Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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22,218,173 | 22,448,909 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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4,145,712 | 2,462,742 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 3,080,023 | 1,889,717 | ||
Total assets less current liabilities | 25,298,196 | 24,338,626 | ||
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 | 9,563,951 | 8,444,728 | ||
9,563,951 | 8,444,728 | |||
Members' other interests | ||||
Members' capital classified as equity | 15,734,245 | 14,293,899 | ||
15,734,245 | 14,293,899 | |||
25,298,196 | 22,738,627 | |||
Total members' interests | ||||
Loans and other debts due to members | 9,563,951 | 8,444,728 | ||
Members' other interests | 15,734,245 | 14,293,899 | ||
25,298,196 | 22,738,627 |
Members' responsibilities:
The financial statements of Castlehill LLP (registered number:
Mr George West
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Castlehill LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is C/O Johnston Carmichael Fraserburgh Business Centre, South Harbour Road, Fraserburgh, AB43 9TN, Scotland, 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 Limited Liability Partnerships Act 2000 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 2021 (SORP 2022).
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.
Group accounts exemption s399
The LLP has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the LLP as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Trademarks, patents and licences |
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Other intangible assets |
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Land and buildings |
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Vehicles |
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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.
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
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the LLP. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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 and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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'.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Trademarks, patents and licences |
Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated amortisation | |||||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||||
At 31 December 2022 |
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At 31 December 2021 |
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Land and buildings | Vehicles | Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated depreciation | |||||||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||||||
At 31 December 2022 |
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At 31 December 2021 |
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Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Other financial commitments
2022 | 2021 | ||
£ | £ | ||
Operating lease commitment |
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Transactions with entities in which the entity itself has a participating interest
The LLP has taken advantage of the exemptions included in FRS 102 33. 1A not to disclose transactions with wholly owned group companies.
Castlehill LLP is connected to its members and to companies with common directors.