Limited Liability Partnership registration number SO307730 (Scotland)
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr A Carrick-Buchanan
Mr C Phipps
Mrs D Findlay
Mrs L Wilson
Mr H B Aubrey-Fletcher
Mr C Smalley
Mrs L Glaister
Mrs A Moseley
Mrs E Ellis
Mr S Carrick-Buchanan
LLP registration number
SO307730
Registered office
3 Wellington Square,
Ayr, Ayrshire,
KA7 1EN
Accountants
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
CONTENTS
Page
Members' report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5
Reconciliation of members' interests
6
Notes to the financial statements
7 - 8
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of management of real estate.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the period and up to the date of signature of the financial statements were as follows:

Mr A Carrick-Buchanan
(Appointed 2 March 2023)
Mr C Phipps
(Appointed 2 March 2023)
Mrs D Findlay
(Appointed 31 March 2023)
Mrs L Wilson
(Appointed 31 March 2023)
Mr H B Aubrey-Fletcher
(Appointed 31 March 2023)
Mr C Smalley
(Appointed 31 March 2023)
Miss A F W Buchanan
(Appointed 31 March 2023 and deceased 11 August 2024)
Mrs L Glaister
(Appointed 31 March 2023)
Mrs A Moseley
(Appointed 31 March 2023)
Mrs E Ellis
(Appointed 31 March 2023)
Mr S Carrick-Buchanan
(Appointed 31 March 2023)
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DRUMPELLIER AND MOUNT VERNON ESTATES LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 22 November 2024 and signed on behalf by:
22 November 2024
Mr A Carrick-Buchanan
Designated Member
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DRUMPELLIER AND MOUNT VERNON ESTATES LLP FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drumpellier and Mount Vernon Estates LLP for the period ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and the related notes from the limited liability partnership’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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the limited liability partnership's members of Drumpellier and Mount Vernon Estates LLP, as a body, in accordance with the terms of our engagement letter dated 7 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Drumpellier and Mount Vernon Estates LLP and state those matters that we have agreed to state to the limited liability partnership's members of Drumpellier and Mount Vernon Estates LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drumpellier and Mount Vernon Estates LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Drumpellier and Mount Vernon Estates 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 Drumpellier and Mount Vernon Estates LLP. You consider that Drumpellier and Mount Vernon Estates LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Drumpellier and Mount Vernon Estates 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.

Azets
22 November 2024
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
Period
ended
31 March
2024
£
Gross profit
455,980
Administrative expenses
30,060
Operating profit
486,040
Interest receivable and similar income
1,425
Profit for the financial period before members' remuneration and profit shares
487,465
Members' remuneration charged as an expense
(487,465)
Result for the financial period available for discretionary division among members
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DRUMPELLIER AND MOUNT VERNON ESTATES LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
Notes
£
£
Fixed assets
Investment property
3
5,635,000
Current assets
Cash at bank and in hand
51,725
Net current assets
51,725
Total assets less current liabilities and net assets attributable to members
5,686,725
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
5,512,260
Other amounts
174,465
5,686,725

In accordance with section 444 of the Companies Act 2006 as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008, all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (SI 2008/1912)(a).

For the financial period ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 22 November 2024 and are signed on their behalf by:
22 November 2024
Mr A Carrick-Buchanan
Designated member
Limited Liability Partnership Registration No. SO307730
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 2 March 2023
-
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
487,465
487,465
487,465
Result for the period available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
-
487,465
487,465
487,465
Introduced by members
5,785,000
-
5,785,000
5,785,000
Repayment of debt (including members' capital classified as a liability)
(272,740)
-
(272,740)
(272,740)
Drawings on account and distributions of profit
-
(364,725)
(364,725)
(364,725)
Gains and losses on investment properties
122,740
(122,740)
-
-
Other movements
-
51,725
51,725
51,725
Members' interests at 31 March 2024
5,635,000
51,725
5,686,725
5,686,725
DRUMPELLIER AND MOUNT VERNON ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Limited liability partnership information

Drumpellier and Mount Vernon Estates LLP is a limited liability partnership incorporated in Scotland. The registered office is 3 Wellington Square,, Ayr, Ayrshire,, KA7 1EN.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The financial statements that have been presented are for twelve months and twenty nine days as this is the comapany's first accounting period.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Members' participating interests

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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DRUMPELLIER AND MOUNT VERNON ESTATES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
Number
Total
11
3
Investment property
2024
£
Fair value
At 2 March 2023
-
Additions through external acquisition
5,785,000
Disposals
(150,000)
At 31 March 2024
5,635,000
4
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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