Limited Liability Partnership registration number SO301330 (Scotland)
BRAIDBAR NURSERIES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRAIDBAR NURSERIES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Ms G F Cruickshank
Ms S K Cuthbertson
LLP registration number
SO301330
Registered office
505 Mearns Road
Newton Mearns
Glasgow
Scotland
G77 6RS
BRAIDBAR NURSERIES LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BRAIDBAR NURSERIES LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
390,000
Current assets
Debtors
4
395,693
108
Cash at bank and in hand
874
10,586
396,567
10,694
Creditors: amounts falling due within one year
5
(482,175)
(474,709)
Net current liabilities
(85,608)
(464,015)
Total assets less current liabilities and net liabilities attributable to members
(85,608)
(74,015)
Represented by:
Members' other interests
Other reserves classified as equity
(85,608)
(74,015)
(85,608)
(74,015)
Total members' interests
Members' other interests
(85,608)
(74,015)
(85,608)
(74,015)
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 March 2024 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 17 October 2024 and are signed on their behalf by:
S K CUTHBERTSON
Ms S K Cuthbertson
Designated member
Limited Liability Partnership registration number SO301330 (Scotland)
BRAIDBAR NURSERIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information
Braidbar Nurseries LLP is a limited liability partnership incorporated in Scotland. The registered office is 505 Mearns Road, Newton Mearns, Glasgow, Scotland, G77 6RS.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 March 2024 the LLP has net liabilities of £85,608. The limited liability partnership is expected to wind down trade and thus the accounts have been prepared on a break-up basis. This basis includes, where applicable, writing the company's assets down to net realisable value and making provisions for the future costs of termination of the business if known at the date of signing.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is recognised when a sale of aggregates is made to a customer.
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:
Freehold land and buildings
nil
Plant and equipment
20% reducing balance
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
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.
BRAIDBAR NURSERIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
390,000
2,243
392,243
Transfers
(390,000)
(2,243)
(392,243)
At 31 March 2024
-
-
-
Depreciation and impairment
At 1 April 2023
-
2,243
2,243
Transfers
-
2,243
2,243
At 31 March 2024
-
-
-
Carrying amount
At 31 March 2024
-
-
-
At 31 March 2023
390,000
390,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
395,693
108
BRAIDBAR NURSERIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,294
22
Other creditors
479,881
474,687
482,175
474,709
6
Related party transactions
During the year, the company received credits advances of £6,374 to a company with common control. The amounts due to the company at the yearend totaled £26,474 (2023 - £20,100). The loan is unsecured and interest free with no fixed repayment terms in place.