,135

CREDITORS

Amounts falling due within one year

7

(46,137

)

(10,000

)

NET CURRENT ASSETS

157,005

156,135

TOTAL ASSETS LESS CURRENT LIABILITIES

14,670,834

14,670,229

CREDITORS

Amounts falling due after more than one
year

8

(6,426,505

)

(6,436,870

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

8,244,329

8,233,359

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

10,970

-

MEMBERS' OTHER INTERESTS

Capital accounts

8,233,359

8,244,329

8,233,359

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

10,970

-

Members' other interests

8,233,359

Amounts due from members

6

(108,612

)

(53,329

)

8,135,717

8,180,030

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 30th March 2025.

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 24th June 2026 and were signed by:

C S Andrews - Designated member

1.	STATUTORY INFORMATION

Tenet Partnership 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.

Land and buildings

-

in accordance with the property

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

265

264

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 31st March 2024

and 30th March 2025

14,512,224

2,134

14,514,358

DEPRECIATION

At 31st March 2024

-

264

Charge for year

-

265

At 30th March 2025

-

529

NET BOOK VALUE

At 30th March 2025

14,512,224

1,605

14,513,829

At 30th March 2024

14,512,224

1,870

14,514,094

Cost or valuation at 30th March 2025 is represented by:

Land and

buildings

£

Valuation in 2020

20,000

Valuation in 2021

631,500

Valuation in 2022

357,670

Valuation in 2023

103,550

Valuation in 2024

52,000

1,164,720

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

FREEHOLD PROPERTY

'COST' ACCOUNT TOTAL

Cost/valuation b/f

14,512,224

CLIENT SCREEN TOTAL

=

-

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

COMPUTER EQUIPMENT

'COST' ACCOUNT TOTAL

Cost/valuation b/f

2,134

CLIENT SCREEN TOTAL

=

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

150,612

53,329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

10,000

Other creditors

36,137

-

46,137

10,000

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

5,528

15,652

Other creditors

6,420,977

6,421,218

6,426,505

6,436,870

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Mortgages

-

6,421,218

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Member rank ahead of other creditors in a liquidation