Registered Number:SO302860 |
For the year ended 31 October 2023
Scotland
Report of the Members and Unaudited Financial Statements
For the year ended 31 October 2023
Nelson James LLP
Contents Page
1
Statement of Financial Position
2 to 8
Notes to the Financial Statements
Nelson James LLP
Statement of Financial Position
2022
2023
Property, plant and equipment |
-
388
3
-
388
Trade and other receivables |
287,470
67,470
4
284,759
121,777
Cash and cash equivalents |
352,229
409,247
Trade and other payables: amounts falling due within one |
year |
(88,528)
(55,694)
5
320,719
296,535
Net current assets
Total assets less current liabilities |
296,535
321,107
296,535
Net assets attributable to members
321,107
Loans and other debts due to members |
234,035
258,607
6
62,500
62,500
62,500
62,500
296,535
321,107
Loans and other debts due to members |
234,035
258,607
6
62,500
62,500
296,535
321,107
For the year ended 31 October 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:(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 affair of the LLP as at the end of each |
financial year and of its profit or loss for each 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 |
Liabilities Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to the |
financial statements, so far as applicable to the LLP |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements are prepared in accordance with the provisions applicable to LLP's subject to the small LLP's regime. |
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For the year ended 31 October 2023
Nelson James LLP
Statement of Financial Position Continued
Mrs Nicola GallagherDesignated Member |
Mr Michael GallagherDesignated Member |
These financial statements were approved by the members on 26 July 2024 and signed on their behalf by:
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements
Statutory Information
Nelson James LLP is a limited liability partnership, domiciled in Scotland, registration number SO302860. |
Suite 3 Ochil House
Beveridge Square
Livingston
West Lothian
EH54 6QF
The presentation currency is £ sterling. |
Basis of preparation
These financial statements for the year ended 31 October 2023 have been prepared in accordance with the |
Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, |
together with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") |
and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is |
required to show a true and fair view. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies |
adopted are set out below. |
Significant judgements and estimates
Going Concern At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. The members therefore continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations that are performed gradually over time. |
Provisions for retirement benefits and amounts due to former members
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
terminate the employment of an employee or to provide termination benefits. |
Depreciation of tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any provision for impairment. Depreciation is recognised so as to write off the cost or valuation of fixed assets, less their estimated residual values, over their expected useful lives on the following basis: |
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements Continued
Tenants Improvements
Computer Equipment
Furniture and Fittings
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and |
the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of Fixed Assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine |
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the |
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Government grants
Government grants received are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Leasing and hire purchase commitments
Assets obtained under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals payable under operating leases, including any lease incentives received, are charged against income on a straight line basis over the lease term except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
Members' participating interests
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, form the |
LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. Members' |
participation rights including amounts subscribed or otherwise contributed by members, for example members' |
capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which |
case they are classified as equity. |
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to |
members' and, where such an amount relates to current year profits, they are recognised within 'Members' |
remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified |
as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors |
and shown as amounts due from members within members' interests. |
Where there exists an asset and liability component in respect of an individual member's participation rights, they are |
presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, |
and it intends to either settle on a net basis or to settle and realise these amounts simultaneously, in which case they |
are presented net. |
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements Continued
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other |
short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts |
are shown within borrowings in current liabilities. |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the |
company. |
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements Continued
Financial Instruments
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price |
including transaction costs and are subsequently carried at amortised cost using the effective interest method unless |
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are |
not amortised. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently |
carried at fair value and the changes in fair value are recognised in profit or loss, except in the case of investments |
in equity instruments that are not publicly traded and whose fair values cannot be measured reliably at cost less |
impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment |
at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred |
after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is |
impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated |
cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or |
loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying |
amount would have been, had the impairment not previously been recognised. The impairment reversal is |
recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to |
another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, and preference shares |
that are classified as debt are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future payments discounted at a |
market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements Continued
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign echange contracts, are not basic financial instruments. |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently |
re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance |
costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair |
value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or |
reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value |
basis in accordance with a documented risk management strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
2. Information in relation to members |
2023
2022
Paid under employment contract |
196,170
244,937
3. Property, plant and equipment |
55,474
42,826
11,673
975
975
11,673
42,826
55,474
Provision for depreciation and impairment |
55,086
42,438
11,673
975
Charge for year
388
388
-
-
55,474
42,826
11,673
975
-
-
-
-
-
-
388
388
4. Trade and other receivables |
2023
2022
33,332
28,621
Prepayments & accrued income |
18,558
12,834
15,580
246,015
67,470
287,470
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For the year ended 31 October 2023
Nelson James LLP
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year |
2022
2023
19,347
7,009
Taxation and social security |
28,486
66,286
7,861
15,233
55,694
88,528
6. Loans and other debts due to members |
2022
2023
Amounts due to members in respect of profits |
234,035
258,607
234,035
258,607
7. Guarantees and other financial commitments |
At 31 October 2023 the company had annual commitments under non-cancellable operating leases as set out |
below: |
2022
2023
Operating leases which expire: |
29,302
385
46,883
-
29,302
47,268
8. Average number of persons employed |
During the year the average number of employees was 8 (2022 : 8)
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