Lochlane Property LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO304295 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Lochlane Property LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S Timoney

Mrs A Reid-Timoney

REGISTERED OFFICE:

16 Hutchison Drive

Bearsden

Glasgow

G61 2LQ

REGISTERED NUMBER:

SO304295 (Scotland)

ACCOUNTANTS:

Montroig Consultants Limited

16 Hutchison Drive

Bearsden

Glasgow

Lanarkshire

G61 2LQ

FIXED ASSETS

Tangible assets

4

3,313,332

300,657

Investment property

5

19,998,020

19,924,766

23,311,352

20,225,423

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

23,311,352

20,225,423

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

26,463,511

23,071,327

Other reserves

(3,152,159

)

(2,845,904

)

23,311,352

20,225,423

TOTAL MEMBERS' INTERESTS

Members' other interests

23,311,352

20,225,423

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 August 2021.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27 April 2022 and were signed by:

S Timoney - Designated member

1.	STATUTORY INFORMATION

Lochlane Property LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

5% 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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

1,154,055

Additions

3,109,665

Disposals

(1,282

)

At 31 August 2021

4,262,438

DEPRECIATION

At 1 September 2020

853,398

Charge for year

97,296

Eliminated on disposal

(1,588

)

At 31 August 2021

949,106

NET BOOK VALUE

At 31 August 2021

3,313,332

At 31 August 2020

300,657

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2020

19,924,766

Additions

1,244,145

Disposals

(1,170,891

)

At 31 August 2021

19,998,020

NET BOOK VALUE

At 31 August 2021

19,998,020

At 31 August 2020

19,924,766

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Timoney.

S Timoney holds 100% shareholding in Lochlane Investments Limited.