REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
Scotbark LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
Scotbark LLP |
Scotbark LLP (Registered number: SO305444) |
Contents of the Financial Statements |
for the year ended 31st March 2024 |
Page |
General Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Scotbark LLP |
General Information |
for the year ended 31st March 2024 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
4th Floor Metropolitan House |
31-33 High Street |
Inverness |
IV1 1HT |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Scotbark LLP |
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 Scotbark LLP for the year ended 31st 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the members of Scotbark 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 Scotbark LLP and state those matters that we have agreed to state to the members of Scotbark LLP, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. 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 Scotbark 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 Scotbark LLP. You consider that Scotbark 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 Scotbark 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. |
4th Floor Metropolitan House |
31-33 High Street |
Inverness |
IV1 1HT |
Scotbark LLP (Registered number: SO305444) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net assets attributable to members | 3,248,238 | 3,049,972 |
Scotbark LLP (Registered number: SO305444) |
Balance Sheet - continued |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Loans and other debts due to members | 9 | 3,248,236 | 3,049,970 |
Members' other interests |
Capital accounts | 2 | 2 |
3,248,238 | 3,049,972 |
Total members' interests |
Loans and other debts due to members | 9 | 3,248,236 | 3,049,970 |
Members' other interests | 2 | 2 |
3,248,238 | 3,049,972 |
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. |
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 |
Scotbark LLP (Registered number: SO305444) |
Notes to the Financial Statements |
for the year ended 31st March 2024 |
1. | Statutory information |
Scotbark 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 is measures at the fair value of the consideration received or receivable for good supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Scotbark LLP (Registered number: SO305444) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
2. | Accounting policies - continued |
Tangible fixed assets |
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a valuation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit and loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset , the excess shall be recognised in profit and loss. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Plant and machinery | - 20% reducing balance |
Motor vehicles | - 20% reducing balance |
Fixtures & fittings | - 20% reducing balance |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, there it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Scotbark LLP (Registered number: SO305444) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
2. | Accounting policies - continued |
Members' participation rights |
Members' participation rights are the rights of the member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed ot otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
3. | Employee information |
The average number of employees during the year was |
Scotbark LLP (Registered number: SO305444) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
4. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Depreciation |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Net book value |
At 31st March 2024 |
At 31st March 2023 |
The members are of the opinion that the fair value of the investment properties are not materially different to the carrying values. As such no formal valuations have been carried out. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Scotbark LLP (Registered number: SO305444) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2024 |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 401,626 | 376,065 |
Bank loans are secured by a fixed charge over the land at Burnett Road, Longman Industrial Estate, Inverness, IV1 1TF, and a fixed charge over the property at 8-24 Walker Place, Inverness, IV1 1TY. |
Hire purchase creditors are secured by the asset financed. |
9. | Loans and other debts due to members |
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up of the LLP. |
There are no restrictions or limitations on the ability of the members to reduce the amount of members' other interests. |
10. | Ultimate controlling party |
The limited liability partnership is controlled by its members. |