REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Mackintosh & Wylie LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Mackintosh & Wylie LLP |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mackintosh & Wylie LLP |
General Information |
for the Year Ended 30 April 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
KA9 2PB |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
279,316 |
433,739 |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Balance Sheet - continued |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
208,096 |
295,019 |
MEMBERS' OTHER INTERESTS |
Revaluation reserve | 12 |
279,316 | 433,739 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 208,096 | 295,019 |
Members' other interests | 71,220 | 138,720 |
279,316 | 433,739 |
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. |
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 Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Mackintosh & Wylie LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
After reviewing the limited liability partnership's current and likely future trading performance, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The members therefore have adopted a going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Land and buildings held and used in the limited liability partnership's own activities are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease is credited to the revaluation reserve in Members' Other Interests. No taxation is provided in relation to the revaluation adjustments. |
Depreciation has not been provided on the land and property, on the basis that the members consider the residual value of the property to be higher than the original cost. |
Plant and equipment are stated at cost less depreciation. |
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
No provision is made in the financial statements for member's tax on their profit share. Any tax paid by the LLP is charged to the member's current account when paid. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
Revaluations | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2024 | (67,500 | ) | - | - | - | (67,500 | ) |
Valuation in 2017 | 138,720 | - | - | - | 138,720 |
Cost | 128,780 | 4,784 | 25,106 | 71,870 | 230,540 |
200,000 | 4,784 | 25,106 | 71,870 | 301,760 |
Freehold land and buildings were valued on an open market basis on 31 December 2023 by Graham & Sibbald LLP . |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
Bank borrowings are secured by a floating charge over all property and assets of the limited liability partnership. |
The bounceback bank loan is supported by a 100% guarantee from the UK Government. |
Mackintosh & Wylie LLP (Registered number: SO302893) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 208,096 | 295,019 |
Falling due within one year | 208,096 | 295,019 |
Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity) rank after unsecured creditors. |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
Revaluation adjustment | ( |
) |
At 30 April 2024 |