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Registration number: SO302929

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Limited liability partnership information

Designated members

Mr George Stout

Mrs Anne Stout
 

Registered office

Scotts Road
Hatston Insustrial Estate
Kirkwall
Orkney
KW15 1GR

Principal place of business

Scotts Road
Hatston Insustrial Estate
Kirkwall
Orkney
KW15 1GR

Accountants

Gray Associates
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

(Registration number: SO302929)
Balance Sheet as at 31 August 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

3

5,244

5,994

Tangible assets

4

28,302

33,682

 

33,546

39,676

Current assets

 

Stocks

5

48,237

43,622

Debtors

6

42,903

56,922

Cash and short-term deposits

 

101,918

74,441

 

193,058

174,985

Creditors: Amounts falling due within one year

7

(141,045)

(128,116)

Net current assets

 

52,013

46,869

Net assets attributable to members

 

85,559

86,545

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(986)

(10,299)

Members’ other interests

 

Members' capital classified as equity

 

86,545

96,844

   

85,559

86,545

Total members' interests

 

Loans and other debts due to members

 

(986)

(10,299)

Equity

 

86,545

96,844

   

85,559

86,545

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

(Registration number: SO302929)
Balance Sheet as at 31 August 2023 (continued)

For the year ending 31 August 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of G. C. & A. C. Stout LLP (Jolly's of Orkney) (registered number SO302929) were approved by the Board and authorised for issue on 25 January 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr George Stout
Designated member

.........................................
Mrs Anne Stout
Designated member

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in Scotland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of G. C. & A. C. Stout LLP (Jolly's of Orkney) is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

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.

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

1

Accounting policies (continued)

other taxes policy

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line at 5% per annum.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line at 10%, 20% & 25% per annum.

Motor vehicles

Striaght line at 20% per annum.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 11 (2022 - 11).

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

3

Intangible fixed assets

Goodwill
£

Total
£

Cost

At 1 September 2022

15,000

15,000

At 31 August 2023

15,000

15,000

Amortisation

At 1 September 2022

9,006

9,006

Charge for the year

750

750

At 31 August 2023

9,756

9,756

Net book value

At 31 August 2023

5,244

5,244

At 31 August 2022

5,994

5,994

4

Tangible fixed assets

Plant and machinery
£

Motor vehicles
£

Total
£

Cost

At 1 September 2022

74,381

33,500

107,881

Additions

2,865

-

2,865

At 31 August 2023

77,246

33,500

110,746

Depreciation

At 1 September 2022

57,267

16,932

74,199

Charge for the year

4,932

3,313

8,245

At 31 August 2023

62,199

20,245

82,444

Net book value

At 31 August 2023

15,047

13,255

28,302

At 31 August 2022

17,114

16,568

33,682

5

Stocks

2023
 £

2022
 £

Stocks

48,237

43,622

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

6

Debtors

2023
 £

2022
 £

Trade debtors

38,616

43,533

Other debtors

141

1,085

Prepayments and accrued income

4,146

12,304

Total current trade and other debtors

42,903

56,922

7

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

112,389

106,651

Other creditors

9,543

5,988

Accruals and deferred income

11,462

9,752

Taxation and social security

7,651

5,725

141,045

128,116

8

Control

The ultimate controlling party is the same as the controlling party.