G. C. & A. C. Stout LLP (Jolly's of Orkney) SO302929 false 2023-09-01 2024-03-31 2024-03-31 The principal activity of the company is fishmongers/retailers Digita Accounts Production Advanced 6.30.9574.0 SO302929 2023-09-01 2024-03-31 SO302929 2024-03-31 SO302929 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SO302929 bus:FRS102 2023-09-01 2024-03-31 SO302929 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-03-31 SO302929 bus:FullAccounts 2023-09-01 2024-03-31 SO302929 bus:RegisteredOffice 2023-09-01 2024-03-31 SO302929 bus:PartnerLLP1 2023-09-01 2024-03-31 SO302929 bus:PartnerLLP2 2023-09-01 2024-03-31 SO302929 bus:PartnerLLP3 2023-09-01 2024-03-31 SO302929 bus:PartnerLLP4 2023-09-01 2024-03-31 SO302929 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-03-31 SO302929 core:Goodwill 2023-09-01 2024-03-31 SO302929 core:PlantMachinery 2023-09-01 2024-03-31 SO302929 core:Vehicles 2023-09-01 2024-03-31 SO302929 countries:AllCountries 2023-09-01 2024-03-31 SO302929 2022-09-01 2023-08-31 SO302929 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 xbrli:pure iso4217:GBP

Registration number: SO302929

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

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

G. C. & A. C. Stout LLP (Jolly's of Orkney)

Limited liability partnership information

Designated members

Mr George Stout

Mrs Anne Stout
 

Members

Mr Jack Sigurd Stout

Mr Ben Stout
 

Registered office

Scotts Road
Hatston Insustrial Estate
Kirkwall
Orkney
KW15 1GR

Principal place of business

Scotts Road
Hatston Insustrial Estate
Kirkwall
Orkney
KW15 1GR

Accountants

Gray Associates
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

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
 £

Fixed assets

 

Intangible assets

3

4,494

5,244

Tangible assets

4

339,923

28,302

 

344,417

33,546

Current assets

 

Stocks

5

48,286

48,237

Debtors

6

127,849

42,903

Cash and short-term deposits

 

14,674

101,918

 

190,809

193,058

Creditors: Amounts falling due within one year

7

(128,600)

(141,045)

Net current assets

 

62,209

52,013

Total assets less current liabilities

 

406,626

85,559

Creditors: Amounts falling due after more than one year

8

(208,532)

-

Net assets attributable to members

 

198,094

85,559

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

112,536

(986)

Equity

 

Members' capital classified as equity

 

85,558

86,545

   

198,094

85,559

Total members' interests

 

Loans and other debts due to members

 

112,536

(986)

Equity

 

85,558

86,545

   

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 Board and authorised for issue on 20 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr George Stout
Designated member

.........................................
Mrs Anne Stout
Designated member

 

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

1

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

2

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
No.

2023
No.

Sales, marketing and distribution

11

11

11

11

 

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

3

Intangible fixed assets

Goodwill
£

Total
£

Cost

At 1 September 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

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

At 31 March 2024

4,494

4,494

At 31 August 2023

5,244

5,244

4

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
£

Motor vehicles
£

Total
£

Cost

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

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

At 31 March 2024

309,772

18,443

11,708

339,923

At 31 August 2023

-

15,047

13,255

28,302

5

Stocks

31 March 2024
 £

31 August 2023
 £

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

6

Debtors

2024
£

2023
£

Trade debtors

59,743

38,616

Other debtors

63,097

141

Prepayments and accrued income

5,009

4,146

127,849

42,903

7

Creditors: Amounts falling due within one year

31 March 2024
 £

31 August 2023
 £

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

8

Creditors: Amounts falling due after more than one year

31 March 2024
 £

Bank loans and overdrafts

208,532

9

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 £3,887 (2023 - £5,780).