GRC Property Investment LLP LLP accounts

REGISTERED NUMBER: OC383711

GRC Property Investment LLP

Unaudited Financial Statements

31 March 2025

GRC Property Investment LLP

Financial Statements

Year ended 31 March 2025

Contents	Page

Members' report	1

Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Reconciliation of members' interests	7

Notes to the financial statements	9

GRC Property Investment LLP

Members' Report

Year ended 31 March 2025

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

Principal activities

The principal activity of the company during the year was property investment.

Designated members

The designated members who served the LLP during the year were as follows:

Mr D George
Mr K George
Mrs L George

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 13 August 2025 and signed on behalf of the members by:

Mr D George

Designated Member

Registered office:

Unit E

Hargreaves House

Plumbe Street

Burnley

Lancashire

England

BB11 3AB

GRC Property Investment LLP

Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of GRC Property Investment LLP

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of GRC Property Investment LLP for the year ended 31 March 2025, which comprise the statement of income and retained earnings, statement of financial position, reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of GRC Property Investment LLP, as a body, in accordance with the terms of our engagement letter dated 15 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of GRC Property Investment LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GRC Property Investment LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that GRC Property Investment LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GRC Property Investment LLP. You consider that GRC Property Investment LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of GRC Property Investment LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

WINDLE & BOWKER LIMITED Chartered accountants

Croft House Station Road Barnoldswick Lancashire BB18 5NA

13 August 2025

GRC Property Investment LLP

Statement of Income and Retained Earnings

Year ended 31 March 2025

	2025	2024
Note	£	£

Administrative expenses	891	930
Other operating income	40,800	38,817
	--------	--------
Operating profit	39,909	37,887

Interest payable and similar expenses	18,204	15,282
	--------	--------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members	21,705	22,605
	--------	--------

All the activities of the LLP are from continuing operations.

GRC Property Investment LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		581,898	581,898

Current assets

Cash at bank and in hand	1,096		1,213
	-------		-------
Net current assets		1,096	1,213
		---------	---------
Total assets less current liabilities		582,994	583,111

Creditors: amounts falling due after more than one year	5	223,705	247,026
		---------	---------
Net assets		359,289	336,085
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	6	359,289	336,085
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	359,289	336,085
	---------	---------

Total members' interests

Loans and other debts due to members	6	359,289	336,085
Members' other interests		–	–
		---------	---------
		359,289	336,085
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

GRC Property Investment LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 13 August 2025 , and are signed on their behalf by:

Mr D George

Designated Member

Registered number: OC383711

GRC Property Investment LLP

Reconciliation of Members' Interests

Year ended 31 March 2025

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2025
	£	£	£	£	£
Balance at 1 April 2024	–	–	174,045	174,045	174,045
Profit for the financial year available for discretionary division among members	21,705	21,705			21,705
	--------	--------	---------	---------	---------
Members' interests after profit for the year	21,705	21,705	174,045	174,045	195,750
Other division of profits	(21,705)	(21,705)	21,705	21,705	–
Introduced by members		–	163,539	163,539	163,539
	--------	--------	---------	---------	---------
Balance at 31 March 2025	–	–	359,289	359,289	359,289
	--------	--------	---------	---------	---------

GRC Property Investment LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2025

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2024
	£	£	£	£	£
Balance at 1 April 2023	–	–	149,941	149,941	149,941
Profit for the financial year available for discretionary division among members	22,605	22,605			22,605
	--------	--------	---------	---------	---------
Members' interests after profit for the year	22,605	22,605	149,941	149,941	172,546
Other division of profits	(22,605)	(22,605)	22,605	22,605	–
Introduced by members		–	163,539	163,539	163,539
	--------	--------	---------	---------	---------
Balance at 31 March 2024	–	–	336,085	336,085	336,085
	--------	--------	---------	---------	---------

GRC Property Investment LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Unit E, Hargreaves House, Plumbe Street, Burnley, Lancashire, BB11 3AB, England.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

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 statement of income and retained earnings 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'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Tangible assets

	Land and buildings
	£
Cost
At 1 April 2024 and 31 March 2025	581,898
	---------
Depreciation
At 1 April 2024 and 31 March 2025	–
	---------
Carrying amount
At 31 March 2025	581,898
	---------
At 31 March 2024	581,898
	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	223,705	247,026
	---------	---------

6.	Loans and other debts due to members

	2025	2024
	£	£
Loans from members	337,584	313,480
Amounts owed to members in respect of profits	21,705	22,605
	---------	---------
	359,289	336,085
	---------	---------

7.	Related party transactions

The company rents premises to GRC Engineering Limited. The rent charged in the year was £38,817 at arms length and on a commercial basis. GRC Engineering Limited is a member of GRC Property Investment LLP Mr K George , Mrs L George and Mr D George are directors of GRC Engineering Limited as well as members of GRC Property Investment LLP .