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REGISTERED NUMBER: SO306885 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Brown & McRae LLP

Brown & McRae LLP (Registered number: SO306885)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brown & McRae LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr A B W Smith LLB
Mr S I Gauld LLB
Mrs S-A Buchan
Miss M E Ritchie





REGISTERED OFFICE: Anderson House
9-11 Frithside Street
Fraserburgh
Aberdeenshire
AB43 9AB





REGISTERED NUMBER: SO306885 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Brown & McRae LLP (Registered number: SO306885)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 306,459 301,813

CURRENT ASSETS
Work in progress 100,000 70,000
Debtors 5 93,112 95,668
Cash at bank and in hand 786,117 1,741,834
979,229 1,907,502
CREDITORS
Amounts falling due within one year 6 664,514 1,671,626
NET CURRENT ASSETS 314,715 235,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

621,174

537,689

CREDITORS
Amounts falling due after more than one
year

7

197,902

243,356
NET ASSETS ATTRIBUTABLE TO
MEMBERS

423,272

294,333

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

423,272

294,333

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 423,272 294,333

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 year 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.

Brown & McRae LLP (Registered number: SO306885)

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 16 October 2024 and were signed by:




Mr A B W Smith LLB - Designated member




Mr S I Gauld LLB - Designated member


Brown & McRae LLP (Registered number: SO306885)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Brown & McRae LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

The office buildings were revalued in 2020 prior to the transfer of assets from the previous partnership entity. The properties are therefore stated on a valuation basis and no depreciation is charged.

Work in progress
Work in progress represents work undertaken which has not been invoiced as at the financial period end. The value represents the best estimate of the appropriate portion of the fees that were subsequently issued in relation to the work in question.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2023 - 17 ) .

Brown & McRae LLP (Registered number: SO306885)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Office and Motor
Properties equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 278,212 46,322 62,898 14,495 401,927
Additions - 6,424 - 11,000 17,424
Disposals - (4,310 ) (100 ) (5,500 ) (9,910 )
At 31 March 2024 278,212 48,436 62,798 19,995 409,441
DEPRECIATION
At 1 April 2023 - 32,400 60,714 7,000 100,114
Charge for year - 5,848 535 4,436 10,819
Eliminated on disposal - (3,143 ) (57 ) (4,751 ) (7,951 )
At 31 March 2024 - 35,105 61,192 6,685 102,982
NET BOOK VALUE
At 31 March 2024 278,212 13,331 1,606 13,310 306,459
At 31 March 2023 278,212 13,922 2,184 7,495 301,813

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 8,995
DEPRECIATION
At 1 April 2023 2,249
Charge for year 1,686
At 31 March 2024 3,935
NET BOOK VALUE
At 31 March 2024 5,060
At 31 March 2023 6,746

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 57,952 58,484
Other debtors 35,160 37,184
93,112 95,668

Brown & McRae LLP (Registered number: SO306885)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 30,647 23,272
Hire purchase contracts 1,434 1,434
Trade creditors 2,302 2,560
Taxation and social security 68,107 52,395
Other creditors 562,024 1,591,965
664,514 1,671,626

The value of 'Other creditors' includes a balance of funds of £518,152 (2023: £1,552,003) which is held on behalf of third party clients which is matched by related bank deposits.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 166,998 200,853
Hire purchase contracts 5,029 6,463
Other creditors 25,875 36,040
197,902 243,356

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 52,929 111,729

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members would not seek to draw capital loan balances unless they were satisfied that there were sufficient funds available to meet other creditors as they fell due.