REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Gilchrist Partnership LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Gilchrist Partnership LLP |
Gilchrist Partnership LLP (Registered number: OC309615) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Statement of Comprehensive Income | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
Gilchrist Partnership LLP |
General Information |
for the Year Ended 29 February 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Mount |
21 High Street |
Wellington |
Somerset |
TA21 8QT |
Gilchrist Partnership LLP (Registered number: OC309615) |
Report of the Members |
for the Year Ended 29 February 2024 |
The members present their report with the financial statements of the LLP for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property management. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £96,007 (2023 - £92,827 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will 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. |
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 are determined by the performance and seniority of those members. On retirement, capital is repaid to members. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations totalling £2,000 were made in the year to Taunton Vineyard Church and the Besom in Taunton. |
ON BEHALF OF THE MEMBERS: |
Gilchrist Partnership LLP (Registered number: OC309615) |
Statement of Comprehensive |
Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
£ | £ |
TURNOVER |
Administrative expenses |
(108,986 | ) | (94,100 | ) |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
98,458 | 101,111 |
Gain/loss on revaluation of assets | 350,000 | - |
448,458 | 101,111 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Gilchrist Partnership LLP (Registered number: OC309615) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,095,567 |
719,260 |
Gilchrist Partnership LLP (Registered number: OC309615) |
Balance Sheet - continued |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
825,567 |
449,260 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 270,000 | 270,000 |
1,095,567 | 719,260 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 825,567 | 449,260 |
Members' other interests | 270,000 | 270,000 |
1,095,567 | 719,260 |
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 |
Gilchrist Partnership LLP (Registered number: OC309615) |
Reconciliation of Members' Interests |
for the Year Ended 29 February 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 March 2023 | 270,000 | - | 270,000 |
Profit for the financial year available for discretionary division among members |
- |
446,007 |
446,007 |
Members' interests after profit for the year | 270,000 | 446,007 | 716,007 |
Other divisions of profit | - | (446,007 | ) | (446,007 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 29 February 2024 | 270,000 | - | 270,000 |
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 | 449,260 |
Amount due from members | - |
Balance at 1 March 2023 | 449,260 | 719,260 |
Profit for the financial year available for discretionary division among members |
- |
446,007 |
Members' interests after profit for the year | 449,260 | 1,165,267 |
Other divisions of profit | 446,007 | - |
Drawings on account and distributions of profit | (69,700 | ) | (69,700 | ) |
Amount due to members | 825,567 |
Amount due from members | - |
Balance at 29 February 2024 | 825,567 | 1,095,567 |
Gilchrist Partnership LLP (Registered number: OC309615) |
Reconciliation of Members' Interests |
for the Year Ended 29 February 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 March 2022 | 270,000 | - | 270,000 |
Profit for the financial year available for discretionary division among members |
- |
92,827 |
92,827 |
Members' interests after profit for the year | 270,000 | 92,827 | 362,827 |
Other divisions of profit | - | (92,827 | ) | (92,827 | ) |
Balance at 28 February 2023 | 270,000 | - | 270,000 |
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 | 356,433 |
Amount due from members | - |
Balance at 1 March 2022 | 356,433 | 626,433 |
Profit for the financial year available for discretionary division among members |
- |
92,827 |
Members' interests after profit for the year | 356,433 | 719,260 |
Other divisions of profit | 92,827 | - |
Amount due to members | 449,260 |
Amount due from members | - |
Balance at 28 February 2023 | 449,260 | 719,260 |
Gilchrist Partnership LLP (Registered number: OC309615) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Gilchrist Partnership 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 |
Tangible fixed assets |
Fixtures & fittings | - |
Equipment | - |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
& fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Gilchrist Partnership LLP (Registered number: OC309615) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | 350,000 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2018 | 1,255,000 |
Valuation in 2020 | (290,000 | ) |
Valuation in 2024 | 350,000 |
1,315,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Other creditors |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members are repayable only after all other liabilities have been settled. |