Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs V Buchanan 30/03/2023 Mr S D Inglis 12/02/2020 Mrs A Ramsay 31/03/2023 12/02/2020 18 October 2023 SO306894 2023-03-31 SO306894 bus:Director1 2023-03-31 SO306894 bus:Director2 2023-03-31 SO306894 bus:Director3 2023-03-31 SO306894 2022-03-31 SO306894 core:CurrentFinancialInstruments 2023-03-31 SO306894 core:CurrentFinancialInstruments 2022-03-31 SO306894 core:Non-currentFinancialInstruments 2023-03-31 SO306894 core:Non-currentFinancialInstruments 2022-03-31 SO306894 core:LeaseholdImprovements 2022-03-31 SO306894 core:OfficeEquipment 2022-03-31 SO306894 core:ComputerEquipment 2022-03-31 SO306894 core:OtherPropertyPlantEquipment 2022-03-31 SO306894 core:LeaseholdImprovements 2023-03-31 SO306894 core:OfficeEquipment 2023-03-31 SO306894 core:ComputerEquipment 2023-03-31 SO306894 core:OtherPropertyPlantEquipment 2023-03-31 SO306894 core:WithinOneYear 2023-03-31 SO306894 core:WithinOneYear 2022-03-31 SO306894 core:BetweenOneFiveYears 2023-03-31 SO306894 core:BetweenOneFiveYears 2022-03-31 SO306894 core:MoreThanFiveYears 2023-03-31 SO306894 core:MoreThanFiveYears 2022-03-31 SO306894 2022-04-01 2023-03-31 SO306894 bus:FullAccounts 2022-04-01 2023-03-31 SO306894 bus:SmallEntities 2022-04-01 2023-03-31 SO306894 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SO306894 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 SO306894 bus:Director1 2022-04-01 2023-03-31 SO306894 bus:Director2 2022-04-01 2023-03-31 SO306894 bus:Director3 2022-04-01 2023-03-31 SO306894 core:OfficeEquipment 2022-04-01 2023-03-31 SO306894 core:ComputerEquipment 2022-04-01 2023-03-31 SO306894 2021-04-01 2022-03-31 SO306894 core:LeaseholdImprovements 2022-04-01 2023-03-31 SO306894 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SO306894 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SO306894 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: SO306894 (Scotland)

JAMESON + MACKAY LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

JAMESON + MACKAY LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

JAMESON + MACKAY LLP

BALANCE SHEET

AS AT 31 MARCH 2023
JAMESON + MACKAY LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 35,239 51,187
35,239 51,187
Current assets
Stocks 4 1,500 1,500
Debtors 5 191,222 157,128
Cash at bank and in hand 6 165,297 130,130
358,019 288,758
Creditors: amounts falling due within one year 7 ( 142,538) ( 80,539)
Net current assets 215,481 208,219
Total assets less current liabilities 250,720 259,406
Creditors: amounts falling due after more than one year 8 ( 231,900) ( 43,610)
Net assets attributable to members 18,820 215,796
Represented by
Loans and other debts due to members within one year
Other amounts 3,675 165,796
3,675 165,796
Members' other interests
Members' capital classified as equity 15,145 50,000
15,145 50,000
18,820 215,796
Total members' interests
Loans and other debts due to members 3,675 165,796
Members' other interests 15,145 50,000
18,820 215,796

For the financial year ending 31 March 2023 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 18 October 2023. They were signed on its behalf by:

Mr S D Inglis
Designated member
JAMESON + MACKAY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
JAMESON + MACKAY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
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 year, 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.

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.

Included within other property, plant and equipment are heritage assets. No depreciation has been provided in respect of these assets. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. However, the members consider that there has been no diminution in the value of these assets.

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 initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 20 18

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2022 19,003 148,237 50,350 7,837 225,427
Additions 0 0 501 0 501
Disposals 0 ( 105,437) ( 37,685) 0 ( 143,122)
At 31 March 2023 19,003 42,800 13,166 7,837 82,806
Accumulated depreciation
At 01 April 2022 2,980 126,977 44,283 0 174,240
Charge for the financial year 1,491 2,126 811 0 4,428
Disposals 0 ( 94,646) ( 36,455) 0 ( 131,101)
At 31 March 2023 4,471 34,457 8,639 0 47,567
Net book value
At 31 March 2023 14,532 8,343 4,527 7,837 35,239
At 31 March 2022 16,023 21,260 6,067 7,837 51,187

4. Stocks

2023 2022
£ £
Stocks 1,500 1,500

5. Debtors

2023 2022
£ £
Trade debtors 11,363 6,936
Amounts recoverable on contracts 131,716 104,793
Prepayments 19,689 15,811
Other debtors 28,454 29,588
191,222 157,128

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 165,297 130,130

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 15,034 14,459
Other taxation and social security 68,065 56,837
Other creditors 59,439 9,243
142,538 80,539

The bank loan is secured by a floating charge.

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

2023 2022
£ £
Bank loans 29,055 43,610
Other creditors 202,845 0
231,900 43,610

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:

2023 2022
£ £
within one year 51,360 35,000
between one and five years 168,260 175,000
after five years 156,750 168,750
376,370 378,750

10. 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.