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REGISTERED NUMBER: SO306711 (Scotland)



















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Benchmark4 LLP

Benchmark4 LLP (Registered number: SO306711)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Benchmark4 LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Gladsmuir Solutions Limited
C Veitch





REGISTERED OFFICE: Strawberry Wood
East Saltoun
Pencaitland
East Lothian
EH34 5DY





REGISTERED NUMBER: SO306711 (Scotland)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Benchmark4 LLP (Registered number: SO306711)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 38,948 86,470
Investment property 5 3,937,000 3,683,500
3,975,948 3,769,970

CURRENT ASSETS
Cash at bank 24,735 38,139

CREDITORS
Amounts falling due within one year 6 (30,508 ) (35,102 )
NET CURRENT (LIABILITIES)/ASSETS (5,773 ) 3,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,970,175

3,773,007

CREDITORS
Amounts falling due after more than one
year

7

(38,088

)

(66,132

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,932,087

3,706,875

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 3,932,087 3,706,875
3,932,087 3,706,875

TOTAL MEMBERS' INTERESTS
Members' other interests 3,932,087 3,706,875

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 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.

Benchmark4 LLP (Registered number: SO306711)

Balance Sheet - continued
31 March 2023


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 23 October 2023 and were signed by:





C Veitch - Designated member

Benchmark4 LLP (Registered number: SO306711)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Benchmark4 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 as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
Current liabilities exceed current assets, however, after reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Rental income is recognised on an accruals basis in accordance with the substance of the relevant agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on cost

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

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Benchmark4 LLP (Registered number: SO306711)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2022 - 1 ) .

Benchmark4 LLP (Registered number: SO306711)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 148,545
Disposals (38,172 )
At 31 March 2023 110,373
DEPRECIATION
At 1 April 2022 62,075
Charge for year 22,074
Eliminated on disposal (12,724 )
At 31 March 2023 71,425
NET BOOK VALUE
At 31 March 2023 38,948
At 31 March 2022 86,470

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 137,124
Disposals (38,172 )
At 31 March 2023 98,952
DEPRECIATION
At 1 April 2022 58,901
Charge for year 19,790
Eliminated on disposal (12,724 )
At 31 March 2023 65,967
NET BOOK VALUE
At 31 March 2023 32,985
At 31 March 2022 78,223

Benchmark4 LLP (Registered number: SO306711)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 3,683,500
Revaluations 253,500
At 31 March 2023 3,937,000
NET BOOK VALUE
At 31 March 2023 3,937,000
At 31 March 2022 3,683,500

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 66,999
Valuation in 2023 253,500
Cost 3,616,501
3,937,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 3,616,501 3,616,501

Investment property was valued on an open market basis on 31 March 2023 by the designated members .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 9,167 9,167
Hire purchase contracts 11,786 21,605
Taxation and social security - 398
Other creditors 9,555 3,932
30,508 35,102

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 38,088 41,463
Hire purchase contracts - 24,669
38,088 66,132

Benchmark4 LLP (Registered number: SO306711)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 11,786 46,274

9. OTHER FINANCIAL COMMITMENTS

The investment properties secure loans totalling £2,485,426 (2022 £2,513,732) advanced to the LLP member Gladsmuir Solutions Limited at 31 March 2023. There is also a floating charge in relation to the LLP assets.