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REGISTERED NUMBER: SO303925 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

W.I. Talbot LLP

W.I. Talbot LLP (Registered number: SO303925)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W.I. Talbot LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Mr I M Chalmers
Mr G B Still
Mr A B Gove





REGISTERED OFFICE: 8 Albert Street
Aberdeen
AB25 1XQ





REGISTERED NUMBER: SO303925 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

W.I. Talbot LLP (Registered number: SO303925)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 871 1,617
Tangible assets 5 30,598 13,464
31,469 15,081

CURRENT ASSETS
Stocks 63,896 13,797
Debtors 6 99,822 115,010
Accrued income 8,076 35,576
Cash at bank and in hand 110,051 35,917
281,845 200,300
CREDITORS
Amounts falling due within one year 7 93,490 98,912
NET CURRENT ASSETS 188,355 101,388
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,824

116,469

CREDITORS
Amounts falling due after more than one
year

8

47,609

39,167
NET ASSETS ATTRIBUTABLE TO
MEMBERS

172,215

77,302

W.I. Talbot LLP (Registered number: SO303925)

Balance Sheet - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

171,215

76,302

MEMBERS' OTHER INTERESTS
Capital accounts 1,000 1,000
172,215 77,302

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 171,215 76,302
Members' other interests 1,000 1,000
172,215 77,302

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6 October 2023 and were signed by:





Mr I M Chalmers - Designated member

W.I. Talbot LLP (Registered number: SO303925)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

W.I. Talbot LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2022 - 6 ) .

W.I. Talbot LLP (Registered number: SO303925)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022
and 31 March 2023 3,730
AMORTISATION
At 1 April 2022 2,113
Amortisation for year 746
At 31 March 2023 2,859
NET BOOK VALUE
At 31 March 2023 871
At 31 March 2022 1,617

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 18,024 77,822 22,419 118,265
Additions - 35,189 - 35,189
Disposals - (26,667 ) - (26,667 )
At 31 March 2023 18,024 86,344 22,419 126,787
DEPRECIATION
At 1 April 2022 13,055 69,493 22,253 104,801
Charge for year 3,605 13,411 148 17,164
Eliminated on disposal - (25,776 ) - (25,776 )
At 31 March 2023 16,660 57,128 22,401 96,189
NET BOOK VALUE
At 31 March 2023 1,364 29,216 18 30,598
At 31 March 2022 4,969 8,329 166 13,464

W.I. Talbot LLP (Registered number: SO303925)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 35,189
At 31 March 2023 35,189
DEPRECIATION
Charge for year 7,038
At 31 March 2023 7,038
NET BOOK VALUE
At 31 March 2023 28,151

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 94,592 110,897
Other debtors 5,230 4,113
99,822 115,010

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 1,677 -
Trade creditors - 119
Taxation and social security 67,882 74,565
Other creditors 13,931 14,228
93,490 98,912

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 29,167 39,167
Hire purchase contracts 18,442 -
47,609 39,167

W.I. Talbot LLP (Registered number: SO303925)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Amounts owed to members in respect of profits 171,215 76,302

Falling due within one year 171,215 76,302

Amounts due to (from) members represent allocated profits not yet paid to members and are due within one year. In the event of a winding-up, members’ reserves rank after unsecured creditors.