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REGISTERED NUMBER: OC346668 (England and Wales)















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: E A Green
I S Langdon





Registered office: Jack Straw's Castle
12 North End Way
London
NW3 7ES





Registered number: OC346668 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 5,332,059 4,335,928
Investment property 5 10,725,000 11,500,000
16,057,059 15,835,928

Current assets
Debtors 6 213,001 213,001
Cash in hand 1,010,387 1,667,190
1,223,388 1,880,191
Creditors
Amounts falling due within one year 7 17,249 17,250
Net current assets 1,206,139 1,862,941
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 1,143,128 3,113,094
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 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 30 June 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.

Gailes Investments LLP (Registered number: OC346668)

Balance Sheet - continued
30 June 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 18 December 2023 and were signed by:





E A Green - Designated member

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
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.

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 11,500,000
Revaluations (775,000 )
At 30 June 2023 10,725,000
Net book value
At 30 June 2023 10,725,000
At 30 June 2022 11,500,000

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 213,001 213,001

7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 17,249 17,250

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 3,113,094
Undivided profit (1,969,966 )
At 30 June 2023 1,143,128

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.