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REGISTERED NUMBER: OC364232 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024

FOR

GK INVESTMENT PROPERTIES LLP

GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

GK INVESTMENT PROPERTIES LLP

GENERAL INFORMATION
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024







DESIGNATED MEMBERS: C A Ims
G D Read





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: OC364232 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,000,000 1,100,000

CURRENT ASSETS
Debtors 5 11,596 18
Cash at bank 7,880 20,310
19,476 20,328
CREDITORS
Amounts falling due within one year 6 21,026 11,372
NET CURRENT (LIABILITIES)/ASSETS (1,550 ) 8,956
TOTAL ASSETS LESS CURRENT LIABILITIES 998,450 1,108,956

CREDITORS
Amounts falling due after more than one year 7 683,114 687,726
NET ASSETS ATTRIBUTABLE TO MEMBERS 315,336 421,230

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

141,376

147,270

MEMBERS' OTHER INTERESTS
Non-distributable reserves 10 173,960 273,960
315,336 421,230

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 141,376 147,270
Members' other interests 173,960 273,960
315,336 421,230

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 period ended 31 March 2024.

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.

GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)

BALANCE SHEET - continued
31 MARCH 2024


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 15 August 2024 and were signed by:




C A Ims - Designated member




G D Read - Designated member


GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

GK Investment Properties 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.

The members have made an assessment about the ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents rental income from the investment property.

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 period was NIL (2023 - NIL).

4. INVESTMENT PROPERTY

The freehold properties have been valued at 31 March 2024 by the members of the LLP. The valuation is considered to be the current market value for the properties concerned taking into account the current rental status of the properties and the income arising.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2015 208,296
Valuation in 2016 74,636
Valuation in 2021 141,028
Valuation in 2023 (150,000 )
Valuation in 2024 (100,000 )
Cost 826,040
1,000,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.5.23
£    £   
Cost 826,040 826,040

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.5.23
£    £   
Other debtors 18 18
Accrued income 11,578 -
11,596 18

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.5.23
£    £   
Bank loans and overdrafts 5,091 4,986
Trade creditors 5,000 5,000
Accrued expenses 10,935 1,386
21,026 11,372

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.5.23
£    £   
Bank loans - 1-2 years 5,220 5,113
Bank loans - 2-5 years 1,326 5,685
Bank loans more 5 yr by instal 676,568 676,928
683,114 687,726

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 676,568 676,928

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.5.23
£    £   
Bank loans 676,568 676,928

Onesavings Bank plc trading as Kent Reliance Banking Services hold a fixed charge over the LLP's investment property being 20 Cannon Street Preston PR1 3NR.

Lendinvest Btl Limited holds a fixed charge over the LLP's investment properties at 3,5,6, and 7 St Wilfred Street Preston PR1 2US.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

The amounts shown in 'Loans and other debts due to members' would rank after other unsecured creditors in the event of a winding up.

GK INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC364232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024

10. RESERVES
Non-distributable
reserves
£   
At 1 June 2023 273,960
Revaluation in the year (100,000 )
At 31 March 2024 173,960

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GK INVESTMENT PROPERTIES 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 Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement we have prepared for your approval the attached financial statements from the business accounting records and from information and explanations you have given to us.

The financial statements have been compiled using the going concern and historical cost basis. It is not intended to achieve full compliance with the provisions of UK Generally Accepted Accounting Principles.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the person to whom this report is addressed for our work or for this report.

You have approved the financial statements for the period described above, and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


16 August 2024