Company No: OC427009 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	3	1,037,500		937,500
		1,037,500		937,500
Current assets
Debtors	4	1,350,000		1,350,000
Cash at bank and in hand		841		395
		1,350,841		1,350,395
Net current assets		1,350,841		1,350,395
Total assets less current liabilities		2,388,341		2,287,895
Net assets attributable to members		2,388,341		2,287,895
Represented by
Loans and other debts due to members after more than one year
Members' capital classified as a liability		1,528,000		1,525,000
		1,528,000		1,525,000
Members' other interests
Fair value reserve		887,500		787,500
Other reserves		(27,159)		(24,605)
		860,341		762,895
		2,388,341		2,287,895
Total members' interests
Loans and other debts due to members		1,528,000		1,525,000
Members' other interests		860,341		762,895
		2,388,341		2,287,895

For the financial year ending 31 December 2025 the LLP 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.

Members' responsibilities:

• 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 financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Project DBW LLP (registered number: OC427009) were approved and authorised for issue by the members on 25 September 2026. They were signed on its behalf by:

E J Colbourne Designated member

A T Smith Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Project DBW LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 10 The Street, West Horsley, Leatherhead, KT24 6AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Taxation

The taxation payable on the profits of the LLP is the liability of each individual member and there are no amounts included in these financial statements in respect of the members individual tax liabilities.

Loans and other debts due to members

In the event of a winding up, members other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.

Members' remuneration and division of profits

In accordance with the LLP agreement, profits are automatically allocated to members and losses are not allocated to members.

The fair value reserve is a reserve of the LLP and not allocated to members.

Fixed asset investments

The investment in associate has been revalued by the members to fair value at the balance sheet date with the movement in the fair value recognised in the fair value reserve.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method

2. Employees

	2025		2024
	Number		Number
The average number of Members during the year	7		7

The LLP had no employees during the year.

3. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	937,500		937,500
Movement in fair value	100,000		100,000
At 31 December 2025	1,037,500		1,037,500
Carrying value at 31 December 2025	1,037,500		1,037,500
Carrying value at 31 December 2024	937,500		937,500

The investment represents the LLP's interest in Railsite Telecom Limited. The members have assessed the fair value of the investment by reference to the underlying net assets of the investee company at the balance sheet date.

4. Debtors

	2025		2024
	£		£
Other debtors	1,350,000		1,350,000

5. Related party transactions

The LLP maintains an interest-free loan account with its associate, which is included in other debtors. At the balance sheet date, the associate owed the LLP £1,350,000 (2024: £1,350,000).

The loan is unsecured and repayable on demand. The members have assessed the recoverability of the balance and consider no impairment provision to be necessary.