Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investment property | 5 |
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4,672,937 | 4,661,018 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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45,414 | 71,763 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net assets attributable to members |
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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 |
Members' responsibilities:
The financial statements of Gairland Llp (registered number:
J G Baxter
Designated member |
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.
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 £.
Computer software |
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Vehicles |
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Fixtures and fittings |
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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.
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 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'.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Computer software | Total | ||
£ | £ | ||
Cost | |||
At 06 April 2023 |
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At 05 April 2024 |
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Accumulated amortisation | |||
At 06 April 2023 |
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At 05 April 2024 |
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Net book value | |||
At 05 April 2024 |
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At 05 April 2023 |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 06 April 2023 |
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Additions |
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At 05 April 2024 |
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Accumulated depreciation | |||||
At 06 April 2023 |
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Charge for the financial year |
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At 05 April 2024 |
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Net book value | |||||
At 05 April 2024 |
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At 05 April 2023 |
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Investment property | |
£ | |
Valuation | |
As at 06 April 2023 |
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Additions | 15,705 |
As at 05 April 2024 |
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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.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Obligations under hire purchase contracts are secured over the assets to which the contract relates.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Obligations under hire purchase contracts are secured over the assets to which the contract relates.