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REGISTERED NUMBER: SO307212 (Scotland)











































Culross Property Partnership LLP

Unaudited Financial Statements

for the Year Ended 31st March 2023






Culross Property Partnership LLP (Registered number: SO307212)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

General information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 5


Culross Property Partnership LLP

General Information
for the year ended 31st March 2023







Designated members: G C C Leslie
T A A Leslie





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Registered number: SO307212 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Culross Property Partnership LLP (Registered number: SO307212)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Investment property 4 423,770 1,160,053

Current assets
Debtors 5 21,229 7,781
Cash at bank 48,088 51,016
69,317 58,797
Creditors
Amounts falling due within one year 6 27,480 38,504
Net current assets 41,837 20,293
Total assets less current liabilities 465,607 1,180,346

Creditors
Amounts falling due after more than one
year

7

255,206

1,142,751
Net assets attributable to members 210,401 37,595

Loans and other debts due to
members

8

210,401

37,595

Total members' interests
Loans and other debts due to members 8 210,401 37,595

Culross Property Partnership LLP (Registered number: SO307212)

Balance Sheet - continued
31st March 2023


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 31st March 2023.

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 12th October 2023 and were signed by:




G C C Leslie - Designated member




T A A Leslie - Designated member


Culross Property Partnership LLP (Registered number: SO307212)

Notes to the Financial Statements
for the year ended 31st March 2023

1. Statutory information

Culross Property Partnership LLP is registered in Scotland. 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.

Turnover
Rents received is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at cost which includes its purchase price plus any directly attributable expenditure.

Investment property is not being depreciated.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals and other loans.

Trade debtors, trade creditors, other loans and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Members remuneration
Profits and losses are automatically divided between members in accordance with the terms of the LLP agreement, and hence there are no unallocated profits or losses.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employee information

The average number of employees during the year was NIL (2022 - NIL).

Culross Property Partnership LLP (Registered number: SO307212)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. Investment property
Total
£   
Cost
At 1st April 2022 1,160,053
Disposals (736,283 )
At 31st March 2023 423,770
Net book value
At 31st March 2023 423,770
At 31st March 2022 1,160,053

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 21,229 6,955
Other debtors - 826
21,229 7,781

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 15,702 7,185
Taxation and social security 1,691 -
Other creditors 10,087 31,319
27,480 38,504

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Other creditors 255,206 1,142,751

8. Loans and other debts due to members

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement.