Turnbull Investments LLP - LLP accounts 24.3

REGISTERED NUMBER: SO300819 (Scotland)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Turnbull Investments LLP

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

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

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

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 £12,788 (2025 - £20,759 profit).

MEMBERS' INTERESTS

These are detailed in Note 10.

ON BEHALF OF THE MEMBERS:

Mr James D Turnbull - Designated member

13 August 2026

TURNOVER

91,649

84,510

Administrative expenses

138,499

133,151

(46,850

)

(48,641

)

Other operating income

59,638

69,400

OPERATING PROFIT

4

12,788

20,759

PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS

12,788

20,759

FIXED ASSETS

Tangible assets

6

30,042

40,056

Investment property

7

1,001,658

1,031,700

1,041,714

CURRENT ASSETS

Debtors

8

2,315

3,042

Cash at bank

12,627

10,070

14,942

13,112

CREDITORS

Amounts falling due within one year

9

22,895

20,833

NET CURRENT LIABILITIES

(7,953

)

(7,721

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,023,747

1,033,993

LOANS AND OTHER DEBTS DUE
TO MEMBERS

10

1,023,747

1,033,993

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

1,023,747

1,033,993

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 2026.

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 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 13 August 2026 and were signed by:

Mr James D Turnbull - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

1,033,993

Amount due from members

-

Balance at 1 April 2025

-

1,033,993

Profit for the financial year
available for discretionary
division among members

12,788

-

12,788

Members' interests after profit
for the year

12,788

1,033,993

1,046,781

Other divisions of profit

(12,788

)

12,788

-

Introduced by members

-

12,788

Repayments of debt (including
members' capital classified as a
liability)

-

(23,034

)

(23,034

)

Drawings on account and
distributions of profit

-

(12,788

)

(12,788

)

Amount due to members

1,023,747

Amount due from members

-

Balance at 31 March 2026

-

1,023,747

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

1,039,334

Amount due from members

-

Balance at 1 April 2024

-

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

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.	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

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 (2025 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

Depreciation - owned assets

10,014

13,352

5.	INFORMATION IN RELATION TO MEMBERS

2026

2025

The average number of members during the year was

3

6.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 April 2025

and 31 March 2026

55,728

DEPRECIATION

At 1 April 2025

15,672

Charge for year

10,014

At 31 March 2026

25,686

NET BOOK VALUE

At 31 March 2026

30,042

At 31 March 2025

40,056

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

1,079,928

DEPRECIATION

At 1 April 2025

and 31 March 2026

78,270

NET BOOK VALUE

At 31 March 2026

1,001,658

At 31 March 2025

1,001,658

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

1,167

2,000

Other debtors

1,148

1,042

2,315

3,042

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Other creditors

22,895

20,833

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

484,881

Mr James D Turnbull

150,000

Joint capital account

634,881

Dr Katie Turnbull

388,866

Total

1,023,747