Limited Liability Partnership Registration No. SO305252 (Scotland)
KEYSTONE ASSETS SCOTLAND LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
KEYSTONE ASSETS SCOTLAND LLP
CONTENTS
Page
Balance sheet
2 - 3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 8
KEYSTONE ASSETS SCOTLAND LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Ashe House Limited
Remick 3 Limited
Limited liability partnership number
SO305252
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
KEYSTONE ASSETS SCOTLAND LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
4,017,732
4,074,860
Current assets
Debtors
4
578
68
Cash at bank and in hand
107,744
859,989
108,322
860,057
Creditors: amounts falling due within one year
5
(2,450)
(4,050)
Net current assets
105,872
856,007
Total assets less current liabilities and net assets attributable to members
4,123,604
4,930,867
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(761,760)
1,035,560
Other amounts
979,752
(55,808)
217,992
979,752
Members' other interests
Members' capital classified as equity
3,905,612
3,905,612
Other reserves classified as equity
-
45,503
4,123,604
4,930,867
Total members' interests
Loans and other debts due to members
217,992
979,752
Members' other interests
3,905,612
3,951,115
4,123,604
4,930,867

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.

KEYSTONE ASSETS SCOTLAND LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
- 3 -
The financial statements were approved by the members and authorised for issue on
29 January 2024
29 January 2024
and are signed on their behalf by:
Mr M L Gizzi on behalf of
Ashe House Limited
Designated member
Limited Liability Partnership Registration No. SO305252
KEYSTONE ASSETS SCOTLAND LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Revaluation Reserve
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
979,752
Members' interests at 1 April 2022
3,905,612
45,503
3,951,115
979,752
979,752
4,930,867
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
254,817
254,817
254,817
Loss for the financial year available for discretionary division among members
-
(45,503)
(45,503)
-
-
(45,503)
Members' interests after loss and remuneration for the year
3,905,612
-
3,905,612
1,234,569
1,234,569
5,140,181
Drawings
-
-
-
(1,016,577)
(1,016,577)
(1,016,577)
Members' interests at 31 March 2023
3,905,612
-
3,905,612
217,992
217,992
4,123,604
KEYSTONE ASSETS SCOTLAND LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
(55,808)
Members' interests at 1 April 2021
3,905,612
221,652
4,127,264
(55,808)
(55,808)
4,071,456
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
1,258,350
1,258,350
1,258,350
Loss for the financial year available for discretionary division among members
-
(176,149)
(176,149)
-
-
(176,149)
Members' interests after loss and remuneration for the year
3,905,612
45,503
3,951,115
1,202,542
1,202,542
5,153,657
Drawings
-
-
-
(222,790)
(222,790)
(222,790)
Members' interests at 31 March 2022
3,905,612
45,503
3,951,115
979,752
979,752
4,930,867
KEYSTONE ASSETS SCOTLAND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Limited liability partnership information

Keystone Assets Scotland 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 limited liability partnership's principal activities are disclosed in the Members' Report.

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.

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
Turnover

Turnover represents the LLP's share of profits or losses of the Partnership of Target Real Estate LLP.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Fixed asset investments

Investments in Partnerships are accounted for under the equity method of accounting at cost and adjusted for share of profits and losses not drawn or paid to the partnership,

KEYSTONE ASSETS SCOTLAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.5
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.

1.6
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.

2
Employees

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

2023
2022
Total
-
0
-
3
Fixed asset investments
2023
2022
£
£
Unlisted investments
4,017,732
4,074,860

The LLP has a 50% investment in Target Real Estate LLP.

KEYSTONE ASSETS SCOTLAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Share in Partnership
£
Cost or valuation
At 1 April 2022
4,074,860
Valuation changes
(45,503)
Share of profit in the Partnership
283,375
Distribution to members
(295,000)
At 31 March 2023
4,017,732
Carrying amount
At 31 March 2023
4,017,732
At 31 March 2022
4,074,860
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
578
68
5
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,450
4,050
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