Registered number
OC324823
The GE Property Investment LLP
Filleted Accounts
31 March 2024
The GE Property Investment LLP
Registered number: OC324823
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 876 1,095
Investments 4 1,615,811 1,615,811
1,616,687 1,616,906
Current assets
Debtors 5 3,726 30,806
Cash at bank and in hand 28,097 71,714
31,823 102,520
Creditors: amounts falling due within one year 6 (135,878) (53,847)
Net current (liabilities)/assets (104,055) 48,673
Total assets less current liabilities 1,512,632 1,665,579
Net assets attributable to members 1,512,632 1,665,579
Represented by:
Loans and other debts due to members 7 669,858 908,875
Members' other interests
Revaluation reserve 382,811 382,811
Other reserves 459,963 373,893
842,774 756,704
1,512,632 1,665,579
Total members' interests
Loans and other debts due to members 7 669,858 908,875
Members' other interests 842,774 756,704
1,512,632 1,665,579
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 17 July 2024 and signed on their behalf by:
J S Claire
Designated member
The GE Property Investment LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings subject to annual revaluation
Plant and machinery 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 2,030
At 31 March 2024 2,030
Depreciation
At 1 April 2023 935
Charge for the year 219
At 31 March 2024 1,154
Net book value
At 31 March 2024 876
At 31 March 2023 1,095
4 Fixed asset investments
Other
investments
£
Cost
At 1 April 2023 1,615,811
At 31 March 2024 1,615,811
5 Debtors 2024 2023
£ £
Trade debtors 2,181 29,261
Other debtors 1,545 1,545
3,726 30,806
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 184 558
Other taxes and social security costs 6,416 8,282
Other creditors 129,278 45,007
135,878 53,847
7 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 567,858 708,875
Loans from members 102,000 200,000
669,858 908,875
Amounts falling due within one year 669,858 908,875
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 382,811 426,765
Loss on revaluation of subsidiaries, associates and joint ventures - (43,954)
At 31 March 2024 382,811 382,811
9 Other information
The GE Property Investment LLP is a limited liability partnership incorporated in England. Its registered office is:
Twelve Quays House,
Egerton Wharf,
Wirral,
England,
CH41 1LD
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