Gist Trading Llp Filleted Accounts Cover |
Registered No. SO302925 | |||||||||
Gist Trading Llp Balance Sheet Registrar |
at | ||||||||||
Registered No. | 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 | |||||||||
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 | ||||||||||||||||
Glenberview Mews | ||||||||||||||||
Torwood | ||||||||||||||||
FK5 4ZQ | ||||||||||||||||
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 | ||||||||||||||||
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. | ||||||||||||||||
Plant and machinery | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Freehold investment property | ||||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||||
Stocks | ||||||||||||||||
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 creditors | ||||||||||||||||
Provisions | ||||||||||||||||
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 | ||||||||||||||||
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 | ||||||||||||||||
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: | ||||||||||||||||
5 | Tangible fixed assets | |||||||||||||||
Land and buildings | Plant and machinery | Fixtures, fittings and equipment | Total | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Cost | ||||||||||||||||
At 1 April 2023 | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
Depreciation | ||||||||||||||||
At 1 April 2023 | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
6 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
7 | Creditors: | |||||||||||||||
amounts falling due after more than one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
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 | |||||||||||||||