REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ALBYN ASSOCIATES FINANCIAL MANAGEMENT |
LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
Website | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 | ( |
) |
NET BOOK VALUE |
At 31 March 2024 | ( |
) |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts due from members | 60,268 | 210,869 |
Other debtors |
Prepayments |
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 |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Repayable commission |
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 |
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. |
Bankhead Drive |
City South Office Park |
Portlethen |
Aberdeenshire |
AB12 4XX |