Limited Liability Partnership registration number SO301489 (Scotland)
SCOTT PROPERTIES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SCOTT PROPERTIES LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 10
SCOTT PROPERTIES LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
721
2,162
Investment property
5
4,475,000
4,475,000
Investments
6
3,187,206
3,187,206
7,662,927
7,664,368
Current assets
Debtors
7
6,961,908
6,696,861
Cash at bank and in hand
108,570
138,351
7,070,478
6,835,212
Creditors: amounts falling due within one year
8
(2,834,438)
(2,916,456)
Net current assets
4,236,040
3,918,756
Total assets less current liabilities
11,898,967
11,583,124
Creditors: amounts falling due after more than one year
9
-
(4,697,500)
Net assets attributable to members
11,898,967
6,885,624
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
11,898,867
6,885,524
Members' other interests
Members' capital classified as equity
100
100
11,898,967
6,885,624
Total members' interests
Amounts due from members
(6,691,829)
(6,691,829)
Loans and other debts due to members
11,898,867
6,885,524
Members' other interests
100
100
5,207,138
193,795
SCOTT PROPERTIES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 25 September 2024 and are signed on their behalf by:
25 September 2024
N R Scott
Designated member
Limited Liability Partnership Registration No. SO301489
SCOTT PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
6,885,524
Amounts due from members
(6,691,829)
Members' interests at 1 January 2023
100
-
100
193,695
193,695
193,795
Profit for the financial year available for discretionary division among members
-
13,343
13,343
-
-
13,343
Members' interests after profit for the year
100
13,343
13,443
193,695
193,695
207,138
Allocation of profit for the financial year
-
(13,343)
(13,343)
13,343
13,343
-
Introduced by members
-
-
-
5,000,000
5,000,000
5,000,000
Members' interests at 31 December 2023
100
-
100
5,207,038
5,207,038
5,207,138
Amounts due to members
11,898,867
Amounts due from members, included in debtors
(6,691,829)
5,207,038
SCOTT PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
8,334,643
Amounts due from members
(6,691,829)
Members' interests at 1 January 2022
100
-
100
1,642,814
1,642,814
1,642,914
Profit for the financial year available for discretionary division among members
-
150,881
150,881
-
-
150,881
Members' interests after profit for the year
100
150,881
150,981
1,642,814
1,642,814
1,793,795
Allocation of profit for the financial year
-
(150,881)
(150,881)
150,881
150,881
-
Drawings
-
-
-
(1,600,000)
(1,600,000)
(1,600,000)
Members' interests at 31 December 2022
100
-
100
193,695
193,695
193,795
Amounts due to members
6,885,524
Amounts due from members, included in debtors
(6,691,829)
193,695
SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Scott Properties LLP is a limited liability partnership incorporated in Scotland. The registered office is Office 3, 6 Munro Road, Springkerse Industrial Estate, Stirling, United Kingdom, FK7 7UU.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The limited liability partnership has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

1.2
Turnover

Turnover represents gross rental income and charges receivable, excluding value added tax.

1.3
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% on cost

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 recognised in the profit and loss account.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fair value of investment property

The valuation of the company's investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment property are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

 

The fair value of investment property is appraised each year either by independent external valuers or on the basis of internal valuations. The best evidence of fair value are current prices in an active market for similar investment property. In the absence of such information, the directors determine the amount within a range of reasonable fair value estimate taking into account such assumptions as the tenure and tenancy details, ground conditions, the structural condition, prevailing market yields and comparable market transactions.

SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2023 and 31 December 2023
5,765
Depreciation and impairment
At 1 January 2023
3,603
Depreciation charged in the year
1,441
At 31 December 2023
5,044
Carrying amount
At 31 December 2023
721
At 31 December 2022
2,162
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
4,475,000

Members considered the fair value of investment property at 31 December 2023 and decided that the latest valuation was still appropriate. If investment property had not been fair valued, it would have been included at cost of £3,522,900.

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,187,206
3,187,206
SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
564
420
Amounts owed by members
6,691,829
6,691,829
Other debtors
269,515
4,612
6,961,908
6,696,861
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
205,000
Trade creditors
1,526
-
Amounts owed to group undertakings
2,621,624
2,607,642
Taxation and social security
-
8,315
Other creditors
211,288
95,499
2,834,438
2,916,456
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
4,697,500
10
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.

11
Financial commitments, guarantees and contingent liabilities

John Scott holds a standard security over 9 Munro Road, Springkerse Road Industrial Estate.

12
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

SCOTT PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Related party transactions
(Continued)
- 10 -
2023
2022
£
£
Management charge expenses
238,000
130,000
Dividends received from subsidiaries
-
280,000
Management charges receivable
210,000
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
2,621,671
2,607,642

Amounts outstanding are interest free and are repayable on demand.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
40,144
4,723

Amounts outstanding are interest free and are repayable on demand.

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