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REGISTERED NUMBER: OC413600 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

GI Assets LLP

GI Assets LLP (Registered number: OC413600)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GI Assets LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Dr P Patel
Mrs M S Patel
GI Clinic Investments Limited





REGISTERED OFFICE: 3 Peterscroft Avenue
Ashurst
Southampton
SO40 7AB





REGISTERED NUMBER: OC413600 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

GI Assets LLP (Registered number: OC413600)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 934,703 984,255
Investment property 5 171,260 176,280
1,105,963 1,160,535

CURRENT ASSETS
Investments 6 1,426,387 1,250,197
Cash at bank 26,212 1,126
1,452,599 1,251,323
CREDITORS
Amounts falling due within one year 7 2,000 1,500
NET CURRENT ASSETS 1,450,599 1,249,823
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,556,562

2,410,358

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

81,292

-

MEMBERS' OTHER INTERESTS
Capital accounts 2,475,270 2,410,358
2,556,562 2,410,358

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 81,292 -
Members' other interests 2,475,270 2,410,358
2,556,562 2,410,358

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 31 March 2024.

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.

GI Assets LLP (Registered number: OC413600)

Balance Sheet - continued
31 March 2024


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 18 November 2024 and were signed by:




Dr P Patel - Designated member




Mrs M S Patel - Designated member


GI Assets LLP (Registered number: OC413600)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

GI Assets LLP is registered in England and Wales. 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.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going Concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Rental income is recognised on an accruals basis in accordance with the substance of the relevant agreement net of value added tax. Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Dividend income is recognised when the right to receive payment is established.

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.

Investments
Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through the profit and loss account.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

GI Assets LLP (Registered number: OC413600)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 984,255
Additions 160,508
Disposals (218,511 )
Revaluations 8,451
At 31 March 2024 934,703
NET BOOK VALUE
At 31 March 2024 934,703
At 31 March 2023 984,255

GI Assets LLP (Registered number: OC413600)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued/impaired they would have been included at an historical cost of £975,719. Fixed asset investments were valued on an open market basis on 31 March 2024.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 176,280
Exchange differences (5,020 )
At 31 March 2024 171,260
NET BOOK VALUE
At 31 March 2024 171,260
At 31 March 2023 176,280

Investment properties have been valued by the members, and are disclosed at their open market value which is not materially different to cost.

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cash investments 1,426,387 1,250,197

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 2,000 1,500

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally to other creditors.