Silverfin false 05/04/2024 06/04/2023 05/04/2024 J G Baxter 28/01/2010 Gairland Properties Limited 28/01/2010 20 November 2024 SO302669 2024-04-05 SO302669 bus:Director1 2024-04-05 SO302669 bus:Director2 2024-04-05 SO302669 2023-04-05 SO302669 core:CurrentFinancialInstruments 2024-04-05 SO302669 core:CurrentFinancialInstruments 2023-04-05 SO302669 core:Non-currentFinancialInstruments 2024-04-05 SO302669 core:Non-currentFinancialInstruments 2023-04-05 SO302669 core:ComputerSoftware 2023-04-05 SO302669 core:ComputerSoftware 2024-04-05 SO302669 core:Vehicles 2023-04-05 SO302669 core:FurnitureFittings 2023-04-05 SO302669 core:Vehicles 2024-04-05 SO302669 core:FurnitureFittings 2024-04-05 SO302669 2023-04-06 2024-04-05 SO302669 bus:FullAccounts 2023-04-06 2024-04-05 SO302669 bus:SmallEntities 2023-04-06 2024-04-05 SO302669 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SO302669 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 SO302669 bus:Director1 2023-04-06 2024-04-05 SO302669 bus:Director2 2023-04-06 2024-04-05 SO302669 core:ComputerSoftware core:TopRangeValue 2023-04-06 2024-04-05 SO302669 core:Vehicles 2023-04-06 2024-04-05 SO302669 core:FurnitureFittings 2023-04-06 2024-04-05 SO302669 2022-04-06 2023-04-05 SO302669 core:CurrentFinancialInstruments 2023-04-06 2024-04-05 SO302669 core:Non-currentFinancialInstruments 2023-04-06 2024-04-05 iso4217:GBP xbrli:pure

Company No: SO302669 (Scotland)

GAIRLAND LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

GAIRLAND LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

GAIRLAND LLP

BALANCE SHEET

AS AT 05 APRIL 2024
GAIRLAND LLP

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 15,997 19,783
Investment property 5 4,656,939 4,641,234
4,672,937 4,661,018
Current assets
Debtors 6 28,491 30,397
Cash at bank and in hand 16,923 41,366
45,414 71,763
Creditors: amounts falling due within one year 7 ( 290,530) ( 291,860)
Net current liabilities (245,116) (220,097)
Total assets less current liabilities 4,427,821 4,440,921
Creditors: amounts falling due after more than one year 8 ( 2,198,291) ( 2,239,208)
Net assets attributable to members 2,229,530 2,201,713
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 15,000 0
Other amounts 361,399 348,582
376,399 348,582
Members' other interests
Revaluation reserve 1,853,131 1,853,131
1,853,131 1,853,131
2,229,530 2,201,713
Total members' interests
Loans and other debts due to members 376,399 348,582
Members' other interests 1,853,131 1,853,131
2,229,530 2,201,713

For the financial year ending 05 April 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 Gairland Llp (registered number: SO302669) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

J G Baxter
Designated member
GAIRLAND LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
GAIRLAND LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
1. Accounting policies

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

General information and basis of accounting

Gairland 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 14 Chanonry Road South, Elgin, IV30 6NG, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value 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 £.

Turnover

Turnover represents property rental receivable net of VAT.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

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

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 3 1

3. Intangible assets

Computer software Total
£ £
Cost
At 06 April 2023 5,591 5,591
At 05 April 2024 5,591 5,591
Accumulated amortisation
At 06 April 2023 5,590 5,590
At 05 April 2024 5,590 5,590
Net book value
At 05 April 2024 1 1
At 05 April 2023 1 1

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 06 April 2023 26,270 14,885 41,155
Additions 0 1,359 1,359
At 05 April 2024 26,270 16,244 42,514
Accumulated depreciation
At 06 April 2023 9,031 12,341 21,372
Charge for the financial year 4,310 835 5,145
At 05 April 2024 13,341 13,176 26,517
Net book value
At 05 April 2024 12,929 3,068 15,997
At 05 April 2023 17,239 2,544 19,783

5. Investment property

Investment property
£
Valuation
As at 06 April 2023 4,641,234
Additions 15,705
As at 05 April 2024 4,656,939

Valuation

A full market valuation of investment property was completed by Shepherd Chartered Surveyors, the external valuers, on 3 February 2023. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 5 April 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

The value of the investment properties were reviewed by the members and the closing balance deemed representative of their market value as at 5 April 2024.

6. Debtors

2024 2023
£ £
Trade debtors 28,252 14,801
Other debtors 239 15,596
28,491 30,397

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 65,455 107,279
Trade creditors 84,952 50,338
Other taxation and social security 5,818 4,906
Obligations under finance leases and hire purchase contracts 5,003 6,240
Other creditors 129,302 123,097
290,530 291,860

Bank loans are secured by a fixed charge over the whole assets of the LLP.

Obligations under hire purchase contracts are secured over the assets to which the contract relates.

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

2024 2023
£ £
Bank loans 2,092,724 1,703,473
Obligations under finance leases and hire purchase contracts 17,926 17,926
Other creditors 87,641 517,809
2,198,291 2,239,208

Bank loans are secured by a fixed charge over the whole assets of the LLP.

Obligations under hire purchase contracts are secured over the assets to which the contract relates.