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REGISTERED NUMBER: SO300576 (Scotland)
















Financial Statements

for the Period 1 January 2023 to 31 March 2024

for

Troon Textiles LLP

Troon Textiles LLP (Registered number: SO300576)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Troon Textiles LLP

General Information
for the Period 1 January 2023 to 31 March 2024







DESIGNATED MEMBERS: Mrs M L Taylor
Mr G B Taylor





REGISTERED OFFICE: Harbour Road
Troon
Ayrshire
KA10 6DJ





REGISTERED NUMBER: SO300576 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Troon Textiles LLP (Registered number: SO300576)

Balance Sheet
31 March 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 173,840 178,708

CURRENT ASSETS
Stocks 175,780 114,621
Debtors 5 232,526 261,628
Cash at bank 213 81
408,519 376,330
CREDITORS
Amounts falling due within one year 6 213,260 169,095
NET CURRENT ASSETS 195,259 207,235
TOTAL ASSETS LESS CURRENT
LIABILITIES

369,099

385,943

CREDITORS
Amounts falling due after more than one
year

7

11,667

24,167
NET ASSETS ATTRIBUTABLE TO
MEMBERS

357,432

361,776

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

342,432

346,776

MEMBERS' OTHER INTERESTS
Capital accounts 15,000 15,000
357,432 361,776

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 342,432 346,776
Members' other interests 15,000 15,000
357,432 361,776

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 period ended 31 March 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.

Troon Textiles LLP (Registered number: SO300576)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 October 2024 and were signed by:





Mr G B Taylor - Designated member

Troon Textiles LLP (Registered number: SO300576)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 March 2024

1. STATUTORY INFORMATION

Troon Textiles 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
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 inclusion of Freehold Business Property held at Fair Value.

Going Concern
The Partners consider the current and future level of trading on an ongoing basis to assess the resources required to meet commitments as they fall due. Taking account of these factors and the Partner's willingness to assist with cash flow as and when required, the Partners are confident that the Partnership has sufficient resources now and going forward to allow the Partnership to continue in operation. On this basis the accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold business property - 2% on cost
Office equipment, fixtures and fittings - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Pension costs and other post-retirement benefits
The Partnership operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the partnership and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation
No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax paid by the Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current account balances.

Troon Textiles LLP (Registered number: SO300576)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, the partnership reviews the carrying amounts of its tangible 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 partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial Instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 2 (2022 - 2 ) .

Troon Textiles LLP (Registered number: SO300576)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

4. TANGIBLE FIXED ASSETS
Office
equipment,
Freehold fixtures
business and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 March 2024 225,000 23,510 248,510
DEPRECIATION
At 1 January 2023 49,000 20,802 69,802
Charge for period 4,375 493 4,868
At 31 March 2024 53,375 21,295 74,670
NET BOOK VALUE
At 31 March 2024 171,625 2,215 173,840
At 31 December 2022 176,000 2,708 178,708

The partnership's heritable business property was revalued by Messrs Bell Ingram, Chartered Surveyors, on 27 November 2009 in the sum of £225,000. This revalued amount has been depreciated in line with the accounting policy in relation to property, plant and equipment.

In line with FRS 102, it is considered that the depreciated cost accurately reflects the fair value of the asset and therefore the partnership has continued to depreciate the assets to 31 December 2022 on the same basis.

The members consider the cost as at 31 March 2024 reflects the fair value of the property.

Cost or valuation at 31 March 2024 is represented by:

Office
equipment,
Freehold fixtures
business and
property fittings Totals
£    £    £   
Valuation in 2009 105,000 - 105,000
Cost 120,000 23,510 143,510
225,000 23,510 248,510

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 204,617 249,407
Other debtors 27,909 12,221
232,526 261,628

Troon Textiles LLP (Registered number: SO300576)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans and overdrafts (see note 8) 62,182 78,721
Trade creditors 131,694 64,714
Taxation and social security 414 324
Other creditors 18,970 25,336
213,260 169,095

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
£    £   
Bank loans (see note 8) 11,667 24,167

8. LOANS

An analysis of the maturity of loans is given below:

2024 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 52,182 68,721
Bank loans - less than 1 yr 10,000 10,000
62,182 78,721

Amounts falling due between one and two years:
Bank loans - 1-2 years 11,667 24,167

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
£    £   
Bank overdrafts 52,182 68,721
Bank loans 21,667 34,167
73,849 102,888

The bank overdraft is secured by way of a floating charge over the whole assets of the partnership in favour of the Clydesdale Bank PLC and by personal guarantee of a member.

The bank loan is guaranteed under the Government's bounce back loan scheme. Interest is chargeable at a
commercial rate of interest.

Troon Textiles LLP (Registered number: SO300576)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2022
£    £   
Amounts owed to members in respect of profits 342,432 346,776

Falling due within one year 342,432 346,776

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

11. CONTROLLING PARTIES

By virtue of his equity share and day to day involvement in the running of the business G B Taylor is deemed to be in control of the Limited Liability Partnership.

12. DEBTS DUE TO MEMBERS

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