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REGISTERED NUMBER: SO300796 (Scotland)


















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: P Martin
A D McCaw
Gryffe Investments Ltd
White Cart Investments Ltd
Mrs F M Russell



REGISTERED OFFICE: 145 St Vincent Street
Glasgow
G2 5JF



REGISTERED NUMBER: SO300796 (Scotland)



ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF



BANKERS: The Royal Bank of Scotland
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 28,369 5,892
28,369 5,892

CURRENT ASSETS
Debtors 6 480,326 415,743
Prepayments and accrued income 273,383 231,023
Cash at bank and in hand 139,061 293,789
892,770 940,555
CREDITORS
Amounts falling due within one year 7 288,607 257,134
NET CURRENT ASSETS 604,163 683,421
TOTAL ASSETS LESS CURRENT
LIABILITIES

632,532

689,313

CREDITORS
Amounts falling due after more than one
year

8

56,667

96,667
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 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 May 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.

McLay, McAlister & McGibbon LLP (Registered number: SO300796)

Balance Sheet - continued
31 May 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 6 February 2025 and were signed by:





P Martin - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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 20 (2023 - 20 ) .

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 335,878
AMORTISATION
At 1 June 2023
and 31 May 2024 335,878
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 189,150
Additions 28,689
At 31 May 2024 217,839
DEPRECIATION
At 1 June 2023 183,258
Charge for year 6,212
At 31 May 2024 189,470
NET BOOK VALUE
At 31 May 2024 28,369
At 31 May 2023 5,892

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 429,555 389,947
Other debtors 50,771 25,796
480,326 415,743

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 40,000 40,000
Taxation and social security 96,173 98,358
Other creditors 152,434 118,776
288,607 257,134

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 56,667 96,667

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and Other Debts due to members rank pari passu with unsecured creditors.