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REGISTERED NUMBER: SO301436 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)






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

Chartered Certified Accountants' Report 7

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP

GENERAL INFORMATION
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr C L G Maclennan
Mr C R Thomson





REGISTERED OFFICE: 50a Chapel Street
Aberdeen
AB10 1SN





REGISTERED NUMBER: SO301436 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 105,989

CURRENT ASSETS
Debtors 6 60,268 213,598
Cash at bank 38,267 63,157
98,535 276,755
CREDITORS
Amounts falling due within one year 7 13,902 134,784
NET CURRENT ASSETS 84,633 141,971
TOTAL ASSETS LESS CURRENT LIABILITIES 84,633 247,960

CREDITORS
Amounts falling due after more than one year 8 - 247,960
NET ASSETS ATTRIBUTABLE TO MEMBERS 84,633 -

LOANS AND OTHER DEBTS DUE TO MEMBERS 84,633 -

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 84,633 -
Amounts due from members 6 (60,268 ) (210,869 )
24,365 (210,869 )

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.

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

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 21 January 2025 and were signed by:




Mr C L G Maclennan - Designated member




Mr C R Thomson - Designated member


ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Albyn Associates Financial Management LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships, issued in January 2017 (SORP 2017).

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes the partnership will continue trading for a period of no less than 12 months from the date of this report.

The members acknowledges the negative balance sheet position and have given assurance that they will continue to support the partnership in order for it to meet it's obligations as they fall due by making funds available.

Turnover
Turnover is stated net of trade discounts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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 proceeds and the carrying value of the asset and is included in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans are recognised at transaction price.
Financial liabilities are derecognised when the company's contractual obligations are discharged.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
Website fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 10,880 1,630 141,323 15,821 169,654
Disposals - (1,630 ) (141,323 ) (15,821 ) (158,774 )
At 31 March 2024 10,880 - - - 10,880
DEPRECIATION
At 1 April 2023 10,880 1,521 35,443 15,821 63,665
Eliminated on disposal - (1,521 ) (51,264 ) - (52,785 )
At 31 March 2024 10,880 - (15,821 ) 15,821 10,880
NET BOOK VALUE
At 31 March 2024 - - 15,821 (15,821 ) -
At 31 March 2023 - 109 105,880 - 105,989

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts due from members 60,268 210,869
Other debtors - 561
Prepayments - 2,168
60,268 213,598

ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 19,537
Trade creditors - 1,260
Social security and other taxes 1,478 1,780
Other creditors 6,460 193
Accrued expenses 5,964 112,014
13,902 134,784

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Repayable commission - 247,960

Repayable commission is due to Lighthouse Advisory Services Limited.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 6,575

10. RELATED PARTY DISCLOSURES

Albyn Associates Financial Solutions Ltd is a company under common control of the members.

During the year, net loan advances were made to Albyn Associates Financial Solutions Ltd of £562 (2023: £562). As at the year end, a balance of £nil (2023: £562) was due from Albyn Associates Financial Solutions Ltd.

The above loan is interest free and have not set repayment terms.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ALBYN ASSOCIATES FINANCIAL MANAGEMENT
LLP (REGISTERED NUMBER: SO301436)

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Albyn Associates Financial Management LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Albyn Associates Financial Management LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Albyn Associates Financial Management LLP and state those matters that we have agreed to state to the members of Albyn Associates Financial Management LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Albyn Associates Financial Management LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Albyn Associates Financial Management LLP. You consider that Albyn Associates Financial Management LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Albyn Associates Financial Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


21 January 2025