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Registration number: OC425284

Gainchoice Properties LLP

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Gainchoice Properties LLP

Contents

Limited liability partnership information

1

Abridged Financial Statements

2 to 7

Abridged Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Abridged Financial Statements

5

 

Gainchoice Properties LLP

Limited liability partnership information

Designated members

Rita Patel

Dhiryakumar Shantilal Patel
 

Members

Pooja Patel

Chaitali Patel
 

Registered office

15 Daleside, Gerrards Cross,
Buckinghamshire,
United Kingdom,
SL9 7JE

Accountants

Charles Rippin and Turner Limited
Charles Rippin & Turner
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

 

Gainchoice Properties LLP

(Registration number: OC425284)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,315,899

1,322,476

Current assets

 

Cash and short-term deposits

 

10,724

12,413

Creditors: Amounts falling due within one year

(1)

(152,374)

Net current assets/(liabilities)

 

10,723

(139,961)

Total assets less current liabilities

 

1,326,622

1,182,515

Accruals and deferred income

 

(3,075)

(3,000)

Net assets attributable to members

 

1,323,547

1,179,515

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

1,323,547

1,179,515

   

1,323,547

1,179,515

Total members' interests

 

Equity

 

1,323,547

1,179,515

   

1,323,547

1,179,515

For the year ending 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Gainchoice Properties LLP (registered number OC425284) were approved by the Board and authorised for issue on 15 April 2025. They were signed on behalf of the limited liability partnership by:

 

Gainchoice Properties LLP

(Registration number: OC425284)
Abridged Balance Sheet as at 31 December 2024

.........................................
Dhiryakumar Shantilal Patel
Designated member

 

Gainchoice Properties LLP

Statement of Changes in Members’ Interests
At 31 December 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 January 2024

1,179,515

1,179,515

-

-

1,179,515

Members' remuneration charged as an expense

-

-

39,658

39,658

39,658

At 31 December 2024

1,179,515

1,179,515

39,658

39,658

1,219,173

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Other reserves
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 January 2023

1,135,091

-

1,135,091

-

-

1,135,091

Members' remuneration charged as an expense

-

-

-

70,243

70,243

70,243

Loss for the financial year available for discretionary division among members

-

(34,927)

(34,927)

-

-

(34,927)

At 31 December 2023

1,135,091

(34,927)

1,100,164

70,243

70,243

1,170,407

 

Gainchoice Properties LLP

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Gainchoice Properties LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Gainchoice Properties LLP

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Freehold buildings At Cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

18% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Gainchoice Properties LLP

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

3

Tangible fixed assets

Total
£

Cost

At 1 January 2024

1,329,238

Disposals

(6,698)

At 31 December 2024

1,322,540

Depreciation

At 1 January 2024

6,762

Charge for the year

6,577

Eliminated on disposals

(6,698)

At 31 December 2024

6,641

Net book value

At 31 December 2024

1,315,899

At 31 December 2023

1,322,476

4

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.