Essential Property (UK) LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC320005 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Essential Property (UK) LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr Jason Kitchener

Mrs Susan Kitchener

REGISTERED OFFICE:

1 Butterfield Court

Hitchin Street

Baldock

SG7 6XS

REGISTERED NUMBER:

OC320005 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

3,306

3,946

Investment property

5

380,000

383,306

383,946

CURRENT ASSETS

Debtors

6

141,970

139,228

Cash at bank

24,238

13,033

166,208

152,261

CREDITORS

Amounts falling due within one year

7

13,132

4,303

NET CURRENT ASSETS

153,076

147,958

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

536,382

531,904

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

389,778

385,300

MEMBERS' OTHER INTERESTS

Capital accounts

4

Other reserves

146,600

536,382

531,904

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

389,778

385,300

Members' other interests

146,604

536,382

531,904

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 31 March 2026.

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 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 4 September 2026 and were signed by:

Mr Jason Kitchener - Designated member

1.	STATUTORY INFORMATION

Essential Property (UK) 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.

The functional currency of the financial statements is pound sterling.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The revaluation of investment property is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to professional advice.

Turnover

Turnover comprises the fair value of the rents receivable. Turnover is shown net of returns, rebates and discount.

Turnover is recognised over the period which the rental period relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to freehold property 10% straight line depreciation

Improvements to freehold property are depreciated from the point which they are bought into use.

Investment properties

Investment properties is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the profit or loss account.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2025 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvement

to

property

£

COST

At 1 April 2025

and 31 March 2026

6,399

DEPRECIATION

At 1 April 2025

2,453

Charge for year

640

At 31 March 2026

3,093

NET BOOK VALUE

At 31 March 2026

3,306

At 31 March 2025

3,946

5.	INVESTMENT PROPERTY

The Members have considered the valuation of the investment properties held by Essential Property (UK) LLP, and it was determined that no fair value adjustments was required.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2018

4,000

Valuation in 2020

102,000

Valuation in 2022

43,960

Valuation in 2023

(3,360

)

Cost

233,400

380,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Trade debtors

2,500

-

Amounts owed by related parties

139,228

Other debtors

242

-

141,970

139,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Other creditors

7,500

-

Accrued expenses

5,632

4,303

13,132

4,303

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.26

31.3.25

£

Amounts owed to members in respect of profits

389,778

385,300

Falling due within one year

389,778

385,300

If present, repayment of Members debt will take preference over equity due to Members but not before all other creditors have been settled.