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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Turnbull Investments LLP |
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REGISTERED NUMBER:
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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Turnbull Investments LLP |
Turnbull Investments LLP (Registered number: SO300819) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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General Information | 1 |
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Report of the Members | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Reconciliation of Members' Interests | 6 |
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Notes to the Financial Statements | 8 |
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Turnbull Investments LLP |
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General Information |
for the Year Ended 31 March 2022 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
25 Sandyford Place |
Glasgow |
G3 7NG |
Turnbull Investments LLP (Registered number: SO300819) |
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Report of the Members |
for the Year Ended 31 March 2022 |
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The members present their report with the financial statements of the LLP for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of holding commercial property for investment purposes. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £27,738 (2021 - £12,816 profit). |
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MEMBERS' INTERESTS |
These are detailed in Note 11. |
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ON BEHALF OF THE MEMBERS: |
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Turnbull Investments LLP (Registered number: SO300819) |
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Income Statement |
for the Year Ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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(22,308 | ) | (28,973 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses |
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PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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Turnbull Investments LLP (Registered number: SO300819) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,006,072 |
1,007,335 |
Turnbull Investments LLP (Registered number: SO300819) |
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Balance Sheet - continued |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE
TO MEMBERS |
11 |
1,006,072 |
1,007,335 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 1,006,072 | 1,007,335 |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Turnbull Investments LLP (Registered number: SO300819) |
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Reconciliation of Members' Interests |
for the Year Ended 31 March 2022 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
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Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 1,007,335 |
Amount due from members | - |
Balance at 1 April 2021 | - | 1,007,335 | 1,007,335 |
Profit for the financial year
available for discretionary division among members |
27,738 |
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27,738 |
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Members' interests after profit
for the year |
27,738 |
1,007,335 |
1,035,073 |
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Other divisions of profit | (27,738 | ) | 27,738 | - |
Introduced by members | - | 107,696 | 107,696 |
Repayments of debt (including
members' capital classified as a liability) |
- |
(108,959 |
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(108,959 |
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Drawings | - | (27,738 | ) | (27,738 | ) |
Amount due to members | 1,006,072 |
Amount due from members | - |
Balance at 31 March 2022 | - | 1,006,072 | 1,006,072 |
Turnbull Investments LLP (Registered number: SO300819) |
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Reconciliation of Members' Interests |
for the Year Ended 31 March 2022 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
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Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 990,858 |
Amount due from members | - |
Balance at 1 April 2020 | - | 990,858 | 990,858 |
Profit for the financial year
available for discretionary division among members |
12,816 |
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12,816 |
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Members' interests after profit
for the year |
12,816 |
990,858 |
1,003,674 |
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Other divisions of profit | (12,816 | ) | 12,816 | - |
Introduced by members | - | 138,116 | 138,116 |
Repayments of debt (including
members' capital classified as a liability) |
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(121,639 |
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(121,639 |
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Drawings | - | (12,816 | ) | (12,816 | ) |
Amount due to members | 1,007,335 |
Amount due from members | - |
Balance at 31 March 2021 | - | 1,007,335 | 1,007,335 |
Turnbull Investments LLP (Registered number: SO300819) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Turnbull Investments LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fittings and equipment | - |
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Motor vehicles | - |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2021 - NIL). |
Turnbull Investments LLP (Registered number: SO300819) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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5. | INFORMATION IN RELATION TO MEMBERS |
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2022 | 2021 |
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The average number of members during the year was | 3 | 3 |
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6. | TANGIBLE FIXED ASSETS |
Fittings |
and | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Turnbull Investments LLP (Registered number: SO300819) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
and 31 March 2022 | 78,270 |
NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Turnbull Investments LLP (Registered number: SO300819) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
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11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2022 | 2021 |
£ | £ |
Members' loans | 1,006,072 | 1,007,335 |
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Falling due within one year | 1,006,072 | 1,007,335 |
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Loans and other debts due to members would rank after all other creditors. |