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REGISTERED NUMBER: SO300819 (Scotland)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Turnbull Investments LLP

Turnbull Investments LLP (Registered number: SO300819)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


Turnbull Investments LLP

General Information
for the Year Ended 31 March 2025







DESIGNATED MEMBERS: Mrs Karen M Turnbull
Mr James D Turnbull
Dr Katie Turnbull





REGISTERED OFFICE: Stevenson & Kyles
25 Sandyford Place
Glasgow
G3 7NG





REGISTERED NUMBER: SO300819 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

Turnbull Investments LLP (Registered number: SO300819)

Report of the Members
for the Year Ended 31 March 2025

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of holding commercial property for investment purposes.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mrs Karen M Turnbull
Mr James D Turnbull
Dr Katie Turnbull

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £20,759 (2024 - £16,599 profit).

MEMBERS' INTERESTS
These are detailed in Note 10.

ON BEHALF OF THE MEMBERS:





Mr James D Turnbull - Designated member


18 June 2025

Turnbull Investments LLP (Registered number: SO300819)

Income Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 84,510 51,618

Administrative expenses 133,151 87,803
(48,641 ) (36,185 )

Other operating income 69,400 54,553
OPERATING PROFIT 4 20,759 18,368


Interest payable and similar expenses - 1,769
PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS





20,759





16,599

Turnbull Investments LLP (Registered number: SO300819)

Balance Sheet
31 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 40,056 53,408
Investment property 7 1,001,658 1,001,658
1,041,714 1,055,066

CURRENT ASSETS
Debtors 8 3,042 2,042
Cash at bank 10,070 5,130
13,112 7,172
CREDITORS
Amounts falling due within one year 9 20,833 22,904
NET CURRENT LIABILITIES (7,721 ) (15,732 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,033,993

1,039,334

LOANS AND OTHER DEBTS DUE
TO MEMBERS

10

1,033,993

1,039,334

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 1,033,993 1,039,334

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 2025.

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.

Turnbull Investments LLP (Registered number: SO300819)

Balance Sheet - continued
31 March 2025


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 18 June 2025 and were signed by:





Mr James D Turnbull - Designated member

Turnbull Investments LLP (Registered number: SO300819)

Reconciliation of Members' Interests
for the Year Ended 31 March 2025


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,039,334
Amount due from members -
Balance at 1 April 2024 - 1,039,334 1,039,334
Profit for the financial year
available for discretionary
division among members


20,759


-


20,759


Members' interests after profit
for the year

20,759

1,039,334

1,060,093

Other divisions of profit (20,759 ) 20,759 -
Introduced by members - (49,688 ) (49,688 )
Repayments of debt (including
members' capital classified as a
liability)


-


44,347


44,347


Drawings on account and
distributions of profit

-

(20,759

)

(20,759

)

Amount due to members 1,033,993
Amount due from members -
Balance at 31 March 2025 - 1,033,993 1,033,993

Turnbull Investments LLP (Registered number: SO300819)

Reconciliation of Members' Interests
for the Year Ended 31 March 2025

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,000,507
Amount due from members -
Balance at 1 April 2023 - 1,000,507 1,000,507
Profit for the financial year
available for discretionary
division among members


16,599


-


16,599


Members' interests after profit
for the year

16,599

1,000,507

1,017,106

Other divisions of profit (16,599 ) 16,599 -
Introduced by members - 61,899 61,899
Repayments of debt (including
members' capital classified as a
liability)


-


(23,072


)


(23,072


)


Drawings on account and
distributions of profit

-

(16,599

)

(16,599

)

Amount due to members 1,039,334
Amount due from members -
Balance at 31 March 2024 - 1,039,334 1,039,334

Turnbull Investments LLP (Registered number: SO300819)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Turnbull Investments 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

Turnbull Investments LLP (Registered number: SO300819)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

4. OPERATING PROFIT

The operating profit is stated after charging:

2025 2024
£    £   
Depreciation - owned assets 13,352 2,320

5. INFORMATION IN RELATION TO MEMBERS

2025 2024

The average number of members during the year was 3 3

6. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2024
and 31 March 2025 55,728
DEPRECIATION
At 1 April 2024 2,320
Charge for year 13,352
At 31 March 2025 15,672
NET BOOK VALUE
At 31 March 2025 40,056
At 31 March 2024 53,408

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024
and 31 March 2025 1,079,928
DEPRECIATION
At 1 April 2024
and 31 March 2025 78,270
NET BOOK VALUE
At 31 March 2025 1,001,658
At 31 March 2024 1,001,658

Turnbull Investments LLP (Registered number: SO300819)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 2,000 1,167
Other debtors 1,042 875
3,042 2,042

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Other creditors 20,833 22,904

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank after all other creditors.

The balance of loans due to members is allocated as follows -
£

Mrs Karen M Turnbull 490,623
Mr James D Turnbull 150,000
Joint capital account 640,623
Dr Katie Turnbull 393,370
Total 1,033,993