Gillon Bloodstock (Floors Castle) LLP SO307107 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a horse stud. Digita Accounts Production Advanced 6.30.9574.0 true SO307107 2023-01-01 2023-12-31 SO307107 2023-12-31 SO307107 core:CurrentFinancialInstruments 2023-12-31 SO307107 core:Non-currentFinancialInstruments 2023-12-31 SO307107 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SO307107 core:WithinOneYear 2023-12-31 SO307107 core:MotorVehicles 2023-12-31 SO307107 core:OfficeEquipment 2023-12-31 SO307107 core:PlantMachinery 2023-12-31 SO307107 bus:SmallEntities 2023-01-01 2023-12-31 SO307107 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SO307107 bus:FilletedAccounts 2023-01-01 2023-12-31 SO307107 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SO307107 bus:RegisteredOffice 2023-01-01 2023-12-31 SO307107 bus:PartnerLLP1 2023-01-01 2023-12-31 SO307107 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 SO307107 core:MotorVehicles 2023-01-01 2023-12-31 SO307107 core:OfficeEquipment 2023-01-01 2023-12-31 SO307107 core:PlantMachinery 2023-01-01 2023-12-31 SO307107 countries:AllCountries 2023-01-01 2023-12-31 SO307107 2022-12-31 SO307107 core:MotorVehicles 2022-12-31 SO307107 core:OfficeEquipment 2022-12-31 SO307107 core:PlantMachinery 2022-12-31 SO307107 2022-01-01 2022-12-31 SO307107 2022-12-31 SO307107 core:CurrentFinancialInstruments 2022-12-31 SO307107 core:Non-currentFinancialInstruments 2022-12-31 SO307107 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 SO307107 core:WithinOneYear 2022-12-31 SO307107 core:MotorVehicles 2022-12-31 SO307107 core:OfficeEquipment 2022-12-31 SO307107 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: SO307107

Gillon Bloodstock (Floors Castle) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Gillon Bloodstock (Floors Castle) LLP

 

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

Gillon Bloodstock (Floors Castle) LLP

 

Limited liability partnership information

Designated members

Mr C Gillon

Registered office

Floors Castle Stud
Kelso
TD5 7RN

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

Gillon Bloodstock (Floors Castle) LLP

 

(Registration number: SO307107)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,608

36,319

Current assets

 

Stocks

5

1,890

1,890

Debtors

6

78,367

12,171

Cash and short-term deposits

 

13,865

96,115

 

94,122

110,176

Creditors: Amounts falling due within one year

7

(50,176)

(51,949)

Net current assets

 

43,946

58,227

Total assets less current liabilities

 

77,554

94,546

Creditors: Amounts falling due after more than one year

8

(10,498)

(18,247)

Net assets attributable to members

 

67,056

76,299

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

67,056

74,704

Members’ other interests

 

Members' capital classified as equity

 

-

1,595

   

67,056

76,299

Total members' interests

 

Loans and other debts due to members

 

67,056

74,704

Equity

 

-

1,595

   

67,056

76,299

For the year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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 Gillon Bloodstock (Floors Castle) LLP (registered number SO307107) were approved by the Board and authorised for issue on 8 March 2024. They were signed on behalf of the limited liability partnership by:

 

Gillon Bloodstock (Floors Castle) LLP

 

(Registration number: SO307107)
Balance Sheet as at 31 December 2023

.........................................
Mr C Gillon
Designated member

 

Gillon Bloodstock (Floors Castle) LLP

 

Notes to the Financial Statements for the Year Ended 31 December 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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 Gillon Bloodstock (Floors Castle) LLP 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.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

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:

 

Gillon Bloodstock (Floors Castle) LLP

 

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office Equipment

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Gillon Bloodstock (Floors Castle) LLP

 

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

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation

10,543

7,614

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 4 (2022 - 4).

 

Gillon Bloodstock (Floors Castle) LLP

 

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

4

Tangible fixed assets

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 January 2023

22,757

21,795

1,833

46,385

Additions

332

7,500

-

7,832

At 31 December 2023

23,089

29,295

1,833

54,217

Depreciation

At 1 January 2023

3,957

6,071

38

10,066

Charge for the year

4,748

5,337

458

10,543

At 31 December 2023

8,705

11,408

496

20,609

Net book value

At 31 December 2023

14,384

17,887

1,337

33,608

At 31 December 2022

18,800

15,724

1,795

36,319

5

Stocks

2023
£

2022
£

Stocks

1,890

1,890

6

Debtors

2023
£

2022
£

Trade debtors

78,204

12,171

Prepayments and accrued income

163

-

Total current trade and other debtors

78,367

12,171

7

Creditors: Amounts falling due within one year

2023
£

2022
£

Trade creditors

19,299

11,512

Other creditors

8,620

14,246

Accruals and deferred income

1,339

1,339

Taxation and social security

20,918

24,852

50,176

51,949

 

Gillon Bloodstock (Floors Castle) LLP

 

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

8

Creditors: Amounts falling due after more than one year

2023
£

2022
£

Other creditors

10,498

18,247

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.