Trf. to property to LTD in exchange of shares


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I need opinion on some accounting and tax issue. We are 5 partners in an LLP which is involved in rental properties (owned by us). Couple of months ago these properties are trf. to a limited Co and all LLP members acquired shares of new company (no other share holders in company). LLP is not dissolved as 2 members started property development consulting work after the trf. of properties to Limited co.

My question are;
1) How do we close Properties cost account and capital accounts in LLP. Is it like allocating first the bank balance to members and then clearing the properties cost account against capital. Any resulting gain/loss will be accordingly reported in PnL?
2) For LLP tax return, this trf. will be at no profit and no loss?
3) Couple of members who started property development consulting work will start the balance sheet with £0?
 

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