Limited Liability Partnership registration number SO305761 (Scotland)
THE WHITE BUILDING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE WHITE BUILDING LLP
CONTENTS
Page
Limited liability partnership information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
THE WHITE BUILDING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mr M L Gizzi
Mr A G F Conetta
LLP registration number
SO305761
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
2nd floor
87 St Vincent Street
Glasgow
Scotland
G2 5TF
THE WHITE BUILDING LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,007,671
6,160,629
Current assets
Debtors
4
40,000
50,440
Cash at bank and in hand
46,807
-
86,807
50,440
Creditors: amounts falling due within one year
5
(5,731,933)
(5,658,491)
Net current liabilities
(5,645,126)
(5,608,051)
Total assets less current liabilities and net assets attributable to members
362,545
552,578
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(628,069)
(438,036)
Members' other interests
Members' capital classified as equity
990,614
990,614
362,545
552,578
Total members' interests
Loans and other debts due to members
(628,069)
(438,036)
Members' other interests
990,614
990,614
362,545
552,578

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

THE WHITE BUILDING LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
- 3 -
The financial statements were approved by the members and authorised for issue on 9 November 2023 and are signed on their behalf by:
2023-11-15
Mr M L Gizzi
Designated member
Limited Liability Partnership Registration No. SO305761
THE WHITE BUILDING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

The White Building LLP is a limited liability partnership incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The principal place of business is 2nd floor, 87 St Vincent Street, Glasgow, Scotland, G2 5TF.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% Straight Line
Fixtures and fittings
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

THE WHITE BUILDING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Total
-
0
-
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
6,437,787
284,024
6,721,811
Depreciation and impairment
At 1 April 2022
438,502
122,680
561,182
Depreciation charged in the year
128,756
24,202
152,958
At 31 March 2023
567,258
146,882
714,140
Carrying amount
At 31 March 2023
5,870,529
137,142
6,007,671
At 31 March 2022
5,999,285
161,344
6,160,629
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by associated undertakings
40,000
50,000
Other debtors
-
440
40,000
50,440
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,300,000
5,276,562
Amounts owed to associated undertakings
129,183
79,179
Other creditors
302,750
302,750
5,731,933
5,658,491

Five charges exist over all of the property undertakings of the company in favour of Clydesdale Bank PLC.

These charges each contain a negative pledge.

THE WHITE BUILDING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

2023
2022
£
£
Amounts owed from connected parties
40,000
50,000
Rent to connected parties
50,004
50,004
Amounts owed to connected parties
129,179
79,179

Management charges of £300,000 (2022: £250,000) were received in the year from an associated company.

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