Silverfin false 31/03/2024 01/04/2023 31/03/2024 J P Burford 06/12/2007 P P M Salt 21/03/2017 S J Unsworth 06/12/2007 30 September 2024 OC333422 2024-03-31 OC333422 bus:Director1 2024-03-31 OC333422 bus:Director2 2024-03-31 OC333422 bus:Director3 2024-03-31 OC333422 2023-03-31 OC333422 core:CurrentFinancialInstruments 2024-03-31 OC333422 core:CurrentFinancialInstruments 2023-03-31 OC333422 core:Non-currentFinancialInstruments 2024-03-31 OC333422 core:Non-currentFinancialInstruments 2023-03-31 OC333422 core:LandBuildings 2023-03-31 OC333422 core:Vehicles 2023-03-31 OC333422 core:FurnitureFittings 2023-03-31 OC333422 core:LandBuildings 2024-03-31 OC333422 core:Vehicles 2024-03-31 OC333422 core:FurnitureFittings 2024-03-31 OC333422 2023-04-01 2024-03-31 OC333422 bus:FullAccounts 2023-04-01 2024-03-31 OC333422 bus:SmallEntities 2023-04-01 2024-03-31 OC333422 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC333422 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC333422 bus:Director1 2023-04-01 2024-03-31 OC333422 bus:Director2 2023-04-01 2024-03-31 OC333422 bus:Director3 2023-04-01 2024-03-31 OC333422 core:Vehicles 2023-04-01 2024-03-31 OC333422 core:FurnitureFittings 2023-04-01 2024-03-31 OC333422 2022-04-01 2023-03-31 OC333422 core:LandBuildings 2023-04-01 2024-03-31 OC333422 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC333422 (England and Wales)

SCOTT BAILEY LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SCOTT BAILEY LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SCOTT BAILEY LLP

BALANCE SHEET

As at 31 March 2024
SCOTT BAILEY LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 102,814 113,222
102,814 113,222
Current assets
Debtors 4 392,702 306,350
Cash at bank and in hand 1,011,469 804,649
1,404,171 1,110,999
Creditors: amounts falling due within one year 5 ( 416,609) ( 336,428)
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 ( 53,236) ( 23,432)
Net assets attributable to members 1,037,140 864,361
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

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

The financial statements of Scott Bailey LLP (registered number: OC333422) were approved and authorised for issue by the Board of Directors on 30 September 2024. They were signed on its behalf by:

J P Burford
Designated member
S J Unsworth
Designated member
P P M Salt
Designated member
SCOTT BAILEY LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
SCOTT BAILEY LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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

SCOTT BAILEY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SCOTT BAILEY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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

Turnover which is stated net of VAT represents the value of services provided and is recognised as contract activity progresses.

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".

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

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.

Members' participation rights

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.

Provisions

Provision is made for estimated dilapidations including reinstatement costs (where there is an obligation to restore premises to their original condition upon vacating them under the terms of the lease). The costs related to repair and maintenance of equipment and properties that are used by the LLP and for which the LLP has responsibility to maintain or may be liable for dilapidation, are written off as they arise.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 36 37

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 24,932 51,244 369,116 445,292
Additions 0 21,791 4,000 25,791
Disposals 0 ( 24,345) 0 ( 24,345)
At 31 March 2024 24,932 48,690 373,116 446,738
Accumulated depreciation
At 01 April 2023 24,932 32,229 274,909 332,070
Charge for the financial year 0 5,421 26,204 31,625
Disposals 0 ( 19,771) 0 ( 19,771)
At 31 March 2024 24,932 17,879 301,113 343,924
Net book value
At 31 March 2024 0 30,811 72,003 102,814
At 31 March 2023 0 19,015 94,207 113,222

4. Debtors

2024 2023
£ £
Trade debtors 187,845 146,956
Prepayments 192,097 156,132
Other debtors 12,760 3,262
392,702 306,350

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,931 9,688
Accruals 28,097 22,456
Other taxation and social security 124,612 113,928
Obligations under finance leases and hire purchase contracts 3,930 0
Other creditors 250,039 190,356
416,609 336,428

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,257 23,432
Obligations under finance leases and hire purchase contracts 7,533 0
Other creditors 32,446 0
53,236 23,432

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

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 406,000 482,000