Company No:
Contents
Note | 31.03.2022 | 31.03.2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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51,187 | 55,245 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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288,758 | 466,282 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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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 | (
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Net assets attributable to members |
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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 |
Members' responsibilities:
The financial statements of Jameson + Mackay LLP (registered number:
Mrs A Ramsay
Designated member |
Mr S D Inglis
Designated member |
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.
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 £.
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.
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.
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.
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.
Leasehold improvements | depreciated over the life of the lease |
Office equipment |
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Computer equipment | 10 -
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Other property, plant and equipment | not depreciated |
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.
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.
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
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.
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 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 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.
Year ended 31.03.2022 |
Period from 12.02.2020 to 31.03.2021 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Leasehold improve- ments |
Office equipment | Computer equipment | Other property, plant and equipment |
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£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2021 |
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Additions |
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Disposals | (
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At 31 March 2022 |
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Accumulated depreciation | |||||||||
At 01 April 2021 |
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Charge for the financial year |
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Disposals | (
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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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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Stocks |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Cash at bank and in hand |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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Other taxation and social security |
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31.03.2022 | 31.03.2021 | ||
£ | £ | ||
Bank loans |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.03.2022 | 31.03.2021 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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- after five years |
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On 1 April 2020 the business operations of the partnership were transferred to the LLP. The designated members were partners in the partnership.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.