REGISTERED NUMBER: OC454099 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 14 OCTOBER 2024 TO 31 MARCH 2026

FOR

BRIP 10 (SHALDEN) LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

BRIP 10 LLP

Harlequin New Homes (Shalden) Limited

REGISTERED OFFICE:

Grafton House

Pury Hill Business Park

Towcester

Northamptonshire

NN12 7LS

REGISTERED NUMBER:

OC454099 (England and Wales)

SENIOR STATUTORY AUDITOR:

Pankaj Rajani

AUDITORS:

MCA Audit Limited

Chartered Accountants and Statutory Auditors

7 St. Johns Road

Harrow

Middlesex

HA1 2EY

CURRENT ASSETS

Stocks

4

3,198,965

Debtors

5

11,370

Cash at bank

5,388

3,215,723

CREDITORS

Amounts falling due within one year

6

2,397,903

NET CURRENT ASSETS

817,820

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

817,820

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

817,720

MEMBERS' OTHER INTERESTS

Capital accounts

100

817,820

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

817,720

Members' other interests

100

Amounts due from members

5

(11,270

)

806,550

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 2 July 2026 and were signed by:

Harlequin New Homes (Shalden) Limited - Designated member

1.	STATUTORY INFORMATION

BRIP 10 (Shalden) 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.

Functional and presentation currency

The LLP'S functional and presentational currency is Pound Sterling and all values are rounded to the nearest pound.

Going concern

The financial statements showed a loss before tax £11,270 in the year and total Members' interests £806,550 at the balance sheet date.

The financial statements have been prepared on a going concern basis. The LLP is currently engaged in a

construction project which requires a significant level of working capital to fund its completion. The LLP is reliant on short-term financing arrangements to support its ongoing working capital requirements.

The LLP has a loan facility which is due for repayment in December 2026. The successful repayment of this facility is dependent on the LLP completing the project in accordance with its current timetable, with completion expected in September 2026, and generating sufficient revenues and cash inflows prior to the loan repayment date.

These circumstances indicate the existence of a material uncertainty which may cast significant doubt on the LLP’s ability to continue as a going concern. Nevertheless, the members have a reasonable expectation that the LLP will be able to complete the project and generate sufficient funds or secure alternative financing, as necessary, to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Related party exemption

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks and work in progress

Stocks, including land held for and in the course of development, are valued at the lower cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the stocks and work in progress to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Land stock is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts.

Property stock, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges attributable to the development.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profit automatically. Automatic divisions of profits are recognised as "Members remuneration charged as an expense" in the profit or loss accounts.

Losses of the LLP shall be allocated between the Members pro rata to the Capital Contributions of the Members. The loss would give rise to a credit amount of 'Members' remuneration charged as an expense.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method , less any impairment.

Cash and cash equivalents

Cash is represented by in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest methods.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4.

STOCKS

£

Work-in-progress

3,198,965

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

11,370

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

2,381,244

Amounts owed to group undertakings

8,854

Other creditors

7,805

2,397,903

Amount owed to group undertakings are unsecured, interests free and repaybale on demand.

The bank loan £2,381,244 was provided with an interest rate of 4.9% over base rate of minimum of 2% per annum and due to be repaid on 2 December 2026. The loan was secured on the land and all assets held by the company.

7.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

2,381,244

Member's Loan

817,720

3,198,964

Bank loan and Member's loans are secured by a registered charge by way of fixed and floating charge over the land and all property of the LLP.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of winding up, and a surplus remains at the conclusion of the winding up, after payment of all the money due to creditors of the LLP and all expenses of the winding up, the liquidator shall pay that surplus sum to the Members in accordance with the respective proportions to which the Members are entitled to receive profits as set out in the Partnership Agreement.

The Members will use all reasonable endeavours to procure that, following completion of the project and distribution of all profits in accordance with the Partnership Agreement

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Pankaj Rajani (Senior Statutory Auditor)

for and on behalf of MCA Audit Limited

10.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking of the LLP is BRIP 10 LLP, incorporated in England and Wales with registered address at Grafton House, Pury Hill Business Park, Towcester, Northamptonshire NN12 7LS.

The ultimate controlling party is Barwood Capital Holdings Limited, a company registered in England and Wales.