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REGISTERED NUMBER: OC309615 (England and Wales)















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: Mrs R J Gillespie
W G Gillespie





REGISTERED OFFICE: The Wheelhouse
Linden Hill
Wellington
Somerset
TA21 0DW





REGISTERED NUMBER: OC309615 (England and Wales)





ACCOUNTANTS: A Plus Accountancy & Business Solutions Limited
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:

Mrs R J Gillespie
W G Gillespie

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:





W G Gillespie - Designated member


29 November 2024

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
(108,986 ) (94,100 )

Other operating income 207,400 195,174
OPERATING PROFIT 98,414 101,074

Interest receivable and similar income 44 37
98,458 101,111
Gain/loss on revaluation of assets 350,000 -
448,458 101,111

Interest payable and similar expenses 2,451 8,284
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




446,007




92,827


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

446,007

92,827

Gilchrist Partnership LLP (Registered number: OC309615)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49 65
Investment property 5 1,315,000 965,000
1,315,049 965,065

CURRENT ASSETS
Debtors 6 9,225 11,152
Cash at bank 5,560 11,022
14,785 22,174
CREDITORS
Amounts falling due within one year 7 209,640 195,218
NET CURRENT LIABILITIES (194,855 ) (173,044 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,120,194

792,021

CREDITORS
Amounts falling due after more than one
year

8

24,627

72,761
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 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 29 February 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 29 November 2024 and were signed by:





W G Gillespie - Designated member

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
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 25% on reducing balance
Equipment - 25% on reducing balance

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
& fittings Equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 8,000 1,022 9,022
DEPRECIATION
At 1 March 2023 7,939 1,018 8,957
Charge for year 15 1 16
At 29 February 2024 7,954 1,019 8,973
NET BOOK VALUE
At 29 February 2024 46 3 49
At 28 February 2023 61 4 65

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 965,000
Revaluations 350,000
At 29 February 2024 1,315,000
NET BOOK VALUE
At 29 February 2024 1,315,000
At 28 February 2023 965,000

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 - 1,927
Other debtors 9,225 9,225
9,225 11,152

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts - 691
Trade creditors 1,635 773
Other creditors 208,005 193,754
209,640 195,218

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Other creditors 24,627 72,761

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.