Silverfin false 31/03/2024 01/05/2023 31/03/2024 J Bauld 06/12/2009 A Brynes 01/05/2011 D Collingham 23/12/2009 L Collingham 01/05/2011 A Cowan 23/12/2009 I Ewing 02/12/2009 K Fulton 01/09/2023 A Hempsey 11/05/2016 G Knight 01/04/2014 V Lewis 03/11/2011 L Little 01/05/2018 A McKenrick 01/05/2018 C Stuart 23/12/2009 04 November 2024 SO302634 2024-03-31 SO302634 bus:Director1 2024-03-31 SO302634 bus:Director2 2024-03-31 SO302634 bus:Director3 2024-03-31 SO302634 bus:Director4 2024-03-31 SO302634 bus:Director5 2024-03-31 SO302634 bus:Director6 2024-03-31 SO302634 bus:Director7 2024-03-31 SO302634 bus:Director8 2024-03-31 SO302634 bus:Director9 2024-03-31 SO302634 bus:Director10 2024-03-31 SO302634 bus:Director11 2024-03-31 SO302634 bus:Director12 2024-03-31 SO302634 bus:Director13 2024-03-31 SO302634 2023-04-30 SO302634 core:CurrentFinancialInstruments 2024-03-31 SO302634 core:CurrentFinancialInstruments 2023-04-30 SO302634 core:Non-currentFinancialInstruments 2024-03-31 SO302634 core:Non-currentFinancialInstruments 2023-04-30 SO302634 core:OtherPropertyPlantEquipment 2023-04-30 SO302634 core:OtherPropertyPlantEquipment 2024-03-31 SO302634 2023-05-01 2024-03-31 SO302634 bus:FullAccounts 2023-05-01 2024-03-31 SO302634 bus:SmallEntities 2023-05-01 2024-03-31 SO302634 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 SO302634 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 SO302634 bus:Director1 2023-05-01 2024-03-31 SO302634 bus:Director2 2023-05-01 2024-03-31 SO302634 bus:Director3 2023-05-01 2024-03-31 SO302634 bus:Director4 2023-05-01 2024-03-31 SO302634 bus:Director5 2023-05-01 2024-03-31 SO302634 bus:Director6 2023-05-01 2024-03-31 SO302634 bus:Director7 2023-05-01 2024-03-31 SO302634 bus:Director8 2023-05-01 2024-03-31 SO302634 bus:Director9 2023-05-01 2024-03-31 SO302634 bus:Director10 2023-05-01 2024-03-31 SO302634 bus:Director11 2023-05-01 2024-03-31 SO302634 bus:Director12 2023-05-01 2024-03-31 SO302634 bus:Director13 2023-05-01 2024-03-31 SO302634 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-03-31 SO302634 core:OtherPropertyPlantEquipment 2023-05-01 2024-03-31 SO302634 2022-05-01 2023-04-30 SO302634 core:CurrentFinancialInstruments 2023-05-01 2024-03-31 SO302634 core:Non-currentFinancialInstruments 2023-05-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: SO302634 (Scotland)

T C YOUNG LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

T C YOUNG LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024

Contents

T C YOUNG LLP

BALANCE SHEET

AS AT 31 MARCH 2024
T C YOUNG LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 207,244 33,260
207,244 33,260
Current assets
Debtors 4 3,230,668 2,609,311
Cash at bank and in hand 470,798 401,023
3,701,466 3,010,334
Creditors: amounts falling due within one year 5 ( 999,134) ( 650,354)
Net current assets 2,702,332 2,359,980
Total assets less current liabilities 2,909,576 2,393,240
Creditors: amounts falling due after more than one year 6 ( 221,667) ( 350,000)
Provision for liabilities ( 175,000) ( 155,000)
Net assets attributable to members 2,512,909 1,888,240
Represented by
Loans and other debts due to members within one year
Other amounts 1,807,397 1,299,878
1,807,397 1,299,878
Members' other interests
Members' capital classified as equity 705,512 588,362
705,512 588,362
2,512,909 1,888,240
Total members' interests
Loans and other debts due to members 1,807,397 1,299,878
Members' other interests 705,512 588,362
2,512,909 1,888,240

For the financial period 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 T C Young LLP (registered number: SO302634) were approved and authorised for issue by the Board of Directors on 04 November 2024. They were signed on its behalf by:

A Cowan
Designated member
I Ewing
Designated member
T C YOUNG LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
T C YOUNG LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 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 1,455,660
Balance at 01 May 2022 660,512 1,455,660 2,116,172
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 1,740,332 1,740,332
Members' interest after result for the financial period/year 660,512 3,195,992 3,856,504
Repayment of capital (130,000) 0 (130,000)
Drawings 0 (1,838,264) (1,838,264)
Transfer 57,850 (57,850) 0
Amounts due to members 1,299,878
Balance at 30 April 2023 588,362 1,299,878 1,888,240
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 2,109,474 2,109,474
Members' interest after result for the financial period/year 588,362 3,409,352 3,997,714
Introduced by members 117,900 0 117,900
Repayment of capital (4,500) 0 (4,500)
Drawings 0 (1,598,205) (1,598,205)
Transfer 3,750 (3,750) 0
Amounts due to members 1,807,397
Balance at 31 March 2024 705,512 1,807,397 2,512,909

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

T C YOUNG LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
T C YOUNG LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2023 TO 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

T C Young LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Merchant House, 7 West George Street, Glasgow,G2 1BA, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length runs from the 1 May 2023 to the 31st March 2024 which is shorter than a standard 12 month period due to basis period alignment. The comparatives represent a 12 month period hence the comparative amounts stated are not entirely comparable.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.

If, at the Balance Sheet, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

The taxation payable on profits is the personal liability of the members. There is retention from profits to fund payments of taxation on members' behalf.

Tangible fixed assets

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

Plant and machinery etc. 3 years straight line
10 % 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 credited or charged to profit or loss.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP 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 LLP 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 LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. The division of profits are automatically determined by the terms of the LLP agreement. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Government grants

Government grants are recognised based on the performance model when there is reasonable assurance that the LLP will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2. Employees

Period from
01.05.2023 to
31.03.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the LLP during the period 73 70

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 381,580 381,580
Additions 237,762 237,762
Disposals ( 339,145) ( 339,145)
At 31 March 2024 280,197 280,197
Accumulated depreciation
At 01 May 2023 348,320 348,320
Charge for the financial period 62,177 62,177
Disposals ( 337,544) ( 337,544)
At 31 March 2024 72,953 72,953
Net book value
At 31 March 2024 207,244 207,244
At 30 April 2023 33,260 33,260

4. Debtors

31.03.2024 30.04.2023
£ £
Trade debtors 1,262,967 941,226
Amounts recoverable on contracts 1,606,511 1,309,931
Prepayments and accrued income 140,541 113,931
Other debtors 220,649 244,223
3,230,668 2,609,311

Within Other debtors are net balances held by the LLP on behalf of and in the name of clients as follows 2024: £220,649 (2023: £244,223).

5. Creditors: amounts falling due within one year

31.03.2024 30.04.2023
£ £
Bank loans 346,572 140,000
Accruals 37,415 82,736
Other taxation and social security 562,011 352,618
Other creditors 53,136 75,000
999,134 650,354

The bank loans are secured by a floating charge over the LLP's assets.

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

31.03.2024 30.04.2023
£ £
Bank loans 221,667 350,000

The bank loans are secured by a floating charge over the company's assets.

7. Financial commitments

Commitments

31.03.2024 30.04.2023
£ £
within one year 150,350 150,350
between one and five years 530,178 748,833
680,528 899,183