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REGISTERED NUMBER: SO301599 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

MAGNUS THOMSON LLP

MAGNUS THOMSON LLP (REGISTERED NUMBER: SO301599)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MAGNUS THOMSON LLP

General Information
for the Year Ended 31 December 2023







DESIGNATED MEMBERS: R J Henry
J A Henry





REGISTERED OFFICE: 295 Fenwick Road
Giffnock
Glasgow
G46 6UH





REGISTERED NUMBER: SO301599 (Scotland)





ACCOUNTANTS: SD Business Management
Suite 411 Baltic Chambers
50 Wellington Street
Glasgow
Strathclyde
G2 6HJ

MAGNUS THOMSON LLP (REGISTERED NUMBER: SO301599)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 916,301 916,301

CURRENT ASSETS
Debtors 58,678 68,932
Cash at bank 13,853 26,600
72,531 95,532
CREDITORS
Amounts falling due within one year 13,929 14,097
NET CURRENT ASSETS 58,602 81,435
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 974,903 997,736

LOANS AND OTHER DEBTS DUE TO MEMBERS 5 919,903 987,736

MEMBERS' OTHER INTERESTS
Capital accounts 55,000 10,000
974,903 997,736

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 919,903 987,736
Members' other interests 55,000 10,000
Amounts due from members (57,436 ) (67,833 )
917,467 929,903

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2023.

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 affairs of the LLP as at the end of each financial year and of its profit or loss for each financial 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 Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

MAGNUS THOMSON LLP (REGISTERED NUMBER: SO301599)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 September 2024 and were signed by:




R J Henry - Designated member




J A Henry - Designated member


MAGNUS THOMSON LLP (REGISTERED NUMBER: SO301599)

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

1. STATUTORY INFORMATION

Magnus Thomson LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 934,697
DEPRECIATION
At 1 January 2023
and 31 December 2023 18,396
NET BOOK VALUE
At 31 December 2023 916,301
At 31 December 2022 916,301

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event.
There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

6. ULTIMATE CONTROLLING PARTY

The LLP is controlled by Jonathan Henry and Richard Henry.