West Coldstream Properties LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: SO301642

West Coldstream Properties LLP

Filleted Unaudited Financial Statements

31 March 2026

West Coldstream Properties LLP

Financial Statements

Year ended 31 March 2026

Contents	Page

Members' report	1

Chartered accountants report to the members on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

West Coldstream Properties LLP

Members' Report

Year ended 31 March 2026

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

Principal activities

The principal activities of the LLP during the year was property investment and rental.

Designated members

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

Mr C Currie
Mr M Lightbody

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 2 November 2026 and signed on behalf of the members by:

Mr C Currie

Designated member

Registered office:

1 George Square

Glasgow

G2 1AL

West Coldstream Properties LLP

Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of West Coldstream Properties LLP

Year ended 31 March 2026

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 West Coldstream Properties LLP for the year ended 31 March 2026, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the members of West Coldstream Properties LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of West Coldstream Properties LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Coldstream Properties LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that West Coldstream Properties 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 loss of West Coldstream Properties LLP. You consider that West Coldstream Properties 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 West Coldstream Properties 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

2 November 2026

West Coldstream Properties LLP

Statement of Financial Position

31 March 2026

	2026		2025
Note	£	£	£

Fixed assets

Tangible assets	4		2,380,666	6,972,887

Current assets

Debtors	5	38,147	90,149
Cash at bank and in hand		158,632	146,106
		---------	---------
		196,779	236,255

Creditors: amounts falling due within one year	6	70,329		454,859
		---------		---------
Net current assets/(liabilities)			126,450	( 218,604)
			------------	------------
Total assets less current liabilities			2,507,116	6,754,283

Creditors: amounts falling due after more than one year	7	–	1,447,276
		------------	------------
Net assets		2,507,116	5,307,007
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8		355,689	455,580

Members' other interests

Members' capital classified as equity	2,151,427	4,851,427
Other reserves	–	–
	------------	------------
	2,507,116	5,307,007
	------------	------------

Total members' interests

Loans and other debts due to members	8	355,689	455,580
Members' other interests		2,151,427	4,851,427
		------------	------------
		2,507,116	5,307,007
		------------	------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2026 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 .

West Coldstream Properties LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 2 November 2026 , and are signed on their behalf by:

Mr C Currie

Designated Member

Registered number: SO301642

West Coldstream Properties LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in Scotland. The address of the registered office is 1 George Square, Glasgow, G2 1AL.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net of discounts and of Value Added Tax.

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 comprehensive income 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 comprehensive income 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 comprehensive income 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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and Fittings	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date, by the members and any changes in fair value are 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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 (see hedge accounting policy). 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

	Investment Property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 April 2025	6,963,843	18,088	6,981,931
Disposals	( 5,823,168)	( 18,088)	( 5,841,256)
Revaluations	1,239,991	–	1,239,991
	------------	--------	------------
At 31 March 2026	2,380,666	–	2,380,666
	------------	--------	------------
Depreciation
At 1 April 2025	–	9,044	9,044
Disposals	–	( 9,044)	( 9,044)
	------------	--------	------------
At 31 March 2026	–	–	–
	------------	--------	------------
Carrying amount
At 31 March 2026	2,380,666	–	2,380,666
	------------	--------	------------
At 31 March 2025	6,963,843	9,044	6,972,887
	------------	--------	------------

The investment properties were revalued in 2024 and the members are of the opinion that the values noted in the financial statements remain constant with the market values at the balance sheet date. However, following the sale of two of the investment properties, these were impaired to reflect the market price at which they were sold.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Fixtures and fittings
	£
At 31 March 2026	–
	----
At 31 March 2025	9,044
	-------

5.	Debtors

	2026	2025
	£	£
Trade debtors	518	37,497
Other debtors	37,629	52,652
	--------	--------
	38,147	90,149
	--------	--------

6. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	–	248,514
Trade creditors	7,882	45,147
Social security and other taxes	–	23,047
Other creditors	62,447	138,151
	--------	---------
	70,329	454,859
	--------	---------

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

	2026	2025
	£	£
Bank loans and overdrafts	–	1,447,276
	----	------------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2025: £453,218) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The loans are secured by a floating charge over the assets and the undertakings of the LLP and a standard security over the properties of the LLP.

8.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	355,689	455,580
	---------	---------

9.	Controlling party

Mr M Lightbody is the ultimate controlling party of the LLP.