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REGISTERED NUMBER: SO306532 (Scotland)















Unaudited Financial Statements for the Year Ended 31st October 2023

for

GAAP Investments LLP

GAAP Investments LLP (Registered number: SO306532)






Contents of the Financial Statements
for the Year Ended 31st October 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAAP Investments LLP

General Information
for the Year Ended 31st October 2023







DESIGNATED MEMBERS: Mrs A Smith
P B Smith
G E Dutfield
Ms A J Hookway





REGISTERED OFFICE: Duneira Pier Road
Rhu
Helensburgh
Argyll & Bute
G84 8LH





REGISTERED NUMBER: SO306532 (Scotland)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

GAAP Investments LLP (Registered number: SO306532)

Balance Sheet
31st October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,771 6,053
Investment property 5 2,559,399 2,559,399
2,563,170 2,565,452

CURRENT ASSETS
Debtors 6 63,142 283,874
Cash at bank 5,605 2,218
68,747 286,092
CREDITORS
Amounts falling due within one year 7 (238,782 ) (379,203 )
NET CURRENT LIABILITIES (170,035 ) (93,111 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,393,135 2,472,341

CREDITORS
Amounts falling due after more than one year 8 (1,753,840 ) (1,640,115 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 639,295 832,226

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

639,295

832,226

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 639,295 832,226

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 31st October 2023.

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.

GAAP Investments LLP (Registered number: SO306532)

Balance Sheet - continued
31st October 2023


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 30th October 2024 and were signed by:





Mrs A Smith - Designated member

GAAP Investments LLP (Registered number: SO306532)

Notes to the Financial Statements
for the Year Ended 31st October 2023

1. STATUTORY INFORMATION

GAAP Investments LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

GAAP Investments LLP (Registered number: SO306532)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 11,412
DEPRECIATION
At 1st November 2022 5,359
Charge for year 2,282
At 31st October 2023 7,641
NET BOOK VALUE
At 31st October 2023 3,771
At 31st October 2022 6,053

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st November 2022
and 31st October 2023 2,559,399
NET BOOK VALUE
At 31st October 2023 2,559,399
At 31st October 2022 2,559,399

Fair value at 31st October 2023 is represented by:
£   
Valuation in 2021 45,066
Valuation in 2022 (30,291 )
Cost 2,544,624
2,559,399

The members see no benefit in revaluing the assets.

GAAP Investments LLP (Registered number: SO306532)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,250 22,010
Other debtors 60,892 260,562
VAT - 1,302
63,142 283,874

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 16,254 15,912
VAT 14,895 -
Other creditors 204,073 361,171
Accrued expenses 3,560 2,120
238,782 379,203

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 1,753,840 1,640,115

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgages 1,753,840 1,640,115

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.