Silverfin false 31/03/2024 01/06/2023 31/03/2024 Richard George Harper 07/07/2005 James Johnston 07/07/2005 Lewis Kermack 07/07/2005 Graham James Mcfarlane 07/07/2005 John David Milne 07/07/2005 John Kenneth Titterington 07/07/2005 Margaret Caroline Titterington 07/07/2005 Iain Stuart Wallace 07/07/2005 18 September 2024 SO300665 2024-03-31 SO300665 bus:Director1 2024-03-31 SO300665 bus:Director2 2024-03-31 SO300665 bus:Director3 2024-03-31 SO300665 bus:Director4 2024-03-31 SO300665 bus:Director5 2024-03-31 SO300665 bus:Director6 2024-03-31 SO300665 bus:Director7 2024-03-31 SO300665 bus:Director8 2024-03-31 SO300665 2023-05-31 SO300665 core:CurrentFinancialInstruments 2024-03-31 SO300665 core:CurrentFinancialInstruments 2023-05-31 SO300665 core:Non-currentFinancialInstruments 2024-03-31 SO300665 core:Non-currentFinancialInstruments 2023-05-31 SO300665 core:LandBuildings 2023-05-31 SO300665 core:LandBuildings 2024-03-31 SO300665 2023-06-01 2024-03-31 SO300665 bus:FullAccounts 2023-06-01 2024-03-31 SO300665 bus:SmallEntities 2023-06-01 2024-03-31 SO300665 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-03-31 SO300665 bus:LimitedLiabilityPartnershipLLP 2023-06-01 2024-03-31 SO300665 bus:Director1 2023-06-01 2024-03-31 SO300665 bus:Director2 2023-06-01 2024-03-31 SO300665 bus:Director3 2023-06-01 2024-03-31 SO300665 bus:Director4 2023-06-01 2024-03-31 SO300665 bus:Director5 2023-06-01 2024-03-31 SO300665 bus:Director6 2023-06-01 2024-03-31 SO300665 bus:Director7 2023-06-01 2024-03-31 SO300665 bus:Director8 2023-06-01 2024-03-31 SO300665 2022-06-01 2023-05-31 SO300665 core:Non-currentFinancialInstruments 2023-06-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: SO300665 (Scotland)

GOWANBANK DEVELOPMENTS LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GOWANBANK DEVELOPMENTS LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024

Contents

GOWANBANK DEVELOPMENTS LLP

BALANCE SHEET

AS AT 31 MARCH 2024
GOWANBANK DEVELOPMENTS LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 354,594 354,594
354,594 354,594
Current assets
Cash at bank and in hand 4 182 178
182 178
Creditors: amounts falling due within one year 5 ( 1,599) ( 1,440)
Net current liabilities (1,417) (1,262)
Total assets less current liabilities 353,177 353,332
Creditors: amounts falling due after more than one year 6 ( 277,639) ( 270,198)
Net assets attributable to members 75,538 83,134
Represented by
Loans and other debts due to members within one year
Other amounts 0 (113,866)
0 (113,866)
Members' other interests
Members' capital classified as equity 197,000 197,000
Other reserves (121,462) 0
75,538 197,000
75,538 83,134
Total members' interests
Loans and other debts due to members 0 (113,866)
Members' other interests 75,538 197,000
75,538 83,134

For the financial period 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 Gowanbank Developments LLP (registered number: SO300665) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Graham James Mcfarlane
Designated member
GOWANBANK DEVELOPMENTS LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
GOWANBANK DEVELOPMENTS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other reserves Total Other amounts Total
£ £ £ £ £
Amounts due to members (106,516)
Balance at 01 June 2022 197,000 0 197,000 (106,516) 90,484
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 0 (7,350) (7,350)
Members' interest after result for the financial period/year 197,000 0 197,000 (113,866) 83,134
Amounts due to members (113,866)
Balance at 31 May 2023 197,000 0 197,000 (113,866) 83,134
Loss for the financial period/year available for discretionary division among members 0 (7,596) (7,596) 0 (7,596)
Members' interest after loss for the financial period/year 197,000 (7,596) 189,404 (113,866) 75,538
Transfer 0 (113,866) (113,866) 113,866 0
Balance at 31 March 2024 197,000 (121,462) 75,538 0 75,538

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

Transfer above of £113,866 from Debt Other Amounts to Equity Other Reserves represents accumulated but unallocated historic losses.

GOWANBANK DEVELOPMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
GOWANBANK DEVELOPMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
1. Accounting policies

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

General information and basis of accounting

Gowanbank Developments LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 26 Montrose Road, Forfar, DD8 2HT, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 limited liability partnership has net current liabilities of £1,413. The members consider it appropriate to prepare the accounts on a going concern basis and confirm that they will support the limited liability partnership for at least 12 months from the approval of these accounts.

Reporting period length

Reporting period length has been amended to 10 months to align with HMRC Basis Period Reform. The financial statements run for the 10 month period to 31 March 2024

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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. Amy losses are unallocated and included with equity other reserves.

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

Period from
01.06.2023 to
31.03.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the LLP during the period 8 8

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 June 2023 354,594 354,594
At 31 March 2024 354,594 354,594
Accumulated depreciation
At 01 June 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 354,594 354,594
At 31 May 2023 354,594 354,594

4. Cash and cash equivalents

31.03.2024 31.05.2023
£ £
Cash at bank and in hand 182 178

5. Creditors: amounts falling due within one year

31.03.2024 31.05.2023
£ £
Other creditors 1,599 1,440

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

31.03.2024 31.05.2023
£ £
Other creditors 277,639 270,198

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Other related party transactions

31.03.2024 31.05.2023
£ £
Entities with control, joint control or significant influence over the company 272,139 264,699

During the year advances of £7,440 were made. There was no fixed repayment date and the annual loan balance is charged with 2.25% interest.