IRIS Accounts Productionv24.3.0.553OC397014designated member1.4.2331.3.2431.3.2400falsetruefalsefalsetruefalseFair value model00 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3970142023-03-31OC3970142024-03-31OC3970142023-04-012024-03-31OC3970142022-03-31OC3970142022-04-012023-03-31OC3970142023-03-31OC397014ns15:EnglandWales2023-04-012024-03-31OC397014ns14:PoundSterling2023-04-012024-03-31OC397014ns10:PartnerLLP12023-04-012024-03-31OC397014ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC397014ns10:SmallEntities2023-04-012024-03-31OC397014ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31OC397014ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC397014ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC397014ns10:FullAccounts2023-04-012024-03-31OC397014ns10:PartnerLLP22023-04-012024-03-31OC397014ns5:CurrentFinancialInstruments2024-03-31OC397014ns5:CurrentFinancialInstruments2023-03-31OC397014ns5:Non-currentFinancialInstruments2024-03-31OC397014ns5:Non-currentFinancialInstruments2023-03-31OC397014ns5:RevaluationReserve2024-03-31OC397014ns5:RevaluationReserve2023-03-31OC397014ns5:CapitalRedemptionReserve2024-03-31OC397014ns5:CapitalRedemptionReserve2023-03-31OC397014ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC397014ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC397014ns5:Non-currentFinancialInstruments2023-04-012024-03-31OC397014ns5:RevaluationReserve2023-03-31OC397014ns5:CapitalRedemptionReserve2023-03-31OC397014ns5:SharePremium2024-03-31

REGISTERED NUMBER: OC397014 (England and Wales)
















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:


Mr N D Evans

Mr S J B Skinner


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:






Mr S J B Skinner - Designated member



26 November 2024


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.  







Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ



26 November 2024


GSN Warner LLP (Registered number: OC397014)


Income Statement

for the Year Ended 31 March 2024



31.3.24


31.3.23


Notes

£   

£   



TURNOVER

280,865


56,833




Administrative expenses

220,302


81,046



OPERATING PROFIT/(LOSS)

60,563


(24,213

)



Gain/loss on revaluation of investment

property

(146,034

)

(100,000

)


(85,471

)

(124,213

)



Interest payable and similar expenses

330,417


241,645



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

7,900,000


7,900,000




CURRENT ASSETS

Debtors

6

1,193,161


872,414



Cash at bank

44,240


17,605



1,237,401


890,019



CREDITORS

Amounts falling due within one year

7

764,690


317,308



NET CURRENT ASSETS

472,711


572,711



TOTAL ASSETS LESS CURRENT

LIABILITIES

8,372,711


8,472,711




CREDITORS

Amounts falling due after more than one

year

8

2,923,254


2,923,254



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 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.

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


The financial statements were approved by the members of the LLP and authorised for issue on 26 November 2024 and were signed by:






Mr S J B Skinner - Designated member


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


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.    



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

7,900,000




Additions

146,034




Revaluations

(146,034

)



At 31 March 2024

7,900,000




NET BOOK VALUE


At 31 March 2024

7,900,000




At 31 March 2023

7,900,000





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

1,193,161


872,414




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



Trade creditors

92,910


76,456




Other creditors

671,780


240,852



764,690


317,308




8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.3.24


31.3.23

£   

£   



Other creditors

2,923,254


2,923,254




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