Registration number:
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Annual Report and Unaudited Financial Statements
for the period from 1 September 2023 to 31 March 2024
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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Principal place of business |
Scotts Road |
Accountants |
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G. C. & A. C. Stout LLP (Jolly's of Orkney)
(Registration number: SO302929)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
31 August 2023 |
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Fixed assets |
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Intangible assets |
4,494 |
5,244 |
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Tangible assets |
339,923 |
28,302 |
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344,417 |
33,546 |
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Current assets |
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Stocks |
48,286 |
48,237 |
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Debtors |
127,849 |
42,903 |
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Cash and short-term deposits |
14,674 |
101,918 |
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190,809 |
193,058 |
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Creditors: Amounts falling due within one year |
(128,600) |
(141,045) |
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Net current assets |
62,209 |
52,013 |
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Total assets less current liabilities |
406,626 |
85,559 |
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Creditors: Amounts falling due after more than one year |
(208,532) |
- |
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Net assets attributable to members |
198,094 |
85,559 |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
112,536 |
(986) |
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Equity |
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Members' capital classified as equity |
85,558 |
86,545 |
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198,094 |
85,559 |
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Total members' interests |
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Loans and other debts due to members |
112,536 |
(986) |
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Equity |
85,558 |
86,545 |
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198,094 |
85,559 |
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
G. C. & A. C. Stout LLP (Jolly's of Orkney)
(Registration number: SO302929)
Balance Sheet as at 31 March 2024
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) applicable to LLP's subject to the small LLP's regime and the option not to file a Profit and Loss Account has been taken.
The financial statements of G. C. & A. C. Stout LLP (Jolly's of Orkney) (registered number SO302929) were approved by the
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G. C. & A. C. Stout LLP (Jolly's of Orkney)
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in Scotland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of G. C. & A. C. Stout LLP (Jolly's of Orkney) is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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.
other taxes policy
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line at 5% per annum. |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
Straight line at 10%, 20% & 25% per annum. |
Motor vehicles |
Striaght line at 20% per annum. |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the period, analysed by category was as follows:
2024 |
2023 |
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Sales, marketing and distribution |
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G. C. & A. C. Stout LLP (Jolly's of Orkney)
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Intangible fixed assets |
Goodwill |
Total |
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Cost |
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At 1 September 2023 |
15,000 |
15,000 |
At 31 March 2024 |
15,000 |
15,000 |
Amortisation |
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At 1 September 2023 |
9,756 |
9,756 |
Charge for the year |
750 |
750 |
At 31 March 2024 |
10,506 |
10,506 |
Net book value |
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At 31 March 2024 |
4,494 |
4,494 |
At 31 August 2023 |
5,244 |
5,244 |
Tangible fixed assets |
Freehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost |
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At 1 September 2023 |
- |
77,246 |
33,500 |
110,746 |
Additions |
309,772 |
6,335 |
- |
316,107 |
At 31 March 2024 |
309,772 |
83,581 |
33,500 |
426,853 |
Depreciation |
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At 1 September 2023 |
- |
62,199 |
20,245 |
82,444 |
Charge for the year |
- |
2,939 |
1,547 |
4,486 |
At 31 March 2024 |
- |
65,138 |
21,792 |
86,930 |
Net book value |
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At 31 March 2024 |
309,772 |
18,443 |
11,708 |
339,923 |
At 31 August 2023 |
- |
15,047 |
13,255 |
28,302 |
Stocks |
31 March 2024 |
31 August 2023 |
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Stocks |
48,286 |
48,237 |
G. C. & A. C. Stout LLP (Jolly's of Orkney)
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
31 March 2024 |
31 August 2023 |
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Trade creditors |
109,786 |
112,389 |
Other taxes and social security |
5,352 |
7,651 |
Other creditors |
1,173 |
9,543 |
Accruals and deferred income |
12,289 |
11,462 |
128,600 |
141,045 |
Creditors: Amounts falling due after more than one year |
31 March 2024 |
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Bank loans and overdrafts |
208,532 |
Pension and other schemes |
Defined contribution pension scheme
The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the limited liability partnership to the scheme and amounted to £