REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP (REGISTERED NUMBER: SO305616) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP |
General Information |
for the Year Ended 31 March 2023 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Pentland Estate |
Straiton |
Edinburgh |
EH20 9QH |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP (REGISTERED NUMBER: SO305616) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stock and work in progress |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Net assets attributable to members | 779,348 | 459,478 |
Loans and other debts due to members | 8 | 779,348 | 459,478 |
Total members' interests |
Loans and other debts due to members | 8 | 779,348 | 459,478 |
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. |
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 |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP (REGISTERED NUMBER: SO305616) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
Gordon & Halliday Flooring Contractors LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Turnover was derived from one activity which is that of flooring contractors and is recognised when the service is delivered. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Interest income is recognised using the effective interest method. |
Tangible fixed assets |
Expenditure is capitalised as a fixed asset where it represents either a new asset or an enhancement to an |
existing asset. Depreciation is provided at the following annual rates in order to write off each asset over its |
expected useful life less estimated residual value. |
. |
Motor vehicles - 20% reducing balance |
Workshop equipment - 15% reducing balance |
Office equipment - 4 years straight line |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Stocks and work in progress |
Stocks have been valued at the lower of cost and net realisable value. Work in progress has been valued at the cost price of materials and direct labour. |
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 expenses. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP (REGISTERED NUMBER: SO305616) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | Accounting policies - continued |
Members' remuneration |
All profits are divided after a decision by the LLP and are classed as an appropriation of profits rather than as an expense. |
Tax provision |
The taxation payable on profits is the personal liability of the members during the year. No retention from profits is made to fund payments of taxation on members' behalf. |
3. | Employee information |
The average number of employees during the year was |
4. | Tangible fixed assets |
Workshop | Motor | Office |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Written back on disposals | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other creditors |
GORDON & HALLIDAY FLOORING CONTRACTORS |
LLP (REGISTERED NUMBER: SO305616) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | Loans and other debts due to members |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 779,348 | 459,478 |
Falling due within one year | 779,348 | 459,478 |
Loans and other debts due to members rank pari passu with unsecured creditors. |
9. | Other financial commitments |
At 31 March 2023 the LLP had total commitments under non-cancellable operating leases over the remaining life of those leases of £183,438 (2022: £235,043). |