38 false false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SO300740 2023-05-01 2024-04-30 SO300740 2024-04-30 SO300740 2023-04-30 SO300740 2022-05-01 2023-04-30 SO300740 2023-04-30 SO300740 2022-04-30 SO300740 core:FurnitureFittings 2023-05-01 2024-04-30 SO300740 core:MotorVehicles 2023-05-01 2024-04-30 SO300740 bus:Director4 2023-05-01 2024-04-30 SO300740 bus:Director6 2023-05-01 2024-04-30 SO300740 core:LandBuildings 2023-04-30 SO300740 core:FurnitureFittings 2023-04-30 SO300740 core:MotorVehicles 2023-04-30 SO300740 core:LandBuildings 2024-04-30 SO300740 core:FurnitureFittings 2024-04-30 SO300740 core:WithinOneYear 2024-04-30 SO300740 core:WithinOneYear 2023-04-30 SO300740 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 SO300740 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 SO300740 core:BetweenOneFiveYears 2024-04-30 SO300740 core:MoreThanFiveYears 2024-04-30 SO300740 core:LandBuildings 2023-04-30 SO300740 core:FurnitureFittings 2023-04-30 SO300740 core:MotorVehicles 2023-04-30 SO300740 bus:Director1 2023-05-01 2024-04-30 SO300740 bus:Director2 2023-05-01 2024-04-30 SO300740 bus:SmallEntities 2023-05-01 2024-04-30 SO300740 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SO300740 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SO300740 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 SO300740 bus:FullAccounts 2023-05-01 2024-04-30
REGISTERED NUMBER: SO300740
R & R Urquhart LLP
Filleted Unaudited Financial Statements
30 April 2024
R & R Urquhart LLP
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
258,613
265,859
Current assets
Stocks
149,024
74,702
Debtors
6
661,307
601,949
Cash at bank and in hand
21,348
41,455
---------
---------
831,679
718,106
Creditors: amounts falling due within one year
7
415,637
402,863
---------
---------
Net current assets
416,042
315,243
---------
---------
Total assets less current liabilities
674,655
581,102
---------
---------
Net assets
674,655
581,102
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
674,655
581,102
---------
---------
Members' other interests
Other reserves
---------
---------
674,655
581,102
---------
---------
Total members' interests
Loans and other debts due to members
8
674,655
581,102
Members' other interests
---------
---------
674,655
581,102
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
R & R Urquhart LLP
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the members and authorised for issue on 16 January 2025 , and are signed on their behalf by:
Mr W R M Cowie
Mr J A C Whittle
Designated Member
Designated Member
Registered number: SO300740
R & R Urquhart LLP
Notes to the Financial Statements
Year ended 30 April 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is 117-121 High Street, Forres, Moray, IV36 1AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, excluding value added tax. Turnover is recognised when the right to consideration has arisen through the performance under each contract. Consideration accrues as the contract progresses by reference to the value of the work performed.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.
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.
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 income statement 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'.
Total members' interests represents the firm's equity and members' capital, less amounts due from members where applicable.
In the event of a winding up the Members' Capital and Other Interests ranks after unsecured creditors.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
No depreciation has been charged upon the Freehold Property.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Post-retirement payments due to members
The post-retirement payments due to members are determined annually based upon a formula directly linked to the profits of the partnership. Provision is made for such payments when a member obtains an actual or constructive right to the payments, which the LLP has no discretion to withhold. The provision is based upon the estimated present value of the expected future payments to members.
Amounts recognised in respect of current members are charged to the statement of comprehensive income within members' remuneration charged as an expense. The liability for post-retirement payments due to current members is recorded in the statement of financial position within loans and other debts due to members. In the year in which a member retires, the liability is transferred from loans and other debts due to members and is recorded as a liability due to former members within either creditors or provisions for liabilities.
Where provision for post-retirement payments due to former members is a contractual liability or a constructive obligation of certain timing amount, the provision will be recorded within creditors falling due within or after more than one year. In all other cases, the provision will be recorded within provisions for liabilities.
The unwinding of the discount on provisions for post-retirement payments due to current members is charged to the statement of comprehensive income as part of members' remuneration charged as an expense.
The unwinding of the discount on provisions for post-retirement payments due to former members is charged to the statement of comprehensive income and included adjacent to interest payable and similar charges.
All provisions are re-assessed annually and any changes in estimates are included within the statement of comprehensive income.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 38 (2023: 36 ).
5.
Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
220,000
274,449
24,229
518,678
Disposals
( 24,229)
( 24,229)
---------
---------
--------
---------
At 30 April 2024
220,000
274,449
494,449
---------
---------
--------
---------
Depreciation
At 1 May 2023
229,022
23,797
252,819
Charge for the year
6,814
6,814
Disposals
( 23,797)
( 23,797)
---------
---------
--------
---------
At 30 April 2024
235,836
235,836
---------
---------
--------
---------
Carrying amount
At 30 April 2024
220,000
38,613
258,613
---------
---------
--------
---------
At 30 April 2023
220,000
45,427
432
265,859
---------
---------
--------
---------
The property was professionally valued as at 22 February 2022 by Independent Chartered Surveyors DM Hall on the basis of fair value for continuing use, at a figure of £220,000.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 April 2024
Aggregate cost
300,000
Aggregate depreciation
---------
Carrying value
300,000
---------
At 30 April 2023
Aggregate cost
300,000
Aggregate depreciation
---------
Carrying value
300,000
---------
6.
Debtors
2024
2023
£
£
Trade debtors
528,553
492,171
Other debtors
132,754
109,778
---------
---------
661,307
601,949
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
92,805
115,649
Social security and other taxes
143,532
131,294
Lombard loan
34,260
32,323
Other creditors
145,040
123,597
---------
---------
415,637
402,863
---------
---------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
674,655
581,102
---------
---------
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,600
7,800
Later than 1 year and not later than 5 years
62,400
Later than 5 years
78,000
---------
-------
156,000
7,800
---------
-------
10.
Related party transactions
No transactions were undertaken such as are required to be disclosed.