REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Gailes Investments LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Gailes Investments LLP |
Gailes Investments LLP (Registered number: OC346668) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Gailes Investments LLP |
General Information |
for the year ended 30 June 2023 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Gailes Investments LLP (Registered number: OC346668) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 17,263,198 | 17,698,869 |
Loans and other debts due to members | 8 | 7,092,053 | 5,557,758 |
Members' other interests |
Capital accounts | 9,028,017 | 9,028,017 |
Other reserves | 9 |
17,263,198 | 17,698,869 |
Total members' interests |
Loans and other debts due to members | 8 | 7,092,053 | 5,557,758 |
Members' other interests | 10,171,145 | 12,141,111 |
17,263,198 | 17,698,869 |
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. |
Gailes Investments LLP (Registered number: OC346668) |
Balance Sheet - continued |
30 June 2023 |
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 |
Gailes Investments LLP (Registered number: OC346668) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
Gailes Investments LLP is a limited liability partnership incorporated in England and Wales. The registered number is OC346668 registered office is 10 Flask Walk, London, NW3 1HE. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the LLP in respect of rents receivable. |
Investment income relates to the share of profits from participating interests. |
Investment property |
Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and are not depreciated. This treatment is contrary to the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, which states that fixed assets should be depreciated but is, in the opinion of the members, necessary in order to give a true and fair view of the financial position of the LLP. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Key sources of estimation uncertainty and judgements |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
Gailes Investments LLP (Registered number: OC346668) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
4. | Fixed asset investments |
Interest in |
other |
participating |
interests |
£ |
Cost |
At 1 July 2022 | 4,335,928 |
Additions | 3,993,622 |
Disposals | (2,997,491 | ) |
At 30 June 2023 | 5,332,059 |
Net book value |
At 30 June 2023 | 5,332,059 |
At 30 June 2022 | 4,335,928 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 July 2022 |
Revaluations | (775,000 | ) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2015 | 1,359,720 |
Valuation in 2016 | 409,077 |
Valuation in 2017 | (195,000 | ) |
Valuation in 2018 | 5,000 |
Valuation in 2019 | (69,304 | ) |
Valuation in 2020 | 115,000 |
Valuation in 2021 | (207,500 | ) |
Valuation in 2022 | 1,082,500 |
Valuation in 2023 | (775,000 | ) |
Cost | 9,000,507 |
10,725,000 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other creditors |
Gailes Investments LLP (Registered number: OC346668) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
8. | Loans and other debts due to members |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 7,092,053 | 5,557,758 |
Falling due within one year | 7,092,053 | 5,557,758 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
9. | Reserves |
Other |
reserves |
£ |
At 1 July 2022 |
Undivided profit | (1,969,966 | ) |
At 30 June 2023 |
10. | Related party disclosures |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |