Gist Trading Llp Filleted Accounts Cover
Gist Trading Llp
Registered No. SO302925
Information for Filing with the Registrar
31 March 2024
Gist Trading Llp Balance Sheet Registrar
at
31 March 2024
Registered No.
SO302925
Notes
2024
2023
£
£
Fixed assets
Tangible assets
5
380,000
380,000
380,000
380,000
Current assets
Cash at bank and in hand
10,890
17,529
10,890
17,529
Creditors: Amounts falling due within one year
6
(13,156)
(13,157)
Net current (liabilities)/assets
(2,266)
4,372
Total assets less current liabilities
377,734
384,372
Creditors: Amounts falling due after more than one year
7
(10,668)
(20,667)
Net assets attributable to members
367,066
363,705
Represented by:
Loans and other debts due to members
340,805
340,805
Members' other interests
Other reserves
26,261
22,900
26,261
22,900
367,066
363,705
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 March 2024 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 complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 19 August 2024 and signed on its behalf by:
N. Aitken
Designated member
19 August 2024
Gist Trading Llp Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
Gist Trading Llp is a limited liability partnership and incorporated in Scotland.
Its registered number is: SO302925
Its registered office is:
Its trading address is:
Bluebell Wood
Bluebell Wood
Glenberview Mews
Glenberview Mews
Torwood
Torwood
FK5 4ZQ
FK5 4ZQ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery
25% Straight Line
Furniture, fittings and equipment
20% Straight Line
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the year :
2
2
4
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
0
0
5
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2023
380,0003,9684,003387,971
At 31 March 2024
380,0003,9684,003387,971
Depreciation
At 1 April 2023
-3,9684,0037,971
At 31 March 2024
-3,9684,0037,971
Net book values
At 31 March 2024
380,000--380,000
At 31 March 2023
380,000
-
-
380,000
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,00011,000
Accruals and deferred income
2,1562,157
13,15613,157
7
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,66720,667
10,66720,667
8
Loans and other debts due to members
2024
2023
£
£
Members' capital classified as a liability
2
2
Loans from members
10,000
17,726
Amounts due to members in respect of profits
330,804
323,077
340,806
340,805
Amounts falling due within one year
340,806
-
Amounts falling due after more than one year
-
340,805
340,806
340,805
Gist Trading LlpSO30292531 March 202401 April 2023false19 August 2024BTCSoftware AP Solution 2024 11.1.0111.1.01SO3029252023-04-012024-03-31SO3029252024-03-31SO302925countries:UnitedKingdom2023-04-012024-03-31SO302925bus:RegisteredOffice2023-04-012024-03-31SO302925core:PlantMachinery2023-04-012024-03-31SO302925core:FurnitureFittingsToolsEquipment2023-04-012024-03-31SO3029252022-04-012023-03-31SO302925core:LandBuildings2023-04-01SO302925core:PlantMachinery2023-04-01SO302925core:FurnitureFittingsToolsEquipment2023-04-01SO3029252023-04-01SO302925core:LandBuildings2024-03-31SO302925core:PlantMachinery2024-03-31SO302925core:FurnitureFittingsToolsEquipment2024-03-31SO302925core:LandBuildings2023-03-31SO302925core:PlantMachinery2023-03-31SO302925core:FurnitureFittingsToolsEquipment2023-03-31SO3029252023-03-31SO302925core:WithinOneYear2024-03-31SO302925core:WithinOneYear2023-03-31SO302925core:AfterOneYear2024-03-31SO302925core:AfterOneYear2023-03-31SO302925bus:SmallEntities2023-04-012024-03-31SO302925bus:FullAccounts2023-04-012024-03-31SO302925bus:AuditExempt-NoAccountantsReport2023-04-012024-03-31SO302925bus:PartnerLLP22023-04-012024-03-31SO302925bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31xbrli:pureiso4217:GBP