Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalse2023-04-01No description of principal activity77falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC349222 2023-04-01 2024-03-31 OC349222 2022-04-01 2023-03-31 OC349222 2024-03-31 OC349222 2023-03-31 OC349222 c:Buildings 2023-04-01 2024-03-31 OC349222 c:Buildings 2024-03-31 OC349222 c:Buildings 2023-03-31 OC349222 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC349222 c:MotorVehicles 2023-04-01 2024-03-31 OC349222 c:MotorVehicles 2024-03-31 OC349222 c:MotorVehicles 2023-03-31 OC349222 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC349222 c:FurnitureFittings 2023-04-01 2024-03-31 OC349222 c:OfficeEquipment 2023-04-01 2024-03-31 OC349222 c:OfficeEquipment 2024-03-31 OC349222 c:OfficeEquipment 2023-03-31 OC349222 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC349222 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC349222 c:CurrentFinancialInstruments 2024-03-31 OC349222 c:CurrentFinancialInstruments 2023-03-31 OC349222 c:Non-currentFinancialInstruments 2024-03-31 OC349222 c:Non-currentFinancialInstruments 2023-03-31 OC349222 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC349222 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC349222 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC349222 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC349222 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC349222 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC349222 d:FRS102 2023-04-01 2024-03-31 OC349222 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC349222 d:FullAccounts 2023-04-01 2024-03-31 OC349222 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC349222 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC349222 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC349222 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC349222 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC349222 d:PartnerLLP1 2023-04-01 2024-03-31 OC349222 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC349222 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC349222 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC349222 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC349222 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC349222









MCGOWAN PROPERTY INVESTMENTS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MCGOWAN PROPERTY INVESTMENTS LLP
REGISTERED NUMBER: OC349222

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,158,094
3,227,833

  
3,158,094
3,227,833

Current assets
  

Stocks
 5 
30,000
30,000

Debtors: amounts falling due within one year
 6 
30,462
140,739

Cash at bank and in hand
 7 
14,723
4,369

  
75,185
175,108

Creditors: Amounts Falling Due Within One Year
 8 
(382,768)
(518,619)

Net current liabilities
  
 
 
(307,583)
 
 
(343,511)

Total assets less current liabilities
  
2,850,511
2,884,322

Creditors: amounts falling due after more than one year
 9 
(1,135,887)
(1,295,383)

  
1,714,624
1,588,939

  

Net assets
  
1,714,624
1,588,939


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
1,714,624
1,588,939

  
1,714,624
1,588,939

  

Other reserves classified as equity
  
-
-

  
 
-
 
-

  
1,714,624
1,588,939


Total members' interests
  

Loans and other debts due to members
 12 
1,714,624
1,588,939

  
1,714,624
1,588,939


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
Page 1

 
MCGOWAN PROPERTY INVESTMENTS LLP
REGISTERED NUMBER: OC349222
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
J D McGowan
Designated member

Date: 6 November 2024

The notes on pages 3 to 9 form part of these financial statements.

McGowan Property Investments LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

McGowan Property Investments LLP is an LLP incorporated in England and Wales within the United Kingdom. The address of the registered office is 11a Beaumont Gate, Shenley Hill, Radlett, Herts, WD7 7AR.
The principal activity of the LLP is that of property investments.
The significant accounting policies applied in the preparation of these financial statements are set out below. These polices have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
Not amortised
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 5

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
2,983,992
296,873
10,531
3,291,396



At 31 March 2024

2,983,992
296,873
10,531
3,291,396



Depreciation


At 1 April 2023
-
60,837
2,726
63,563


Charge for the year on owned assets
-
68,178
1,561
69,739



At 31 March 2024

-
129,015
4,287
133,302



Net book value



At 31 March 2024
2,983,992
167,858
6,244
3,158,094



At 31 March 2023
2,983,992
236,036
7,805
3,227,833


5.


Stocks

2024
2023
£
£

Raw materials and consumables
30,000
30,000

30,000
30,000



6.


Debtors

2024
2023
£
£


Trade debtors
16,961
74,823

Other debtors
13,501
65,916

30,462
140,739


Page 6

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
14,723
4,369

14,723
4,369



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
116,178
157,772

Trade creditors
6,429
-

Other taxation and social security
951
4,745

Obligations under finance lease and hire purchase contracts
45,734
46,676

Other creditors
134,169
220,375

Accruals and deferred income
79,307
89,051

382,768
518,619



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,085,475
1,199,237

Net obligations under finance leases and hire purchase contracts
50,411
96,146

1,135,886
1,295,383


Page 7

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
116,178
157,772


116,178
157,772


Amounts falling due 2-5 years

Bank loans
1,085,475
1,199,237


1,085,475
1,199,237


1,201,653
1,357,009



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
45,734
46,676

Between 1-5 years
50,411
96,146

96,145
142,822

Page 8

 
MCGOWAN PROPERTY INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,714,624
1,588,939

1,714,624
1,588,939

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
1,714,624
1,588,939

1,714,624
1,588,939

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


13.


Related party transactions

At the balance sheet date the LLP owed £22,033 (2023: £46,265) to companies under common control. 

 
Page 9