REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
McLay, McAlister & McGibbon LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
McLay, McAlister & McGibbon LLP |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
McLay, McAlister & McGibbon LLP |
General Information |
for the Year Ended 31 May 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
145 St Vincent Street |
Glasgow |
G2 5JF |
BANKERS: |
10 Gordon Street |
Glasgow |
G1 3PL |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
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 |
575,865 |
592,646 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
575,865 |
592,646 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 575,865 | 592,646 |
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. |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
McLay, McAlister & McGibbon LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net earned sales of services,excluding value added tax. |
Goodwill |
Goodwill is being amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery,etc - evenly over 10 years and by 25% reducing balance from date of acquisition. |
The LLP's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period.The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account 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. |
Members remuneration |
The members have agreed to an automatic division of profits and accordingly the profit shares are treated as an expense in the Profit and Loss Account. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
McLay, McAlister & McGibbon LLP (Registered number: SO300796) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and Other Debts due to members rank pari passu with unsecured creditors. |