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Company No: SO300227 (Scotland)

RIDDELL THOMS & COMPANY LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

RIDDELL THOMS & COMPANY LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024

Contents

RIDDELL THOMS & COMPANY LLP

BALANCE SHEET

AS AT 31 MARCH 2024
RIDDELL THOMS & COMPANY LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 30.04.2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,613 1,315
1,613 1,315
Current assets
Debtors 5 57,324 34,218
Cash at bank and in hand 29,178 50,295
86,502 84,513
Creditors: amounts falling due within one year 6 ( 9,226) ( 16,589)
Net current assets 77,276 67,924
Total assets less current liabilities 78,889 69,239
Net assets attributable to members 78,889 69,239
Represented by
Loans and other debts due to members within one year
Other amounts 7 11,957 1,385
11,957 1,385
Members' other interests
Other reserves 66,932 67,854
66,932 67,854
78,889 69,239
Total members' interests
Loans and other debts due to members 11,957 1,385
Members' other interests 66,932 67,854
78,889 69,239

For the financial period ending 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.

Members' responsibilities:

The financial statements of Riddell Thoms & Company LLP (registered number: SO300227) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr F W Clearie
Designated member
RIDDELL THOMS & COMPANY LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
RIDDELL THOMS & COMPANY LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves Other amounts Total
£ £ £
Amounts due to members 62,429
Balance at 01 May 2022 0 62,429 62,429
Profit for the financial period/year available for discretionary division among members 67,854 0 67,854
Members' interest after profit for the financial period/year 67,854 62,429 130,283
Drawings 0 (61,044) (61,044)
Amounts due to members 1,385
Balance at 30 April 2023 (restated - note 2) 67,854 1,385 69,239
Profit for the financial period/year available for discretionary division among members 66,932 0 66,932
Members' interest after profit for the financial period/year 134,786 1,385 136,171
Drawings 0 (57,282) (57,282)
Members' remuneration charged as an expense, including employment and retirement benefit costs (67,854) 67,854 0
Amounts due to members 11,957
Balance at 31 March 2024 66,932 11,957 78,889

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

RIDDELL THOMS & COMPANY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
RIDDELL THOMS & COMPANY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Riddell Thoms & Company LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 5 Rock Drive, Kilbarchan, Johnstone, PA10 2HF, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The current reporting period length is 11 months long, in comparison to the previous 12 month period therefore the comparatives are not entirely comparable.

Prior period adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Turnover

Turnover represents amounts receivable for services net of VAT.
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside
the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases,
costs incurred up to the balance sheet date are carried forward as work in progress.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Members' participation rights

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, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. The members have not contributed any capital to the LLP.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Prior period adjustment

As previously reported Adjustment As restated
Period ended 30 April 2023 £ £ £
Members' remuneration charged as an expense (67,854) 67,854 0
Members' other interests - Other reserves 0 (67,854) (67,854)

3. Employees

Period from
01.05.2023 to
31.03.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the LLP during the period 2 2

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 2,907 2,907
Additions 612 612
At 31 March 2024 3,519 3,519
Accumulated depreciation
At 01 May 2023 1,592 1,592
Charge for the financial period 314 314
At 31 March 2024 1,906 1,906
Net book value
At 31 March 2024 1,613 1,613
At 30 April 2023 1,315 1,315

5. Debtors

31.03.2024 30.04.2023
£ £
Trade debtors 57,324 34,218

6. Creditors: amounts falling due within one year

31.03.2024 30.04.2023
£ £
Other taxation and social security 3,614 7,480
Other creditors 5,612 9,109
9,226 16,589

At 31 March 2024, the LLP has a bank overdraft facility in place which is secured by way of a floating charge over the assets of the company.

7. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.