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REGISTERED NUMBER: SO304433 (Scotland)



















Unaudited Financial Statements

for the Year Ended 5 April 2024

for

Adam Family Assets LLP

Adam Family Assets LLP (Registered number: SO304433)

Contents of the Financial Statements
for the Year Ended 5 April 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adam Family Assets LLP

General Information
for the Year Ended 5 April 2024







DESIGNATED MEMBERS: G F Adam
Mrs E A Adam





REGISTERED OFFICE: Rhymers Ha'
Oakenden
Melrose
TD6 9HA





REGISTERED NUMBER: SO304433 (Scotland)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Adam Family Assets LLP (Registered number: SO304433)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,387,091 3,351,438
Investments 5 5,329,460 504,589
8,716,551 3,856,027

CURRENT ASSETS
Stocks 8,291 8,922
Debtors 6 25,759 63,341
Cash at bank 2,022,779 5,332,895
2,056,829 5,405,158
CREDITORS
Amounts falling due within one year 7 (11,832 ) (28,456 )
NET CURRENT ASSETS 2,044,997 5,376,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,761,548

9,232,729

CREDITORS
Amounts falling due after more than one
year

8

-

(9,299

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

10,761,548

9,223,430

Adam Family Assets LLP (Registered number: SO304433)

Balance Sheet - continued
5 April 2024

5.4.24 5.4.23
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 10,761,548 9,223,430
10,761,548 9,223,430

TOTAL MEMBERS' INTERESTS
Members' other interests 10,761,548 9,223,430

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 5 April 2024.

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.

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

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 30 August 2024 and were signed by:





G F Adam - Designated member

Adam Family Assets LLP (Registered number: SO304433)

Notes to the Financial Statements
for the Year Ended 5 April 2024


1. STATUTORY INFORMATION

Adam Family Assets 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 as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Dividend and rental income is recognised when the right to receive payment is established. Rental income represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Adam Family Assets LLP (Registered number: SO304433)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Other investments
Other investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Adam Family Assets LLP (Registered number: SO304433)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2023 1,881,011 1,658,883 3,539,894
Additions - 106,854 106,854
Disposals (2,940 ) - (2,940 )
At 5 April 2024 1,878,071 1,765,737 3,643,808
DEPRECIATION
At 6 April 2023 - 188,456 188,456
Charge for year - 68,261 68,261
At 5 April 2024 - 256,717 256,717
NET BOOK VALUE
At 5 April 2024 1,878,071 1,509,020 3,387,091
At 5 April 2023 1,881,011 1,470,427 3,351,438

Included in cost of land and buildings is freehold land of £ 1,878,071 (2023 - £ 1,881,011 ) which is not depreciated.

Adam Family Assets LLP (Registered number: SO304433)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 6 April 2023
and 5 April 2024 50,575
DEPRECIATION
At 6 April 2023 22,127
Charge for year 12,644
At 5 April 2024 34,771
NET BOOK VALUE
At 5 April 2024 15,804
At 5 April 2023 28,448

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 6 April 2023 504,589
Additions 3,999,987
Revaluations 824,884
At 5 April 2024 5,329,460
NET BOOK VALUE
At 5 April 2024 5,329,460
At 5 April 2023 504,589

Adam Family Assets LLP (Registered number: SO304433)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 5 April 2024 is represented by:

Other
investments
£   
Valuation in 2017 441,456
Valuation in 2018 234,885
Valuation in 2019 434,990
Valuation in 2020 (57,618 )
Valuation in 2021 2,278,621
Valuation in 2022 (571,947 )
Valuation in 2023 (2,584,375 )
Valuation in 2024 824,884
Cost 4,328,564
5,329,460

Fixed asset investments are represented by listed investments and are disclosed at fair value.

6. DEBTORS
5.4.24 5.4.23
£    £   
Amounts falling due within one year:
Other debtors 25,759 43,341

Amounts falling due after more than one year:
Other debtors - 20,000

Aggregate amounts 25,759 63,341

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Hire purchase contracts 9,299 10,144
Trade creditors 144 10,070
Taxation and social security - 5,798
Other creditors 2,389 2,444
11,832 28,456

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
5.4.24 5.4.23
£    £   
Hire purchase contracts - 9,299