Silverfin false 31/03/2024 01/04/2023 31/03/2024 Mr A S Gordon 24/10/2008 Mr S B Harris 24/10/2008 S B Harris 16 September 2024 OC341018 2024-03-31 OC341018 bus:Director1 2024-03-31 OC341018 bus:Director2 2024-03-31 OC341018 2023-03-31 OC341018 core:CurrentFinancialInstruments 2024-03-31 OC341018 core:CurrentFinancialInstruments 2023-03-31 OC341018 core:Non-currentFinancialInstruments 2024-03-31 OC341018 core:Non-currentFinancialInstruments 2023-03-31 OC341018 core:FurnitureFittings 2023-03-31 OC341018 core:FurnitureFittings 2024-03-31 OC341018 core:CurrentFinancialInstruments core:Secured 2024-03-31 OC341018 2023-04-01 2024-03-31 OC341018 bus:FullAccounts 2023-04-01 2024-03-31 OC341018 bus:SmallEntities 2023-04-01 2024-03-31 OC341018 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC341018 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC341018 bus:Director1 2023-04-01 2024-03-31 OC341018 bus:Director2 2023-04-01 2024-03-31 OC341018 bus:Director3 2023-04-01 2024-03-31 OC341018 core:FurnitureFittings 2023-04-01 2024-03-31 OC341018 2022-04-01 2023-03-31 OC341018 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 OC341018 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC341018 (England and Wales)

GORDON & HARRIS FAMILY PARTNERSHIP LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GORDON & HARRIS FAMILY PARTNERSHIP LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GORDON & HARRIS FAMILY PARTNERSHIP LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
GORDON & HARRIS FAMILY PARTNERSHIP LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,132 3,914
Investment property 4 2,830,000 1,150,000
2,833,132 1,153,914
Current assets
Debtors 5 5,122 3,480
Cash at bank and in hand 63,135 22,543
68,257 26,023
Creditors: amounts falling due within one year 6 ( 34,391) ( 32,292)
Net current assets/(liabilities) 33,866 (6,269)
Total assets less current liabilities 2,866,998 1,147,645
Creditors: amounts falling due after more than one year 7 ( 56,080) ( 83,141)
Net assets attributable to members 2,810,918 1,064,504
Represented by
Loans and other debts due to members within one year
Other amounts 982,643 916,229
982,643 916,229
Members' other interests
Members' capital classified as equity 8 148,275 148,275
Revaluation reserve 1,680,000 0
1,828,275 148,275
2,810,918 1,064,504
Total members' interests
Loans and other debts due to members 982,643 916,229
Members' other interests 1,828,275 148,275
2,810,918 1,064,504

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

The financial statements of Gordon & Harris Family Partnership LLP (registered number: OC341018) were approved and authorised for issue by the Board of Directors on 16 September 2024. They were signed on its behalf by:

S B Harris
Designated member
GORDON & HARRIS FAMILY PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GORDON & HARRIS FAMILY PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gordon & Harris Family Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 132 Whiteladies Road, Clifton, Bristol, BS8 2RS.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Departure from requirements of FRS102

The LLP does not strictly follow FRS 102 accounting standards in respect of valuation of investment properties due to requirements of the LLP Partnership Agreement. As per the agreement, there shall be no revaluation of the LLP's assets other than by unanimous consent of the voting Partners. This may result in a difference between the carrying amount and market value of investment property in the accounts. In 2024, the voting partners have unanimously agreed to revalue the investment property

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 8 8

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 31,007 31,007
At 31 March 2024 31,007 31,007
Accumulated depreciation
At 01 April 2023 27,093 27,093
Charge for the financial year 782 782
At 31 March 2024 27,875 27,875
Net book value
At 31 March 2024 3,132 3,132
At 31 March 2023 3,914 3,914

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,150,000
Fair value movement 1,680,000
As at 31 March 2024 2,830,000

Valuation

A full market valuation of investment property was completed and a resulting uplift in value recorded. The fair value of the Company's residential investment property at 31 March 2024 have been arrived at on the basis of valuations carried out by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,150,000 1,150,000

5. Debtors

2024 2023
£ £
Trade debtors 3,182 1,661
Prepayments 1,940 1,819
5,122 3,480

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 28,206 29,352
Accruals and deferred income 6,185 2,940
34,391 32,292

The bank loan is secured against the property to which it relates.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 56,080 83,141

The bank loan is secured against the properties to which it relates.

8. Members' other interests

As at the respective year ends, members' other interests are split equally between Gordon Family Capital and Harris Family Capital.