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Merlyn Special GP, LLP
























Members' report and financial statements



For the year ended 20 June 2024



Registered number: SO306600
Information for filing with the registrar

 
Merlyn Special GP, LLP - Registered number:SO306600



Statement of financial position
As at 20 June 2024

As restated
2024
2023 (unaudited)
Note
£
£

Fixed assets
  

Investments
 5 
1
1

Current assets
  

Debtors
  
-
1,101

Cash at bank and in hand
  
1,306
135

Creditors: amounts falling due within one year
 7 
(8,391)
(1,237)

Net current liabilities
  
 
 
(7,085)
 
 
(1)

  

Net (liabilities)/assets
  
(7,084)
-


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
58,911
-

  
58,911
-

Members' other interests
  

Other reserves classified as equity
  
(65,995)
-

  
 
(65,995)
 
-

  
(7,084)
-


Total members' interests
  

Amounts due from members (included in debtors)
  
-
(1,101)

Loans and other debts due to members
  
58,911
-

Members' other interests
  
(65,995)
-

  
(7,084)
(1,101)


Page 1

 
Merlyn Special GP, LLP - Registered number:SO306600



Statement of financial position (continued)
As at 20 June 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 
The financial statements were approved and authorised for issue by the members on18 March 2025 and were signed on their behalf by:.




Maarten Petermann
Designated member

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
Merlyn Special GP, LLP
 


Reconciliation of members' interests
For the year ended 20 June 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members (as restated) 
1,469
1,469


Amounts due from members (as restated) 

(523)
(523)


Balance at 21 June 2022 (as restated) 
-
-
946
946
946

Members' remuneration charged as an expense (as restated)
 
-
-
(2,528)
(2,528)
(2,528)

Members' interests after loss for the year (as restated)
 
-
-
(1,582)
(1,582)
(1,582)

Other movements
-
-
481
481
481

Amounts due from members (as restated)
 


(1,101)
(1,101)


Balance at 21 June 2023 (as restated)
-
-
(1,101)
(1,101)
(1,101)

Loss for the year available for discretionary division among members
 
(11,183)
(11,183)
-
-
(11,183)

Members' interests after profit for the year
 
(11,183)
(11,183)
(1,101)
(1,101)
(12,284)

Write off of losses allocated to members
(54,812)
(54,812)
54,812
54,812
-

Other movements
 
-
-
5,200
5,200
5,200

Amounts due to members
58,911
58,911

Amounts due from members
 


-
-


Balance at 20 June 2024 
(65,995)
(65,995)
58,911
58,911
(7,084)

Included in other reserves are losses that have been allocated to members that have subsequently been written off totalling £54,812 (2023 - £nil). 

The notes on pages 4 to 7 form part of these financial statements.


Page 3

 
Merlyn Special GP, LLP
 
 

Notes to the financial statements
For the year ended 20 June 2024

1.


General information

Merlyn Special GP LLP is a limited liability partnership and is incorporated in Scotland. Its registration number is SO306600. The registered address and principal place of business is 50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006, ('FRS 102') and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The members intend to wind up the LLP within 12 months from the date of signing the finanical statements, therefore the financial statements have been prepared on a basis other than that of going concern. 
At the date of signing the financial statements, the LLP has not ceased carrying out its principal activity nor have future plans been finalised. However, the members have determined that the going concern basis is no longer appropriate. The LLP's assets have been written down to net realisable value.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
Merlyn Special GP, LLP
 


Notes to the financial statements
For the year ended 20 June 2024

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense, in the Statement of comprehensive income.

In the event of the LLP making losses, the loss is allocated to the members in proportion to their respective shares and recognised as members' remuneration charged as an expense. When losses are not allocated or previously allocated losses are not deemed recoverable, the losses are recognised as a debit within equity under 'Other reserves'.

 
2.5

Valuation of investments

Investments in unlisted shares which are valued at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 

 
2.8

Financial instruments

Recognition and measurement
The LLP only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable. 
Impairment 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the LLP would received for the asset if it were to be sold at the reporting date. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The LLP is the General Partner to Merlyn Special Limited Partnership ('the LP').
The members confirm that the £1 investment that the GP holds in the LP is not a controlling interest and the GP solely acts in a fiduciary capacity, therefore it is not considered to be a subsidiary undertaking of the GP.

Page 5

 
Merlyn Special GP, LLP
 
 

Notes to the financial statements
For the year ended 20 June 2024

4.


Employees


The average monthly number of employees during the year was 0 (2023 - 0)


5.


Fixed asset investments





Investment in unlisted shares

£



Cost or valuation


At 21 June 2023
1



At 20 June 2024
1





6.


Debtors

As restated
2024
2023 (unaudited)
£
£

Amounts due from members
-
1,101

-
1,101


Included in amounts due from members is losses allocated to members of £nil (2023 - £54,812).


7.


Creditors: amounts falling due within one year

As restated
2024
2023 (unaudited)
£
£

Accruals
8,391
1,237

8,391
1,237


Page 6

 
Merlyn Special GP, LLP
 
 

Notes to the financial statements
For the year ended 20 June 2024

8.


Loans and other debts due to members


2024
2023
£
£


Other amounts due to members
58,911
-

58,911
-

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.



9.


Contingent liabilities

The LLP had no contingent liabilities at 20 June 2024 or 20 June 2023. 


10.


Capital commitments

The LLP had no capital commitments at 20 June 2024 or 20 June 2023. 




11.


Auditor's information

The auditor's report on the financial statements for the year ended 20 June 2024 was unqualified.

The audit report was signed on 18 March 2025 by Melanie Dodd (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 7


12.


Prior year adjustments

The corresponding figures have been restated to recognise the loss allocated to members as "members' remuneration charged as an expense" from an "allocation of losses" as losses are automatically divided amongst the members per the LLP agreement. The loss for the year ended 20 June 2023 has been restated to £nil from a loss of £2,528. There was no impact on net assets for the year ended 20 June 2023.
The corresponding figures in the statement of financial position and reconciliation of members' interests have been restated to net off amounts due to and from a member. The impact is as follows:
- Amounts due from members and creditors have reduced by £53,711 for the year ended 20 June 2023.
- Amounts due from members has decreased by £51,761 for the year ended 20 June 2022. Other creditors have reduced by £51,761 and have been reclassfied as amounts due to members in the reconciliation of members' interests for the year ended 20 June 2022. 
There was no impact on net assets or profit or loss for the year end 20 June 2023 or 20 June 2022.