7 false false false false false false false false false false false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 340,000 340,000 340,000 51,317 51,317 51,317 xbrli:pure xbrli:shares iso4217:GBP SO302184 2022-05-01 2023-04-30 SO302184 2023-04-30 SO302184 2022-04-30 SO302184 2021-05-01 2022-04-30 SO302184 2022-04-30 SO302184 core:FurnitureFittings 2022-05-01 2023-04-30 SO302184 core:MotorVehicles 2022-05-01 2023-04-30 SO302184 bus:Director1 2022-05-01 2023-04-30 SO302184 core:FurnitureFittings 2022-04-30 SO302184 core:MotorVehicles 2022-04-30 SO302184 core:WithinOneYear 2023-04-30 SO302184 core:WithinOneYear 2022-04-30 SO302184 core:AfterOneYear 2023-04-30 SO302184 core:AfterOneYear 2022-04-30 SO302184 core:NetGoodwill 2022-05-01 2023-04-30 SO302184 core:NetGoodwill 2022-04-30 SO302184 core:NetGoodwill 2022-04-30 SO302184 core:CostValuation core:Non-currentFinancialInstruments 2022-04-30 SO302184 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-04-30 SO302184 core:Non-currentFinancialInstruments 2022-04-30 SO302184 core:FurnitureFittings 2022-04-30 SO302184 core:MotorVehicles 2022-04-30 SO302184 bus:SmallEntities 2022-05-01 2023-04-30 SO302184 bus:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 SO302184 bus:FullAccounts 2022-05-01 2023-04-30 SO302184 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 SO302184 bus:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30
REGISTERED NUMBER: SO302184
Dand Carnegie LLP
Filleted Unaudited Financial Statements
30 April 2023
Dand Carnegie LLP
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
340,000
Tangible assets
6
18,582
Investments
7
51,317
----
---------
409,899
Current assets
Stocks
8,718
Debtors
8
121,920
1,275
Cash at bank and in hand
7,998
113
---------
-------
138,636
1,388
Creditors: amounts falling due within one year
9
30,660
91,121
---------
--------
Net current assets/(liabilities)
107,976
( 89,733)
---------
---------
Total assets less current liabilities
107,976
320,166
Creditors: amounts falling due after more than one year
10
42,592
48,148
---------
---------
Net assets
65,384
272,018
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
11
65,384
272,018
--------
---------
Members' other interests
Other reserves
--------
---------
65,384
272,018
--------
---------
Total members' interests
Loans and other debts due to members
11
65,384
272,018
Members' other interests
--------
---------
65,384
272,018
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
Dand Carnegie LLP
Statement of Financial Position (continued)
30 April 2023
For the year ending 30 April 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 6 November 2023 , and are signed on their behalf by:
Mr Alan Dand
Designated Member
Registered number: SO302184
Dand Carnegie LLP
Notes to the Financial Statements
Year ended 30 April 2023
1.
General information
The LLP is registered in United Kingdom. The address of the registered office is Spalding House, 90-92 Queen Street, Broughty Ferry, Dundee, DD5 AJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 statement of income and retained earnings 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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture & fittings
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 7 (2022: 7 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 May 2022
340,000
Additions
Disposals of previously acquired businesses
( 340,000)
---------
At 30 April 2023
---------
Amortisation
At 1 May 2022 and 30 April 2023
---------
Carrying amount
At 30 April 2023
---------
At 30 April 2022
340,000
---------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
4,331
41,779
43,993
90,103
Disposals
( 4,331)
( 41,779)
( 43,993)
( 90,103)
-------
--------
--------
--------
At 30 April 2023
-------
--------
--------
--------
Depreciation
At 1 May 2022
4,330
31,779
35,412
71,521
Charge for the year
956
956
Disposals
( 4,330)
( 31,779)
( 36,368)
( 72,477)
-------
--------
--------
--------
At 30 April 2023
-------
--------
--------
--------
Carrying amount
At 30 April 2023
-------
--------
--------
--------
At 30 April 2022
1
10,000
8,581
18,582
-------
--------
--------
--------
7.
Investments
Shares in group undertakings
£
Cost
At 1 May 2022
51,317
Disposals
( 51,317)
--------
At 30 April 2023
--------
Impairment
At 1 May 2022 and 30 April 2023
--------
Carrying amount
At 30 April 2023
--------
At 30 April 2022
51,317
--------
8.
Debtors
2023
2022
£
£
Trade debtors
( 5,028)
( 4,004)
Other debtors
126,948
5,279
---------
-------
121,920
1,275
---------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,895
Trade creditors
1,467
8,860
Social security and other taxes
1,764
8,070
Sales in advance
12,448
Other creditors
27,429
53,848
--------
--------
30,660
91,121
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,592
48,148
--------
--------
11.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
65,384
272,018
--------
---------
12.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".