Gmac Martial Arts Llp Filleted Accounts Cover
Gmac Martial Arts Llp
Registered No. SO306975
Information for Filing with the Registrar
31 March 2024
Gmac Martial Arts Llp Balance Sheet Registrar
at
31 March 2024
Registered No.
SO306975
Notes
2024
2023
£
£
Fixed assets
Tangible assets
5
20,110
20,367
20,110
20,367
Current assets
Debtors
6
8,037
5,453
Cash at bank and in hand
1,519
5,184
9,556
10,637
Creditors: Amounts falling due within one year
7
(8,999)
(6,036)
Net current assets
557
4,601
Total assets less current liabilities
20,667
24,968
Creditors: Amounts falling due after more than one year
8
(12,059)
(7,200)
Net assets attributable to members
8,608
17,768
Represented by:
Loans and other debts due to members
17,042
17,768
Members' other interests
Other reserves
(8,434)
-
(8,434)
-
8,608
17,768
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the period ended 31 March 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 29 January 2025 and signed on its behalf by:
G. McIlvaney
Designated member
29 January 2025
Gmac Martial Arts Llp Notes to the Accounts Registrar
for the period ended 31 March 2024
1
General information
Gmac Martial Arts Llp is a limited liability partnership and incorporated in Scotland.
Its registered number is: SO306975
Its registered office is:
Its trading address is:
26 Denholm Drive
6 Napier Square
Coltness
Livingston
Wishaw
ML2 8SH
EH54 5DG
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover represents the value of goods provided to customers and training services provided to
customers. Turnover is measured at the fair value of the consideration received or receivable.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Motor vehicles
25% reducing balance
Furniture, fittings and equipment
25% straight line
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the period :
2
2
4
Employees
2024
2023
Number
Number
The average number of persons employed during the period was:
1
1
5
Tangible fixed assets
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 July 2023
28,22911,85840,087
Additions
13,995-13,995
Disposals
(10,250)
-
(10,250)
At 31 March 2024
31,97411,85843,832
Depreciation
At 1 July 2023
13,2886,43219,720
Charge for the year
5,8832,9648,847
Disposals
(4,845)
-
(4,845)
At 31 March 2024
14,3269,39623,722
Net book values
At 31 March 2024
17,6482,46220,110
At 30 June 2023
14,941
5,426
20,367
6
Debtors
2024
2023
£
£
Prepayments and accrued income
8,0375,453
8,0375,453
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,6003,600
Obligations under finance lease and hire purchase contracts
2,749771
Other creditors
138185
Accruals and deferred income
2,5121,480
8,9996,036
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,5007,200
Obligations under finance lease and hire purchase contracts
7,559-
12,0597,200
9
Loans and other debts due to members
2024
2023
£
£
Amounts due to members in respect of profits
17,042
17,768
17,042
17,768
Amounts falling due within one year
17,042
-
17,042
17,768
Gmac Martial Arts LlpSO30697531 March 202401 July 2023false29 January 2025BTCSoftware AP Solution 2024 11.2.0111.2.01SO3069752023-07-012024-03-31SO3069752024-03-31SO306975countries:UnitedKingdom2023-07-012024-03-31SO306975bus:RegisteredOffice2023-07-012024-03-31SO306975core:MotorVehicles2023-07-012024-03-31SO306975core:FurnitureFittingsToolsEquipment2023-07-012024-03-31SO3069752022-07-012023-06-30SO306975core:MotorVehicles2023-07-01SO306975core:FurnitureFittingsToolsEquipment2023-07-01SO3069752023-07-01SO306975core:MotorVehicles2024-03-31SO306975core:FurnitureFittingsToolsEquipment2024-03-31SO306975core:MotorVehicles2023-06-30SO306975core:FurnitureFittingsToolsEquipment2023-06-30SO3069752023-06-30SO306975core:WithinOneYear2024-03-31SO306975core:WithinOneYear2023-06-30SO306975core:AfterOneYear2024-03-31SO306975core:AfterOneYear2023-06-30SO306975bus:SmallEntities2023-07-012024-03-31SO306975bus:FullAccounts2023-07-012024-03-31SO306975bus:AuditExempt-NoAccountantsReport2023-07-012024-03-31SO306975bus:PartnerLLP12023-07-012024-03-31SO306975bus:LimitedLiabilityPartnershipLLP2023-07-012024-03-31xbrli:pureiso4217:GBP