Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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102,814 | 113,222 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,404,171 | 1,110,999 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 987,562 | 774,571 | ||
Total assets less current liabilities | 1,090,376 | 887,793 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 737,140 | 639,361 | ||
737,140 | 639,361 | |||
Members' other interests | ||||
Members' capital classified as equity | 300,000 | 225,000 | ||
300,000 | 225,000 | |||
1,037,140 | 864,361 | |||
Total members' interests | ||||
Loans and other debts due to members | 737,140 | 639,361 | ||
Members' other interests | 300,000 | 225,000 | ||
1,037,140 | 864,361 |
Members' responsibilities:
The financial statements of Scott Bailey LLP (registered number:
J P Burford
Designated member |
S J Unsworth
Designated member |
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P P M Salt
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
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Members' capital (classified as equity) | Other amounts | Total | |
£ | £ | £ | |
Amounts due to members | 390,951 | ||
Balance at 01 April 2022 | 225,000 | 390,951 | 615,951 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 1,282,082 | 1,282,082 |
Members' interest after result for the financial year | 225,000 | 1,673,033 | 1,898,033 |
Drawings | 0 | (1,033,672) | (1,033,672) |
Amounts due to members | 639,361 | ||
Balance at 31 March 2023 | 225,000 | 639,361 | 864,361 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 1,383,406 | 1,383,406 |
Members' interest after result for the financial year | 225,000 | 2,022,767 | 2,247,767 |
Introduced by members | 25,000 | 0 | 25,000 |
Transfers | 50,000 | 0 | 50,000 |
Drawings | 0 | (1,046,506) | (1,046,506) |
Transfers | 0 | (239,121) | (239,121) |
Amounts due to members | 737,140 | ||
Balance at 31 March 2024 | 300,000 | 737,140 | 1,037,140 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Scott Bailey LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 63 High Street, Lymington, Hampshire, SO41 9ZT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the fee is assured.
Turnover which has been recognised but not invoiced by the balance sheet date, is included in debtors in "prepayments and accrued income". Amounts invoiced in advance are included in "accruals and deferred income".
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Land and buildings | depreciated over the life of the lease |
Vehicles |
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Fixtures and fittings | 15 -
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Profits of the LLP are automatically allocated in full to members. Accordingly, the profit attributable to members is charged as an expense in the profit and loss account. During the year, members receive drawings on account of profits. At the year end, undrawn allocated profits of the LLP are included within loans and other debts due to members. To the extent that any payment of drawings exceeds the amount of profit ultimately to be found to be due to any member, such excess is reclaimable by the LLP and included within debtors.
Capital is repayable to a member on retirement and accordingly, is classified as a liability in the balance sheet.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Land and buildings | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Commitments
Capital commitments are as follows:
2024 | 2023 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Other | 406,000 | 482,000 |
2024 | 2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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