Silverfin false 31/03/2023 01/04/2022 31/03/2023 J P Burford 06/12/2007 N P Jutton 31/03/2023 06/12/2007 S J Unsworth 06/12/2007 30 October 2023 OC333422 2023-03-31 OC333422 bus:Director1 2023-03-31 OC333422 bus:Director2 2023-03-31 OC333422 bus:Director3 2023-03-31 OC333422 2022-03-31 OC333422 core:CurrentFinancialInstruments 2023-03-31 OC333422 core:CurrentFinancialInstruments 2022-03-31 OC333422 core:Non-currentFinancialInstruments 2023-03-31 OC333422 core:Non-currentFinancialInstruments 2022-03-31 OC333422 core:LandBuildings 2022-03-31 OC333422 core:Vehicles 2022-03-31 OC333422 core:FurnitureFittings 2022-03-31 OC333422 core:LandBuildings 2023-03-31 OC333422 core:Vehicles 2023-03-31 OC333422 core:FurnitureFittings 2023-03-31 OC333422 2022-04-01 2023-03-31 OC333422 bus:FullAccounts 2022-04-01 2023-03-31 OC333422 bus:SmallEntities 2022-04-01 2023-03-31 OC333422 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC333422 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC333422 bus:Director1 2022-04-01 2023-03-31 OC333422 bus:Director2 2022-04-01 2023-03-31 OC333422 bus:Director3 2022-04-01 2023-03-31 OC333422 core:Vehicles 2022-04-01 2023-03-31 OC333422 core:FurnitureFittings 2022-04-01 2023-03-31 OC333422 2021-04-01 2022-03-31 OC333422 core:LandBuildings 2022-04-01 2023-03-31 OC333422 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 OC333422 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC333422 (England and Wales)

SCOTT BAILEY LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SCOTT BAILEY LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SCOTT BAILEY LLP

BALANCE SHEET

As at 31 March 2023
SCOTT BAILEY LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 113,222 124,482
113,222 124,482
Current assets
Debtors 4 306,350 323,820
Cash at bank and in hand 804,649 546,590
1,110,999 870,410
Creditors: amounts falling due within one year 5 ( 336,428) ( 341,031)
Net current assets 774,571 529,379
Total assets less current liabilities 887,793 653,861
Creditors: amounts falling due after more than one year 6 ( 23,432) ( 37,910)
Net assets attributable to members 864,361 615,951
Represented by
Loans and other debts due to members within one year
Other amounts 639,361 390,951
639,361 390,951
Members' other interests
Members' capital classified as equity 225,000 225,000
225,000 225,000
864,361 615,951
Total members' interests
Loans and other debts due to members 639,361 390,951
Members' other interests 225,000 225,000
864,361 615,951

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 Scott Bailey LLP (registered number: OC333422) were approved and authorised for issue by the Board of Directors on 30 October 2023. They were signed on its behalf by:

J P Burford
Designated member
S J Unsworth
Designated member
SCOTT BAILEY LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2023
SCOTT BAILEY LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 396,951
Balance at 01 April 2021 225,000 396,951 621,951
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 1,065,194 1,065,194
Members' interest after result for the financial year 225,000 1,462,145 1,687,145
Drawings 0 (1,071,194) (1,071,194)
Amounts due to members 390,951
Balance at 31 March 2022 225,000 390,951 615,951
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 1,282,082 1,282,082
Members' interest after result for the financial year 225,000 1,673,033 1,898,033
Drawings 0 (1,033,672) (1,033,672)
Amounts due to members 639,361
Balance at 31 March 2023 225,000 639,361 864,361

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

SCOTT BAILEY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SCOTT BAILEY 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

Scott Bailey LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 63 High Street, Lymington, Hampshire, SO41 9ZT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 Company and rounded to the nearest £.

Turnover

Turnover which is stated net of VAT represents the value of services provided and is recognised as contract activity progresses.

Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the fee is assured.

Turnover which has been recognised but not invoiced by the balance sheet date, is included in debtors in "prepayments and accrued income". Amounts invoiced in advance are included in "accruals and deferred income".

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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, other than investment property and freehold land, 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:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 15 - 33 % reducing balance

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Members' participation rights

Profits of the LLP are automatically allocated in full to members. Accordingly, the profit attributable to members is charged as an expense in the profit and loss account. During the year, members receive drawings on account of profits. At the year end, undrawn allocated profits of the LLP are included within loans and other debts due to members. To the extent that any payment of drawings exceeds the amount of profit ultimately to be found to be due to any member, such excess is reclaimable by the LLP and included within debtors.

Capital is repayable to a member on retirement and accordingly, is classified as a liability in the balance sheet.

Provisions

Provision is made for estimated dilapidations including reinstatement costs (where there is an obligation to restore premises to their original condition upon vacating them under the terms of the lease). The costs related to repair and maintenance of equipment and properties that are used by the LLP and for which the LLP has responsibility to maintain or may be liable for dilapidation, are written off as they arise.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 37 34

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 24,932 85,894 333,218 444,044
Additions 0 0 35,898 35,898
Disposals 0 ( 34,650) 0 ( 34,650)
At 31 March 2023 24,932 51,244 369,116 445,292
Accumulated depreciation
At 01 April 2022 24,932 45,924 248,706 319,562
Charge for the financial year 0 9,992 26,203 36,195
Disposals 0 ( 23,687) 0 ( 23,687)
At 31 March 2023 24,932 32,229 274,909 332,070
Net book value
At 31 March 2023 0 19,015 94,207 113,222
At 31 March 2022 0 39,970 84,512 124,482

4. Debtors

2023 2022
£ £
Trade debtors 146,956 182,648
Prepayments 156,132 139,252
Other debtors 3,262 1,920
306,350 323,820

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,688 9,479
Accruals 22,456 17,090
Other taxation and social security 113,928 124,741
Obligations under finance leases and hire purchase contracts 0 4,230
Other creditors 190,356 185,491
336,428 341,031

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

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

2023 2022
£ £
Bank loans 23,432 33,327
Obligations under finance leases and hire purchase contracts 0 4,583
23,432 37,910

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
other 482,000 209,979
2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 482,000 209,979