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REGISTERED NUMBER: OC309615 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Gilchrist Partnership LLP

Gilchrist Partnership LLP (Registered number: OC309615)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 6

Gilchrist Partnership LLP

General Information
for the Year Ended 28 February 2023







DESIGNATED MEMBERS: Mrs R J Gillespie
W G Gillespie





REGISTERED OFFICE: The Wheelhouse
Linden Hill
Wellington
Somerset
TA21 0DW





REGISTERED NUMBER: OC309615 (England and Wales)





ACCOUNTANTS: A Plus Accountancy & Business Solutions Limited
The Counting House
Tonedale Business Park
Wellington
Somerset
TA21 0AW

Gilchrist Partnership LLP (Registered number: OC309615)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65 86
Investment property 5 965,000 965,000
965,065 965,086

CURRENT ASSETS
Debtors 6 11,152 9,222
Cash at bank 11,022 32,539
22,174 41,761
CREDITORS
Amounts falling due within one year 7 195,218 268,775
NET CURRENT LIABILITIES (173,044 ) (227,014 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

792,021

738,072

CREDITORS
Amounts falling due after more than one
year

8

72,761

111,639
NET ASSETS ATTRIBUTABLE TO
MEMBERS

719,260

626,433

Gilchrist Partnership LLP (Registered number: OC309615)

Balance Sheet - continued
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

449,260

356,433

MEMBERS' OTHER INTERESTS
Capital accounts 270,000 270,000
719,260 626,433

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 449,260 356,433
Members' other interests 270,000 270,000
719,260 626,433

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 28 February 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 November 2023 and were signed by:





W G Gillespie - Designated member

Gilchrist Partnership LLP (Registered number: OC309615)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Gilchrist Partnership LLP is registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 25% on reducing balance
Equipment - 25% on reducing balance

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
& fittings Equipment Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 8,000 1,022 9,022
DEPRECIATION
At 1 March 2022 7,919 1,017 8,936
Charge for year 20 1 21
At 28 February 2023 7,939 1,018 8,957
NET BOOK VALUE
At 28 February 2023 61 4 65
At 28 February 2022 81 5 86

Gilchrist Partnership LLP (Registered number: OC309615)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 965,000
NET BOOK VALUE
At 28 February 2023 965,000
At 28 February 2022 965,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2018 1,255,000
Valuation in 2020 (290,000 )
965,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 1,927 -
Other debtors 9,225 9,222
11,152 9,222

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 691 -
Trade creditors 773 856
Other creditors 193,754 267,919
195,218 268,775

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Other creditors 72,761 111,639

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are repayable only after all other liabilities have been settled.

Gilchrist Partnership LLP

Report of the Accountants to the Members of
Gilchrist Partnership LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages two to five and you consider that the LLP is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






A Plus Accountancy & Business Solutions Limited
The Counting House
Tonedale Business Park
Wellington
Somerset
TA21 0AW


Date: .............................................