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Company No: SO306894 (Scotland)

JAMESON + MACKAY LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

JAMESON + MACKAY LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

JAMESON + MACKAY LLP

BALANCE SHEET

AS AT 31 MARCH 2022
JAMESON + MACKAY LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 31.03.2022 31.03.2021
£ £
Fixed assets
Tangible assets 3 51,187 55,245
51,187 55,245
Current assets
Stocks 4 1,500 1,500
Debtors 5 157,128 156,714
Cash at bank and in hand 6 130,130 308,068
288,758 466,282
Creditors
Amounts falling due within one year 7 ( 80,539) ( 110,373)
Net current assets 208,219 355,909
Total assets less current liabilities 259,406 411,154
Creditors
Amounts falling due after more than one year 8 ( 43,610) ( 58,031)
Net assets attributable to members 215,796 353,123
Represented by
Loans and other debts due to members within one year
Other amounts 165,796 303,123
165,796 303,123
Members' other interests
Members' capital classified as equity 50,000 50,000
50,000 50,000
215,796 353,123
Total members' interests
Loans and other debts due to members 165,796 303,123
Members' other interests 50,000 50,000
215,796 353,123

For the financial year ending 31 March 2022 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.

Members' responsibilities:

The financial statements of Jameson + Mackay LLP (registered number: SO306894) were approved and authorised for issue by the Director on 15 August 2022. They were signed on its behalf by:

Mrs A Ramsay
Designated member
Mr S D Inglis
Designated member
JAMESON + MACKAY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
JAMESON + MACKAY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Jameson + Mackay LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the LLP's registered office is 1 Charlotte Street, Perth, PH1 5LP, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements have been prepared for the 12 month period to 31 March 2022. The comparative financial statements were prepared for a 14 month period from incorporation on 12 February 2020 to 31 March 2021.

As such, the two periods are not entirely comparable.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Office equipment 10 % reducing balance
Computer equipment 10 - 20 % reducing balance
Other property, plant and equipment not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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 Profit and Loss Account 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'.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Year ended
31.03.2022
Period from
12.02.2020 to
31.03.2021
Number Number
Monthly average number of persons employed by the LLP during the year 22 21

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2021 42,802 148,237 49,728 7,837 248,604
Additions 0 0 622 0 622
Disposals ( 23,799) 0 0 0 ( 23,799)
At 31 March 2022 19,003 148,237 50,350 7,837 225,427
Accumulated depreciation
At 01 April 2021 25,289 124,615 43,455 0 193,359
Charge for the financial year 1,490 2,362 828 0 4,680
Disposals ( 23,799) 0 0 0 ( 23,799)
At 31 March 2022 2,980 126,977 44,283 0 174,240
Net book value
At 31 March 2022 16,023 21,260 6,067 7,837 51,187
At 31 March 2021 17,513 23,622 6,273 7,837 55,245

Included within Other property, plant and equipment are heritage assets totalling £7,837. These assets are not depreciated.

4. Stocks

31.03.2022 31.03.2021
£ £
Stocks 1,500 1,500

5. Debtors

31.03.2022 31.03.2021
£ £
Trade debtors 6,936 13,297
Other debtors 150,192 143,417
157,128 156,714

6. Cash and cash equivalents

31.03.2022 31.03.2021
£ £
Cash at bank and in hand 130,130 308,068

7. Creditors: amounts falling due within one year

31.03.2022 31.03.2021
£ £
Bank loans 14,459 13,889
Other creditors 9,243 9,579
Other taxation and social security 56,837 86,905
80,539 110,373

The bank loan is secured by a floating charge.

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

31.03.2022 31.03.2021
£ £
Bank loans 43,610 58,031

The bank loan is secured by a floating charge.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2022 31.03.2021
£ £
- within one year 35,000 35,000
- between one and five years 175,000 175,000
- after five years 168,750 203,750
378,750 413,750

10. Related party transactions

On 1 April 2020 the business operations of the partnership were transferred to the LLP. The designated members were partners in the partnership.

11. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.