Company No:
Contents
Note | 31.03.2024 | 31.05.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
354,594 | 354,594 | |||
Current assets | ||||
Cash at bank and in hand | 4 |
|
|
|
182 | 178 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
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 | (
|
(
|
|
Net assets attributable to members |
|
|
||
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 |
Members' responsibilities:
The financial statements of Gowanbank Developments LLP (registered number:
Graham James Mcfarlane
Designated member |
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.
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.
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 £.
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 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
Land and buildings | not depreciated |
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.
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
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.
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 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'.
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 |
|
|
Land and buildings | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
|
|
|
At 31 March 2024 |
|
|
|
Accumulated depreciation | |||
At 01 June 2023 |
|
|
|
At 31 March 2024 |
|
|
|
Net book value | |||
At 31 March 2024 |
|
|
|
At 31 May 2023 |
|
|
31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Other creditors |
|
|
31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Other creditors |
|
|
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.