Gailes Investments LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC346668 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2025

for

Gailes Investments LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Designated members:

E A Green

I S Langdon

Registered office:

Jack Straw's Castle

12 North End Way

London

NW3 7ES

Registered number:

OC346668 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Investments

4

1

Investment property

5

11,100,000

11,210,000

11,100,001

11,210,001

Current assets

Debtors

6

5,085,309

5,402,531

Cash in hand

1,403,331

1,500,806

6,488,640

6,903,337

Creditors

Amounts falling due within one year

7

30,850

17,249

Net current assets

6,457,790

6,886,088

Total assets less current liabilities

and

Net assets attributable to members

17,557,791

18,096,089

Loans and other debts due to members

8

7,795,273

6,656,382

Members' other interests

Capital accounts

7,522,017

8,722,017

Other reserves

9

2,240,501

2,717,690

17,557,791

18,096,089

Total members' interests

Loans and other debts due to members

8

7,795,273

6,656,382

Members' other interests

9,762,518

11,439,707

17,557,791

18,096,089

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 30 June 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.

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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 April 2026 and were signed by:

E A Green - Designated member

1.	Statutory information

Gailes Investments LLP is a limited liability partnership incorporated and domiciled in the United Kingdom and registered in England and Wales. The LLP's registered office is Jack Straw's Castle, 12 North End Way, London, NW3 7ES.

The financial statements are prepared in Sterling (£), which is the functional currency of the LLP.

The financial statements are for the year ended 30 June 2025 (2024: year ended 30 June 2024).

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.

Turnover

Turnover comprises revenue recognised by the LLP in respect of rental income from investment properties.

Turnover is recognised on an accruals basis to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received, excluding Value Added Tax.

Investment property

Investment properties are included in the balance sheet at their fair value in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and are not depreciated. This treatment is contrary to the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, which states that fixed assets should be depreciated but is, in the opinion of the members, necessary in order to give a true and fair view of the financial position of the LLP.

Changes in fair value are recognised in the income statement.

Interest receivable

Interest income is recognised in the income statement using the effective interest method.

Financial instruments

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

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the LLP will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the LLP's cash management.

Key sources of estimation uncertainty and judgements

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

3.	Employee information

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

4.	Fixed asset investments

Interest in

joint

venture

£

Cost

At 1 July 2024

and 30 June 2025

1

Net book value

At 30 June 2025

1

At 30 June 2024

1

5.	Investment property

Total

£

Fair value

At 1 July 2024

11,210,000

Revaluations

(110,000

)

At 30 June 2025

11,100,000

Net book value

At 30 June 2025

11,100,000

At 30 June 2024

11,210,000

Fair value at 30 June 2025 is represented by:

£

Valuation in 2025

2,099,493

Cost

9,000,507

11,100,000

Investment property was valued on an open market basis on 30 June 2025 by the designated members.

The designated members have reviewed the commercial and residential investment property valuations and consider that they are reasonable in all respects.

6.

Debtors

2025

2024

as restated

£

Amounts falling due within one year:

Amounts owed by group undertakings

2,628

-

Amounts owed by joint ventures

4,365,419

2,654,277

Other debtors

236,325

213,000

4,604,372

2,867,277

Amounts falling due after more than one year:

Amounts owed by joint ventures

480,937

2,535,254

Aggregate amounts

5,085,309

5,402,531

7.

Creditors: amounts falling due within one year

2025

2024

as restated

£

Other creditors

30,850

17,249

8.

Loans and other debts due to members

2025

2024

as restated

£

Amounts owed to members in respect of profits

7,795,273

6,656,382

Falling due within one year

7,795,273

6,656,382

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9.

Reserves

Other

reserves

£

At 1 July 2024

2,717,690

Undivided profit

(477,189

)

At 30 June 2025

2,240,501

10.	Related party disclosures

The LLP has taken advantage of exemption, under the terms of Section 33.1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.