2023-04-01 2024-03-31 OC312121 SCOTT WALBY LLP false OC312121 2023-04-01 2024-03-31 OC312121 uk-bus:Director1 2023-04-01 2024-03-31 OC312121 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC312121 uk-bus:SmallEntities 2023-04-01 2024-03-31 OC312121 uk-bus:FullAccounts 2023-04-01 2024-03-31 OC312121 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 OC312121 2023-04-01 OC312121 2024-03-31 OC312121 2023-03-31 xbrli:pure iso4217:GBP
Partnership Registration Number : OC312121 (England and Wales)
OC312121
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2024-03-31
false
SCOTT WALBY LLP
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2023-04-01
SCOTT WALBY LLP
Unaudited Financial Statements
For the year ended 31 March 2024
SCOTT WALBY LLP
Contents
For the year ended 31 March 2024

CONTENTS PAGE
Partnership Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 8
SCOTT WALBY LLP
Partnership Information
For the year ended 31 March 2024

Partnership registration number OC312121 (England and Wales)
Members/Designated members John Bulpit
Malcolm Scott Walby
Registered office address Brooke House
Oakley Hill
Wimborne
Dorset
BH21 1RJ
UK
Accountant CSD Accountancy Limited
Association of Chartered Certified Accountants
1 Sovereign Business Park
48 Willis Way, Poole
Dorset
BH15 3TB
UK
SCOTT WALBY LLP
Statement of Financial Position
For the year ended 31 March 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment - 31,732
5 - 31,732
Current assets
Debtors 116,947 220,350
Cash and cash equivalents 111,868 71,707
228,815 292,057
Current liabilities
Creditors: Amounts falling due within one year (51,517) (57,578)
(51,517) (57,578)
Net current assets/(liabilities) 177,298 234,479
Total assets less current liabilities 177,298 266,211
Net assets/(liabilities) attributable to members 177,298 266,211
Represented by:
Loans and other debts due to members 133,688 159,889
Capital and reserves:
- Members capital 43,610 106,322
- Other reserves - -
177,298 266,211
Total members interests
Total Amounts due to members 133,688 159,889
Member's other interests 43,610 106,322
177,298 266,211
The notes on pages 1 to 6 are an integral part of these financial statements.
  • For the year ended 31 March 2024 the Partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs
  • The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These financial statements were approved by members on 22 November 2024 and were signed on its behalf by:
.............................
Malcolm Scott Walby (Designated member)
Limited Liability Partnership registration number: OC312121
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
BALANCE SHEET AT 2024-03-31
2024 2023
£ £
Fixed Assets 0 31,732
Current Assets 228,815 292,057
Creditors: amounts falling due within one year (51,517) (57,578)
Net current assets (liabilities) 177,298 234,479
Total assets less current liabilities 177,298 266,211
Net Assets (liabilities) 177,298 266,211
Capital and Reserves 298,431 0
For the year ending 31/03/2024 the Partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs For the year ending 31-03-2024 the Partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs
The members have not required the company to obtain an audit for the year in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 2024-11-20 2024-11-20 and signed on behalf of the board,
.............................
Director
Company registration number: OC312121
SCOTT WALBY LLP
Notes to the Financial Statements
For the year ended 31 March 2024

(1) General Information
The SCOTT WALBY LLP is a limited liability partnership and is registered in England and Wales. Its legal form is that of a limited liability partnership. The address of the registered office is Brooke House, Oakley Hill, Wimborne, Dorset, BH21 1RJ.
(2) Significant Accounting Policies
Basis of preparation
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependant on external factors (and thus outside the control of the Limited Liabiility Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carred forward as work in progress.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Rental income
Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease.Rental Income is included within other income from fixed assets.
Interest income
Interest income is recognised using the effective interest method.
Property, plant and equipment
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 recognised in the profit and loss account.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Asset class and depreciation rate
Land and Buildings
Plant and Machinery
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles
Fixtures and Fittings25% reducing balance
Equipment33% straight line
Motor Cars25% reducing balance
Impairment of fixed assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.


Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliabilty are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
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 limited liability partnership after deducting all of its liabilities.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.


Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Retirement benefits and post retirement payments to members
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.


Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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


Members' participating interests
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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
(3) Employees
During the year, the average number of employees including member was 4 (2023 : 10).
(4) Commitments, guarantees and contingencies
Operating lease commitments
The partnership had total guarantees, commitments and contingencies at the balance sheet date of £0; (2023:£94,320).
(5) Fixed assets
Tangible

£
Cost
As at 01 April 2023130,489
Additions20,500
Disposals(150,989)
As at 31 March 2024-
Depreciation/Amortisation
As at 01 April 202398,757
For the year11,188
Write off on disposals(109,945)
As at 31 March 2024-
Net book value
As at 31 March 2024-
As at 31 March 202331,732