REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Gateshead Properties LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
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 |
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 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 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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. |