IRIS Accounts Production v24.3.2.46 SO306680 designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3066802023-03-31SO3066802024-03-31SO3066802023-04-012024-03-31SO3066802022-03-31SO3066802022-04-012023-03-31SO3066802023-03-31SO306680ns15:Scotland2023-04-012024-03-31SO306680ns14:PoundSterling2023-04-012024-03-31SO306680ns10:PartnerLLP12023-04-012024-03-31SO306680ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31SO306680ns10:SmallEntities2023-04-012024-03-31SO306680ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SO306680ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SO306680ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31SO306680ns10:FullAccounts2023-04-012024-03-31SO306680ns10:PartnerLLP22023-04-012024-03-31SO306680ns10:RegisteredOffice2023-04-012024-03-31SO306680ns5:CurrentFinancialInstruments2024-03-31SO306680ns5:CurrentFinancialInstruments2023-03-31SO306680ns5:Non-currentFinancialInstruments2024-03-31SO306680ns5:Non-currentFinancialInstruments2023-03-31SO306680ns5:RevaluationReserve2024-03-31SO306680ns5:RevaluationReserve2023-03-31SO306680ns5:PlantMachinery2023-04-012024-03-31SO306680ns5:PlantMachinery2023-03-31SO306680ns5:PlantMachinery2024-03-31SO306680ns5:PlantMachinery2023-03-31SO306680ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31SO306680ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31SO306680ns5:Secured2024-03-31SO306680ns5:Secured2023-03-31SO306680ns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: SO306680 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

E & N Properties LLP

E & N Properties LLP (Registered number: SO306680)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


E & N Properties LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: E D M Murray
Miss N J P Murray





REGISTERED OFFICE: 1 Skye Road
Shawfarm Industrial Estate
Prestwick
KA9 2TA





REGISTERED NUMBER: SO306680 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

E & N Properties LLP (Registered number: SO306680)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 153 307
Investment property 5 998,336 680,000
998,489 680,307

CURRENT ASSETS
Debtors 6 - 7,094
Cash at bank and in hand 5,073 6,662
5,073 13,756
CREDITORS
Amounts falling due within one year 7 28,142 8,917
NET CURRENT (LIABILITIES)/ASSETS (23,069 ) 4,839
TOTAL ASSETS LESS CURRENT
LIABILITIES

975,420

685,146

CREDITORS
Amounts falling due after more than one
year

8

512,988

215,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

462,432

470,146

E & N Properties LLP (Registered number: SO306680)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

164,432

172,146

MEMBERS' OTHER INTERESTS
Revaluation reserve 11 298,000 298,000
462,432 470,146

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 164,432 172,146
Members' other interests 298,000 298,000
462,432 470,146

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6 March 2025 and were signed by:





E D M Murray - Designated member

E & N Properties LLP (Registered number: SO306680)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

E & N Properties LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

After reviewing the limited liability partnership's current and likely future trading performance, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members therefore have adopted a going concern basis in preparing the financial statements.

Turnover
Turnover comprises rental income received during the accounting period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and Intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

E & N Properties LLP (Registered number: SO306680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value

Taxation
No provision is made in the financial statements for member's tax on their profit share.Any tax paid by the LLP is charged to the member's current account when paid.

No provision is made for deferred taxation on the revaluation adjustment made to the investment property carrying value.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

E & N Properties LLP (Registered number: SO306680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 769
DEPRECIATION
At 1 April 2023 462
Charge for year 154
At 31 March 2024 616
NET BOOK VALUE
At 31 March 2024 153
At 31 March 2023 307

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 680,000
Additions 318,336
At 31 March 2024 998,336
NET BOOK VALUE
At 31 March 2024 998,336
At 31 March 2023 680,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 29,717
Valuation in 2022 258,283
Valuation in 2023 10,000
Cost 700,336
998,336

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 700,336 382,000

Investment property was valued on an open market basis on 31 March 2023 by DM Hall, Chartered Surveyors .

E & N Properties LLP (Registered number: SO306680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 7,094

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,847 5,175
Other creditors 6,295 3,742
28,142 8,917

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 511,474 210,892
Other creditors 1,514 4,108
512,988 215,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 445,932 190,192

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 533,321 216,067

The bank loans are secured by standard securities over the limited liability partnership's investment properties at:

- Skye Road, Shawfarm Industrial Estate, Prestwick
- Lanehead Terrace, New Cumnock
- Milray Avenue, New Cumnock,
- Terringzean View, Cumnock,
- Waterside Industrial Estate, New Cumnock, and
- Connel View, New Cumnock.

E & N Properties LLP (Registered number: SO306680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 155,114 136,329
Amounts owed to members in respect of profits 9,318 35,817
164,432 172,146

Falling due within one year 164,432 172,146

Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity) rank after unsecured creditors.

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 298,000

12. RELATED PARTY DISCLOSURES

During the year, the LLP received rent from a limited company in which one of the Members is both a shareholder and director and is therefore a related party. The amount received from the limited company during the year was £22,744. At the year end, the balance due to the LLP from the limited company was £Nil.