Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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2,833,132 | 1,153,914 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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68,257 | 26,023 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net assets attributable to members |
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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 |
Members' responsibilities:
The financial statements of Gordon & Harris Family Partnership LLP (registered number:
S B Harris
Designated member |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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
Fixtures and fittings |
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All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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 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'.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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Fair value movement | 1,680,000 |
As at 31 March 2024 |
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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 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Accruals and deferred income |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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As at the respective year ends, members' other interests are split equally between Gordon Family Capital and Harris Family Capital.