REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024 |
FOR |
A C PROPERTIES (SCOTLAND) LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024 |
FOR |
A C PROPERTIES (SCOTLAND) LLP |
A C PROPERTIES (SCOTLAND) LLP (REGISTERED NUMBER: SO307146) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 MARCH 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
A C PROPERTIES (SCOTLAND) LLP |
GENERAL INFORMATION |
for the period 1 MARCH 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
A C PROPERTIES (SCOTLAND) LLP (REGISTERED NUMBER: SO307146) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
22,319 |
778,085 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
22,319 |
778,085 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 22,319 | 778,085 |
Amounts due from members | (25,559 | ) | (51,308 | ) |
(3,240 | ) | 726,777 |
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. |
A C PROPERTIES (SCOTLAND) LLP (REGISTERED NUMBER: SO307146) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
A C PROPERTIES (SCOTLAND) LLP (REGISTERED NUMBER: SO307146) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 MARCH 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
A C Properties (Scotland) LLP is registered in Scotland, registration number SO307146. The registered office is 3 Clairmont Gardens, Glasgow, Scotland, G3 7LW. |
The principal activity of the company is property development. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational and functional currency of the financial statements is Pounds Sterling (£). |
Significant judgements and estimates |
In preparing these financial statements, the members are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
There are no significant judgements or estimates used in the preparation of these accounts. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes. |
Sale of property |
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the property, and the amount of revenue can be measured reliably. |
Rental income |
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. |
Stock and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress represents the costs associated with the development of properties which have not yet reached their date of practical completion. |
A C PROPERTIES (SCOTLAND) LLP (REGISTERED NUMBER: SO307146) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Member's loan | - | 779,049 |
The member's loan from Reliant Developments (Scotland) Ltd is secured over all properties held by the LLP. |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests. |