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REGISTERED NUMBER: OC389619 (England and Wales)









Financial Statements

for the Year Ended 31 March 2024

for

Gateshead Properties LLP

Gateshead Properties LLP (Registered number: OC389619)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Gateshead Properties LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mrs J Gudka
P Gudka





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: OC389619 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Gateshead Properties LLP (Registered number: OC389619)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 350,000 350,000

CURRENT ASSETS
Cash at bank 1,339 29,588

CREDITORS
Amounts falling due within one year 5 (7,341 ) (13,340 )
NET CURRENT (LIABILITIES)/ASSETS (6,002 ) 16,248
TOTAL ASSETS LESS CURRENT
LIABILITIES

343,998

366,248

CREDITORS
Amounts falling due after more than one
year

6

-

(27,757

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

343,998

338,491

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

335,267

329,760

MEMBERS' OTHER INTERESTS
Fair value reserve 8,731 8,731
343,998 338,491

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 335,267 329,760
Members' other interests 8,731 8,731
343,998 338,491

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 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.

Gateshead Properties LLP (Registered number: OC389619)

Statement of Financial Position - 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 6 September 2024 and were signed by:





P Gudka - Designated member

Gateshead Properties LLP (Registered number: OC389619)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Gateshead 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced rental income, excluding value added tax. Rental income is recognised on an accruals basis.

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 350,000
NET BOOK VALUE
At 31 March 2024 350,000
At 31 March 2023 350,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 350,000

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

2024 2023
£    £   
Cost 341,269 341,269

The investment property was valued on an open market basis on 31 March 2024 by the members .

Gateshead Properties LLP (Registered number: OC389619)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 6,000
Accruals and deferred income 7,341 7,340
7,341 13,340

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loan - 27,757

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 33,757

The bank loan was secured by a fixed and floating charge over the LLP's assets and was fully repaid during the year.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up of the LLP. There are no restrictions on the ability of the members to reduce the amount of Members’ other interests.