Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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207,244 | 33,260 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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3,701,466 | 3,010,334 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Provision for liabilities | (
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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 | 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 |
Members' responsibilities:
The financial statements of T C Young LLP (registered number:
A Cowan
Designated member |
I Ewing
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 | 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
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.
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 £.
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 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.
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.
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.
Plant and machinery etc. |
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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.
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.
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 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 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.
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.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 May 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 May 2023 |
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Charge for the financial period |
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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 30 April 2023 |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts recoverable on contracts |
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Prepayments and accrued income |
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Other debtors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Bank loans |
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Accruals |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Bank loans |
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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 |