IRIS Accounts Production v24.3.2.46 SO305444 designated member 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3054442023-03-31SO3054442024-03-31SO3054442023-04-012024-03-31SO3054442022-03-31SO3054442022-04-012023-03-31SO3054442023-03-31SO305444ns15:Scotland2023-04-012024-03-31SO305444ns14:PoundSterling2023-04-012024-03-31SO305444ns10:PartnerLLP12023-04-012024-03-31SO305444ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31SO305444ns10:SmallEntities2023-04-012024-03-31SO305444ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31SO305444ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SO305444ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31SO305444ns10:FullAccounts2023-04-012024-03-31SO305444ns10:PartnerLLP22023-04-012024-03-31SO305444ns10:RegisteredOffice2023-04-012024-03-31SO305444ns5:CurrentFinancialInstruments2024-03-31SO305444ns5:CurrentFinancialInstruments2023-03-31SO305444ns5:Non-currentFinancialInstruments2024-03-31SO305444ns5:Non-currentFinancialInstruments2023-03-31SO305444ns5:LandBuildings2023-03-31SO305444ns5:PlantMachinery2023-03-31SO305444ns5:FurnitureFittings2023-03-31SO305444ns5:MotorVehicles2023-03-31SO305444ns5:LandBuildings2023-04-012024-03-31SO305444ns5:PlantMachinery2023-04-012024-03-31SO305444ns5:FurnitureFittings2023-04-012024-03-31SO305444ns5:MotorVehicles2023-04-012024-03-31SO305444ns5:LandBuildings2024-03-31SO305444ns5:PlantMachinery2024-03-31SO305444ns5:FurnitureFittings2024-03-31SO305444ns5:MotorVehicles2024-03-31SO305444ns5:LandBuildings2023-03-31SO305444ns5:PlantMachinery2023-03-31SO305444ns5:FurnitureFittings2023-03-31SO305444ns5:MotorVehicles2023-03-31SO305444ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SO305444ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SO305444ns5:Secured2024-03-31SO305444ns5:Secured2023-03-31
REGISTERED NUMBER: SO305444 (Scotland)















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: G J Catto
S A Catto





Registered office: 41 Culduthel Road
Inverness
IV2 4AT





Registered number: SO305444 (Scotland)





Accountants: Frame Kennedy
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.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


27th January 2025

Scotbark LLP (Registered number: SO305444)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 5,142,089 4,882,617

Current assets
Stocks 49,309 55,461
Debtors 5 953,337 831,420
Cash at bank and in hand 821,864 836,244
1,824,510 1,723,125
Creditors
Amounts falling due within one year 6 3,084,058 2,721,996
Net current liabilities (1,259,548 ) (998,871 )
Total assets less current liabilities 3,882,541 3,883,746

Creditors
Amounts falling due after more than one
year

7

634,303

833,774
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 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 31st March 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.

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 27th January 2025 and were signed by:





G J Catto - Designated member

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
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 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 15 (2023 - 15 ) .

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 3,602,604 2,559,334 16,802 205,546 6,384,286
Additions 16,229 623,062 - 158,366 797,657
Disposals - (598,805 ) - (136,317 ) (735,122 )
At 31st March 2024 3,618,833 2,583,591 16,802 227,595 6,446,821
Depreciation
At 1st April 2023 - 1,411,529 13,135 77,005 1,501,669
Charge for year - 194,874 733 37,169 232,776
Eliminated on disposal - (371,035 ) - (58,678 ) (429,713 )
At 31st March 2024 - 1,235,368 13,868 55,496 1,304,732
Net book value
At 31st March 2024 3,618,833 1,348,223 2,934 172,099 5,142,089
At 31st March 2023 3,602,604 1,147,805 3,667 128,541 4,882,617

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 934,145 831,420
Other debtors 19,192 -
953,337 831,420

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 174,000 183,600
Hire purchase contracts 164,801 163,456
Trade creditors 1,094,149 1,027,995
Taxation and social security 13,727 61,542
Other creditors 1,637,381 1,285,403
3,084,058 2,721,996

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 397,478 621,165
Hire purchase contracts 236,825 212,609
634,303 833,774

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 571,478 804,765
Hire purchase contracts 401,626 376,065
973,104 1,180,830

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.