The members present their report and the financial statements of the LLP for the year ended 31 December 2025.

The principal activity of the limited liability partnership (LLP) during the year was residential property development.

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

There are no members paid under a contract of employment.

The LLP agreement provides for profits available for division to be allocated between the members in accordance with their agreed participation rights. The fixed profit share is accounted for as an expense and is shown as members' remuneration. Any losses are carried forward as retained losses unless the members decide at their discretion to divide the losses between the members.

The LLP agreement also provides that the members may draw on their accruing share of profits as decided by the members.

The financial statements have been prepared on a basis other than going concern. Please see Note 1.2 for details.

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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing the financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

prepare the financial statements on a going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

This report was approved by the members on 15 September 2026 and signed on behalf of the members by:

H20 Urban (No.2) LLP

Patrick Ruddy Homes Limited

Designated Member

Designated Member

For the year ended 31 December 2025, the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members have not required the company to obtain an audit of its accounts for the year ended 31 December 2025 in accordance with section 476 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) with respect to accounting records and the preparation of accounts.

These financial statements were approved by the members and authorised for issue on 15 September 2026 and are signed on their behalf by:

_______________________

H20 Urban (No.2) LLP

Patrick Ruddy Homes Limited

Designated Member

Designated Member

LLP registration number: OC424494

Bulbourne Yard Developments LLP is a limited liability partnership, registered in England and Wales. The address of the registered office and registration number is given in the LLP information on page 2 of these financial statements.

The financial statements have been prepared on a break-up basis, whereby assets are stated at their estimated realisable values and liabilities are stated at their expected settlement amounts. Accordingly, the historical cost basis of accounting is no longer appropriate, except where it approximates realisable value.

The financial statements are prepared in sterling (£) which is the functional currency of the limited liability partnership and rounded to the nearest £.

The members intend to liquidate the limited liability partnership and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.

Turnover represents the amounts derived from the provision of services which fall within the limited liability partnership's ordinary activities within the United Kingdom, stated net of value added tax. Turnover of development properties which are not held for the long-term is recorded when a sale is completed in accordance with the profit recognition criteria above. Turnover includes sales of directly held work in progress.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Profit is included in the financial statements in connection with property developments when a legally binding contract for the sale of the development has been entered into and legal completion has taken place before the period end. When a legally binding contract exists, profits on the construction and refurbishment elements of the development are determined only when the outcome can be assessed with reasonable certainty. Provisions are made in full for foreseeable losses. Other profits arising from developments are included in the financial statements only when the legal completion of the sale of the development has been effected.

Development properties included within stocks and work in progress are stated at their estimated realisable values, being the expected selling price in the ordinary course of disposal less the estimated costs to complete and costs of disposal. In determining realisable values, appropriate adjustments have been made to reflect the circumstances of a break-up basis, including accelerated disposal timelines and associated costs.

A financial asset or a financial liability is recognised only when the limited liability partnership becomes a party to the contractual provisions of the instrument.

Financial instruments are recognised at amounts that reflect the expected cash inflows or outflows under the break‑up basis. Receivables are stated at their estimated recoverable amounts and payables are stated at the amounts expected to be settled. Where arrangements include a financing element, amounts are adjusted as necessary to reflect the expected timing and uncertainty of settlement under break‑up conditions.

Debt instruments are measured at amounts reflecting their expected recoverable or settlement values under the break‑up basis, taking into account the anticipated timing and uncertainty of cash flows.

Investments in non-convertible preference shares and non-puttable ordinary or preference shares are measured on a break-up basis at their estimated realisable values. Where market prices or other reliable indicators of value are available, these have been used to estimate expected disposal proceeds. In other cases, values have been determined based on the best estimate of recoverable amounts, taking account of the circumstances of disposal, with changes in value recognised in profit or loss.

Members' participation rights are the rights of a member against the limited liability partnership that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the limited liability partnership are analysed between those that are, from the limited liability partnership'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 discretionary on the part of the limited liability partnership.

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

Where profits are automatically divided as they arise, so the limited liability partnership 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 statement of comprehensive income 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 limited liability partnership or its representative, so that the limited liability partnership 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 statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the limited liability partnership 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 statement of comprehensive income 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'.

The limited liability partnership has no employees (2024: none).

During the year Bloc Limited, a company connected to a designated member, H20 Urban (No.2) LLP, charged the LLP £9,792 (2024: £9,969) in respect of administrative services. At the year end the LLP owed Bloc Limited £16,017 (2024: £4,232).

During the year Bloc Project Management Limited, a company connected to a designated member, H20 Urban (No.2) LLP, charged the LLP £10,000 (2024: £10,000) in respect of project management fees. At the year end the LLP owed Bloc Project Management Limited £60,000 (2024: £48,000).

During the year the LLP was charged by H20 Urban (No.2) LLP, a designated member, £Nil (2024: £3,600) for legal fees. At the year end the LLP owed H20 Urban (No.2) LLP £4,320 (2024: £4,320).

During the year the LLP was charged by Patrick Ruddy Homes Limited, a designated member, £5,000 (2024: £Nil) for construction services. At the year end the LLP owed Patrick Ruddy Homes Limited £1,525 (2024: £Nil).

During the year Canal & River Trust, a company connected to a designated member, H20 Urban (No.2) LLP, charged the LLP £Nil (2024: £Nil) in respect of utilities. At the year end the LLP owed Canal & River Trust £Nil (2024: £Nil).

During the year the LLP was charged by Ruddy Joinery Limited, a company connected to a designated member, £Nil (2024: £Nil) for construction services. At the year end the LLP owed Ruddy Joinery Limited £955,943 (2024: £231,574).

During the year the LLP was charged by Bulbourne Yard Management Co Ltd, a subsidiary of Bulbourne Yard Developments LLP, £86 (2024: £5,241) for service charges. At the year end the LLP owed Bulbourne Yard Management Co Ltd £Nil (2024: £231).