Scale Space LLP LLP accounts

REGISTERED NUMBER: OC420795

Scale Space LLP

Financial Statements

31 March 2026

Scale Space LLP

Financial Statements

Year ended 31 March 2026

Contents	Page

Members' report	1

Independent auditor's report to the members	3

Statement of comprehensive income	7

Statement of financial position	8

Reconciliation of members' interests	10

Statement of cash flows	12

Notes to the financial statements	13

Scale Space LLP

Members' Report

Year ended 31 March 2026

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

Principal activities

The principal activity of the LLP is the rental of a commercial building development.

Business review

The LLP has experienced growth in revenue and profits due to maximising occupancy levels throughout the year.

Turnover has increased from £12.1m to £12.3m, an increase of 1.9%.

Administrative costs are well controlled, having remained stable at £10.5m.

Overall this means a profit of £2.0m has been achieved, compared to £1.8m in the prior year. This is an increase of 11.2%.

Designated members

The designated members who served the LLP during the year were as follows:

Accelerate Property Feeder Ltd
Imperial College Thinkspace Limited

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

Future developments

The LLP will continue to target maximal occupancy to boost revenue and profits in future periods.

Events after the end of the reporting period

The members believe there are no events after the reporting period which may require disclosure.

Members' responsibilities statement

The members are responsible for preparing the members' report and the financial statements in accordance with applicable law and regulations. Company law as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law as applied to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the members on 31 July 2026 and signed on behalf of the members by:

Accelerate Property Feeder Ltd

Designated Member

Registered office:

Scale Space

58 Wood Lane

London

United Kingdom

W12 7RZ

Scale Space LLP

Independent Auditor's Report to the Members of Scale Space LLP

Year ended 31 March 2026

Opinion

We have audited the financial statements of Scale Space LLP (the 'LLP') for the year ended 31 March 2026 which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the LLP's affairs as at 31 March 2026 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The members are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the LLP's performance measures to meet bank and loan covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members. - Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the LLP to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the LLP's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Harris

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

31 July 2026

Scale Space LLP

Statement of Comprehensive Income

Year ended 31 March 2026

		2026	2025
			(restated)
Note		£	£
Turnover	4	12,318,728	12,083,701

	-------------	-------------
Gross profit	12,318,728	12,083,701

Administrative expenses		10,512,352	10,520,062
		-------------	-------------
Operating profit	7	1,806,376	1,563,639

Other interest receivable and similar income	8	181,132	223,063
		-------------	-------------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members		1,987,508	1,786,702
		-------------	-------------

All the activities of the LLP are from continuing operations.

Scale Space LLP

Statement of Financial Position

31 March 2026

	2026	2025
		(restated)
Note	£	£

Fixed assets

Tangible assets	10	32,815,990	36,725,843

Current assets

Debtors	11	4,567,819	5,490,593
Cash at bank and in hand		4,934,822	6,315,662
		------------	-------------
		9,502,641	11,806,255

Creditors: amounts falling due within one year	12	11,583,106	11,650,198
		-------------	-------------
Net current (liabilities)/assets		( 2,080,465)	156,057
		-------------	-------------
Total assets less current liabilities		30,735,525	36,881,900

Creditors: amounts falling due after more than one year	13	17,049,653	24,111,036
		-------------	-------------
Net assets		13,685,872	12,770,864
		-------------	-------------

Represented by:

Loans and other debts due to members

Other amounts	16	13,685,872	12,770,864
		-------------	-------------

Members' other interests

Other reserves, including the fair value reserve	–	–
	-------------	-------------
	13,685,872	12,770,864
	-------------	-------------

Total members' interests

Loans and other debts due to members	16	13,685,872	12,770,864
Members' other interests		–	–
		-------------	-------------
		13,685,872	12,770,864
		-------------	-------------

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

Scale Space LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 31 July 2026 , and are signed on their behalf by:

Accelerate Property Feeder Ltd

Designated Member

Registered number: OC420795

Scale Space LLP

Reconciliation of Members' Interests

Year ended 31 March 2026

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves, including the fair value reserve	Total	Other amounts	Total	Total 2026
	£	£	£	£	£
Balance at 1 April 2025	–	–	12,770,864	12,770,864	12,770,864
Profit for the financial year available for discretionary division among members	1,987,508	1,987,508			1,987,508
	------------	------------	-------------	-------------	-------------
Members' interests after profit for the year	1,987,508	1,987,508	12,770,864	12,770,864	14,758,372
Other division of profits	(1,987,508)	(1,987,508)	1,987,508	1,987,508	–
Drawings			(1,072,500)	(1,072,500)	(1,072,500)
	------------	------------	-------------	-------------	-------------
Balance at 31 March 2026	–	–	13,685,872	13,685,872	13,685,872
	------------	------------	-------------	-------------	-------------

Scale Space LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2026

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves, including the fair value reserve	Total	Other amounts	Total	Total 2025
	£	£	£	£	£
Balance at 1 April 2024	–	–	11,525,250	11,525,250	11,525,250
Profit for the financial year available for discretionary division among members	1,786,702	1,786,702			1,786,702
	------------	------------	-------------	-------------	-------------
Members' interests after profit for the year	1,786,702	1,786,702	11,525,250	11,525,250	13,311,952
Other division of profits	(1,786,702)	(1,786,702)	1,786,702	1,786,702	–
Drawings			(541,088)	(541,088)	(541,088)
	------------	------------	-------------	-------------	-------------
Balance at 31 March 2025	–	–	12,770,864	12,770,864	12,770,864
	------------	------------	-------------	-------------	-------------

Scale Space LLP

Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	1,987,508	1,786,702

Adjustments for:
Depreciation of tangible assets	4,358,045	4,108,011
Other interest receivable and similar income	( 181,132)	( 223,063)
Accrued expenses	492,273	435,058

Changes in:
Trade and other debtors	948,713	228,799
Trade and other creditors	113,702	( 110,060)
	------------	------------
Cash generated from operations	7,719,109	6,225,447

Interest received	181,132	223,063
	------------	------------
Net cash from operating activities	7,900,241	6,448,510
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 448,192)	( 505,285)
	------------	------------
Net cash used in investing activities	( 448,192)	( 505,285)
	------------	------------

Cash flows from financing activities

Payments to members representing a return on amounts subscribed or otherwise contributed	(1,072,500)	(541,088)
Repayments of borrowings	( 7,760,389)	( 3,813,971)
	------------	------------
Net cash used in financing activities	( 8,832,889)	( 4,355,059)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 1,380,840)	1,588,166
Cash and cash equivalents at beginning of year	6,315,662	4,727,496
	------------	------------
Cash and cash equivalents at end of year	4,934,822	6,315,662
	------------	------------

Scale Space LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Scale Space, 58 Wood Lane, London, W12 7RZ, United Kingdom.

2.	Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Members are satisfied that the review showed no material risks to the business and conclude the financial statements should continue to be prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.

Other amounts applied to members, for example interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

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 income statement 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'.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	8 years straight line
Plant and machinery	-	3 years straight line
Fixtures and fittings	-	8 years straight line
Equipment	-	3 years straight line
Property and WIP	-	Over the remaining life of the lease

Property and WIP is depreciated over the remaining term of the lease upon completion.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

4.	Turnover

Turnover arises from:

	2026	2025
		(restated)
	£	£
Rendering of services	12,318,728	12,083,701
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.

5.	Employee numbers

The average number of employees during the year amounted to Nil (2025: Nil).

6.	Auditor's remuneration

	2026	2025
		(restated)
	£	£
Fees payable for the audit of the financial statements	12,000	9,750
	--------	-------

7.	Operating profit

Operating profit or loss is stated after charging:

	2026	2025
		(restated)
	£	£
Depreciation of tangible assets	4,358,045	4,108,011
Impairment of trade debtors	95,487	98,069
	------------	------------

8.	Other interest receivable and similar income

	2026	2025
		(restated)
	£	£
Interest on loans and receivables	181,132	223,063
	---------	---------

9.	Information in relation to members

	2026	2025
		(restated)
	No.	No.
Average number of members	2	2
	----	----

10.	Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Property and WIP	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2025 (as restated)	282,084	18,702	1,351,299	1,586,370	48,711,256	51,949,711
Additions	–	–	382,614	65,578	–	448,192
	---------	--------	------------	------------	-------------	-------------
At 31 Mar 2026	282,084	18,702	1,733,913	1,651,948	48,711,256	52,397,903
	---------	--------	------------	------------	-------------	-------------
Depreciation
At 1 Apr 2025	117,336	18,702	354,048	972,153	13,761,629	15,223,868
Charge for the year	71,591	–	220,206	573,198	3,493,050	4,358,045
	---------	--------	------------	------------	-------------	-------------
At 31 Mar 2026	188,927	18,702	574,254	1,545,351	17,254,679	19,581,913
	---------	--------	------------	------------	-------------	-------------
Carrying amount
At 31 Mar 2026	93,157	–	1,159,659	106,597	31,456,577	32,815,990
	---------	--------	------------	------------	-------------	-------------
At 31 Mar 2025	164,748	–	997,251	614,217	34,949,627	36,725,843
	---------	--------	------------	------------	-------------	-------------

11.	Debtors

	2026	2025
		(restated)
	£	£
Trade debtors	919,470	1,328,999
Amounts owed by group undertakings	70,561	70,793
Prepayments and accrued income	2,084,458	2,167,101
Other debtors	1,493,330	1,923,700
	------------	------------
	4,567,819	5,490,593
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2026	2025
		(restated)
	£	£
Other debtors	1,176,726	1,834,156
	------------	------------

12. Creditors: amounts falling due within one year

	2026	2025
		(restated)
	£	£
Loans	5,410,487	6,109,493
Trade creditors	282,504	326,415
Accruals and deferred income	3,677,687	3,159,475
Social security and other taxes	447,997	432,406
Other creditors	1,764,431	1,622,409
	-------------	-------------
	11,583,106	11,650,198
	-------------	-------------

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

	2026	2025
		(restated)
	£	£
Loans	17,049,653	24,111,036
	-------------	-------------

The balance of £22,460,140 (2025: £30,220,529) within loans is secured by way of fixed charge against the assets of the LLP. Comparative amounts have been reclassified to conform with the current year's presentation. Following a review of the contractual repayment profile of the Imperial loan, £6,109,493 has been reclassified from amounts falling due after more than one year to amounts falling due within one year. This reclassification has no impact on profit, net assets, total liabilities or equity.

14.	Finance leases and hire purchase contracts

15.	Prior period errors

During the year, the LLP identified that £6,109,493 of borrowings included within creditors due after more than one year at the prior year end should have been classified as due within one year in accordance with the contractual repayment terms. The comparative figures have been restated accordingly. The adjustment affects only the presentation of liabilities within the statement of financial position and has no impact on profit, total liabilities, net assets, cash flows or members' interests.

16.	Loans and other debts due to members

	2026	2025
		(restated)
	£	£
Amounts owed to members in respect of profits	13,685,872	12,770,864
	-------------	-------------

17.	Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	6,315,662	(1,380,840)	4,934,822
Debt due within one year	(6,109,493)	699,006	(5,410,487)
Debt due after one year	(24,111,036)	7,061,383	(17,049,653)
	-------------	------------	-------------
Net debt (before members' debt)	(23,904,867)	6,379,549	(17,525,318)
	-------------	------------	-------------
Loans and other debts due to members
Other amounts	(12,770,864)	(915,008)	(13,685,872)
	-------------	------------	-------------
Net debt	( 36,675,731)	5,464,541	( 31,211,190)
	-------------	------------	-------------

18.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
		(restated)
	£	£
Not later than 1 year	603,526	587,797
Later than 1 year and not later than 5 years	1,689,215	1,934,989
Later than 5 years	368,273	555,687
	------------	------------
	2,661,014	3,078,473
	------------	------------

The LLP has entered into a lease where it has a commitment to make rental payments to a break date of 14 March 2030, but with the expectation to make payments to the termination date of 13 March 2035. The amount payable is a fixed proportion of 6.7% on the rents receivable with no minimum amount. As at 31st March 2026, all of the buildings have tenancy agreements in place creating a commitment to making the above payments.

19.	Related party transactions

At the year end the LLP had trade creditor and trade debtor balances totalling £123,697 (2025: £179,013) and £526,264 (2025: £1,106,420) respectively with companies associated by common control over a designated member. The LLP also had other debtor balances totalling £1,554,877 (2025: £1,891,897) and other creditor balances of £50,000 (2025: £50,000) with companies associated by common control over a designated member. At the year end the LLP had a loan creditor of £22,460,140 (2025: £30,220,529) owed to a company associated by control over a designated member.

20.	Controlling party

The LLP is jointly controlled by its two members. Accordingly, there is no single ultimate controlling party.