Company No: SO300665 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	354,594		354,594
		354,594		354,594
Current assets
Cash at bank and in hand		187		182
		187		182
Creditors: amounts falling due within one year	4	( 8,714)		( 7,099)
Net current liabilities		(8,527)		(6,917)
Total assets less current liabilities		346,067		347,677
Creditors: amounts falling due after more than one year	5	( 278,262)		( 272,139)
Net assets attributable to members		67,805		75,538
Represented by
Members' other interests
Members' capital classified as equity		197,000		197,000
Other reserves		(129,195)		(121,462)
		67,805		75,538
		67,805		75,538
Total members' interests
Members' other interests		67,805		75,538
		67,805		75,538

For the financial year ending 31 March 2025 the LLP 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Gowanbank Developments LLP (registered number: SO300665) were approved and authorised for issue by the Board of Directors on 12 December 2025. They were signed on its behalf by:

Graham James Mcfarlane Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total
	£	£	£	£	£
Amounts due to members				(113,866)
Balance at 01 June 2023	197,000	0	197,000	(113,866)	83,134
Loss for the financial year/period available for discretionary division among members	0	(7,596)	(7,596)	0	(7,596)
Members' interest after loss for the financial year/period	197,000	(7,596)	189,404	(113,866)	75,538
Transfer	0	(113,866)	(113,866)	113,866	0
Balance at 31 March 2024	197,000	(121,462)	75,538	0	75,538
Loss for the financial year/period available for discretionary division among members	0	(7,733)	(7,733)	0	(7,733)
Members' interest after loss for the financial year/period	197,000	(129,195)	67,805	0	67,805
Balance at 31 March 2025	197,000	(129,195)	67,805	0	67,805

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

Transfer above of £113,866 from Debt Other Amounts to Equity Other Reserves represents accumulated but unallocated historic losses.

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Gowanbank Developments LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 1 Rathmell Gardens, Gowanbank, Forfar, DD8 2US, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to LLP's subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The limited liability partnership has net current liabilities of £8,527. The members consider it appropriate to prepare the accounts on a going concern basis and confirm that they will support the limited liability partnership for at least 12 months from the approval of these accounts.

Reporting period length

The reporting period length ran for a 10 month period to 31 March 2024 to conform with Basis Period Reform. The financial statements this year runs for 12 months to 31 March 2025. For this reason the accounts are not entirely comparable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings

not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible 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 extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account. Amy losses are unallocated and included with equity other reserves.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

	Year ended 31.03.2025		Period from 01.06.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	8		8

3. Tangible assets

	Land and buildings		Total
	£		£
Cost
At 01 April 2024	354,594		354,594
At 31 March 2025	354,594		354,594
Accumulated depreciation
At 01 April 2024	0		0
At 31 March 2025	0		0
Net book value
At 31 March 2025	354,594		354,594
At 31 March 2024	354,594		354,594

4. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Other creditors	8,714		7,099

There are no amounts included above in respect of which any security has been given by the small entity.

5. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Other creditors	278,262		272,139

There are no amounts included above in respect of which any security has been given by the small entity.

6. Related party transactions

Other related party transactions

	31.03.2025		31.03.2024
	£		£
Amounts owed to entities with control, joint control or significant influence over the company	278,262		272,139

During the year advances of £6,123 were made. There was no fixed repayment date and the annual loan balance is charged with 2.25% interest.