REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
GSN Warner LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
GSN Warner LLP |
GSN Warner LLP (Registered number: OC397014) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Members | 1 |
Chartered Accountants' Report | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
GSN Warner LLP (Registered number: OC397014) |
Report of the Members |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP during the period is the rental and management of a commercial property in London. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £415,888 (2023 - £365,858 loss). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. |
Any losses will be allocated to the partners as per the partnership agreement. |
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
GSN Warner LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of GSN Warner LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of GSN Warner LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GSN Warner LLP and state those matters that we have agreed to state to the members of GSN Warner LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GSN Warner LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that GSN Warner LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GSN Warner LLP. You consider that GSN Warner LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of GSN Warner LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor, Heathmans House |
19 Heathmans Road |
London |
SW6 4TJ |
GSN Warner LLP (Registered number: OC397014) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT/(LOSS) | ( | ) |
Gain/loss on revaluation of investment property | (146,034 | ) | (100,000 | ) |
(85,471 | ) | (124,213 | ) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | (415,888 | ) | (365,858 | ) |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | (415,888 | ) | (365,858 | ) |
Members' remuneration charged as an expense | 4 | 415,888 | 365,858 |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
GSN Warner LLP (Registered number: OC397014) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 5,449,457 | 5,549,457 |
GSN Warner LLP (Registered number: OC397014) |
Balance Sheet - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 510,000 | 510,000 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 245,000 | 245,000 |
Revaluation reserve | 9 | 4,548,423 | 4,694,457 |
Retained Loss | 9 | 146,034 | 100,000 |
5,449,457 | 5,549,457 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 510,000 | 510,000 |
Members' other interests | 4,793,423 | 4,939,547 |
Amounts due from members | 6 | (1,018,012 | ) | (748,159 | ) |
4,285,410 | 4,701,298 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
GSN Warner LLP (Registered number: OC397014) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 April 2023 | 245,000 | 4,694,457 | - | 4,939,457 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | - | - | - | - |
Profit for the financial year available for discretionary division among members | - | - | - | - |
Members' interests after profit for the year | 245,000 | 4,694,457 | - | 4,939,457 |
Property Revaluation Reserve | - | (146,034 | ) | - | (146,034 | ) |
Balance at 31 March 2024 | 245,000 | 4,548,423 | - | 4,793,423 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 510,000 |
Amount due from members | (748,159 | ) |
Balance at 1 April 2023 | (238,159 | ) | 4,701,298 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | (415,888 | ) | (415,888 | ) |
Profit for the financial year available for discretionary division among members | - | - |
Members' interests after profit for the year | (654,047 | ) | 4,285,411 |
Property Revaluation Reserve | 146,034 | - |
Amount due to members | 510,000 |
Amount due from members | (1,018,012 | ) |
Balance at 31 March 2024 | (508,012 | ) | 4,285,411 |
GSN Warner LLP (Registered number: OC397014) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 April 2022 | 245,000 | 4,794,457 | - | 5,039,457 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | - | - | - | - |
Profit for the financial year available for discretionary division among members | - | - | - | - |
Members' interests after profit for the year | 245,000 | 4,794,457 | - | 5,039,457 |
Property Revaluation Reserve | - | (100,000 | ) | - | (100,000 | ) |
Balance at 31 March 2023 | 245,000 | 4,694,457 | - | 4,939,457 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 510,000 |
Amount due from members | (482,301 | ) |
Balance at 1 April 2022 | 27,699 | 5,067,156 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | (365,858 | ) | (365,858 | ) |
Profit for the financial year available for discretionary division among members | - | - |
Members' interests after profit for the year | (338,159 | ) | 4,701,298 |
Property Revaluation Reserve | 100,000 | - |
Amount due to members | 510,000 |
Amount due from members | (748,159 | ) |
Balance at 31 March 2023 | (238,159 | ) | 4,701,298 |
GSN Warner LLP (Registered number: OC397014) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
GSN Warner LLP is a limited liability partnership registered in England and Wales. The partnership's registered number is OC397014 and its registered office address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, SW6 4TJ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements. |
Turnover |
Turnover is stated net of VAT. Turnover represents the value of rental income provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Rents and service charges from lettings are recognised net of losses from voids. Income is recognised from the date the property is first let. |
Investment property |
Investment properties are initially recorded at cost, and subsequently stated at cost less any revaluation and deemed impairment losses. Gains and losses are recognised in the income statement. |
The gains and losses on revaluation are not distributable to the partners because they have not been realised and so are transferred to a revaluation reserve. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INFORMATION IN RELATION TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
Members' remuneration charged as an expense |
Partners' salaries | (415,888 | ) | (365,858 | ) |
GSN Warner LLP (Registered number: OC397014) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | (146,034 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Cost | 7,900,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
Included in long term creditors are three loans from Oaknorth Bank in relation to the renovation and development of the property. The outstanding amount of the combination of these loans at the year end was £2,923,254 (2023: £2,923,254) |
There is a development facility that charges 5.5% +LIBOR interest and any amounts outstanding under the development facility shall be paid in full on 12 June 2025. |
There is a Coronavirus Business Interruption Loan Scheme (CBILS) facility that charges 7.03% +LIBOR interest and any amounts outstanding under the CBILS facility shall be paid in full on 12 June 2025. |
Oaknorth Bank has a legal charge over the assets of the Limited Liability Partnership. |
GSN Warner LLP (Registered number: OC397014) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | RESERVES |
Revaluation | Retained |
reserve | Loss | Totals |
£ | £ | £ |
At 1 April 2023 | 4,694,457 | - | 4,694,457 |
Undivided profit | - | 146,034 | 146,034 |
Property Revaluation Reserve | (146,034 | ) | - | (146,034 | ) |
At 31 March 2024 | 4,548,423 | 146,034 | 4,694,457 |