| Ladywalk LLP |
| Registered number: |
OC400673 |
| Balance Sheet |
| as at 31 July 2025 |
| Notes |
|
2025 |
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
16,139,136 |
|
16,246,587 |
| Current assets |
|
|
|
|
|
| Cash at bank and in hand |
|
|
1,000 |
|
1,000 |
|
| Creditors: amounts falling due within one year |
4 |
|
(20,076,368) |
|
(19,878,395) |
|
| Net current liabilities |
|
|
(20,075,368) |
|
(19,877,395) |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
(3,936,232) |
|
(3,630,808) |
|
|
|
| Net liabilities attributable to members |
(3,936,232) |
|
(3,630,808) |
|
|
|
|
|
|
| Represented by: |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
1,000 |
|
1,000 |
| Other reserves |
|
|
(3,937,232) |
|
(3,631,808) |
|
|
|
(3,936,232) |
|
(3,630,808) |
|
|
|
|
|
|
|
|
|
(3,936,232) |
|
(3,630,808) |
|
|
|
|
|
|
| Total members' interests |
| Members' other interests |
|
|
(3,936,232) |
|
(3,630,808) |
|
|
|
|
(3,936,232) |
|
(3,630,808) |
|
|
|
|
|
|
| For the year ended 31 July 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 16 July 2026 : |
|
|
| Mr Robert Pincock on behalf of |
| Conadmin (PTY) Limited |
| Designated member |
|
| Ladywalk LLP |
| Notes to the Accounts |
| for the year ended 31 July 2025 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold land and buildings |
not depreciated (see below) |
|
Fixtures, fittings, tools and equipment |
10% straight line |
|
|
The company did not provide for depreciation in respect of the freehold property, as it considers that the useful economic life and residual value of the building is such that any depreciation charge would be immaterial. The logic supporting this decision is that there is a policy of regular maintenance, thereby extending the useful economic life more or less indefinitely and preserving the residual values of the company’s assets. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the LLP including designated member |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 August 2024 |
15,601,874 |
|
1,810,315 |
|
17,412,189 |
|
At 31 July 2025 |
15,601,874 |
|
1,810,315 |
|
17,412,189 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2024 |
- |
|
1,165,602 |
|
1,165,602 |
|
Charge for the year |
- |
|
107,451 |
|
107,451 |
|
At 31 July 2025 |
- |
|
1,273,053 |
|
1,273,053 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2025 |
15,601,874 |
|
537,262 |
|
16,139,136 |
|
At 31 July 2024 |
15,601,874 |
|
644,713 |
|
16,246,587 |
|
|
| 4 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
13,898 |
|
38,804 |
|
Other creditors |
20,062,470 |
|
19,839,591 |
|
|
|
|
|
|
20,076,368 |
|
19,878,395 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Related party transactions |
|
|
Ladywalk Investments Limited (Borrower) has a balance due from Ladywalk LLP. The total amount included in other creditors is £7.2m (2023: £7.2m).
In connection with the arrangements the property at Ladywalk and Bramble lodge, Queen Hoo Lane, Welwyn, AL6 0LT is pledged as security between Ladywalk LLP (Chargor) and Edmond de Rothschild (Suisse) S.A (Lender) under a credit facility term that expired on 17th July 2025. Discussions with the lender are underway for new arrangements that are subject to review and legal matters to be approved before concluding.The Trustees are in close contact with the lender and all relevant parties to manage the uncertainties.
Sileta Holdings Ltd - included in creditors is the amount of £12,854,878 (2024: £12,637,791). |
|
| 6 |
Going Concern |
|
|
The financial statements have been prepared on a going concern basis whilst lending arrangements are being re-negotiated. The Trustees remain of view that the property will not be required to be sold. |
|
|
|
| 7 |
Controlling party |
|
|
The LLP is controlled by Francis Charles Howard and Robert Pincock as directors of Conadmin (PTY) Ltd that acts as Trustee of the following :
Welwyn property Trust
Tewin property Trust
Welwyn Trust and Tewin Trust each hold 49.95% of Ladywalk LLP. |
|
|
| 8 |
Other information |
|
|
Ladywalk LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
Ladywalk Queen Hoo Lane |
|
Tewin |
|
Welwyn |
|
United Kingdom |
|
AL6 0LT |