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Members' report and financial statements
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For the year ended 20 June 2024
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Registered number: SO306600
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Information for filing with the registrar
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Merlyn Special GP, LLP - Registered number:SO306600
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Statement of financial position
As at 20 June 2024
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Creditors: amounts falling due within one year
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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Page 1
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Merlyn Special GP, LLP - Registered number:SO306600
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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:.
The notes on pages 4 to 7 form part of these financial statements.
Page 2
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Reconciliation of members' interests
For the year ended 20 June 2024
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Amounts due to members (as restated)
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Amounts due from members (as restated)
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Balance at 21 June 2022 (as restated)
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Members' remuneration charged as an expense (as restated)
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Members' interests after loss for the year (as restated)
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Amounts due from members (as restated)
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Balance at 21 June 2023 (as restated)
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Write off of losses allocated to members
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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.
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Page 3
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Notes to the financial statements
For the year ended 20 June 2024
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
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Basis of preparation of financial statements
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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:
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.
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Foreign currency translation
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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
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Notes to the financial statements
For the year ended 20 June 2024
2.Accounting policies (continued)
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Division and distribution of profits
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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'.
Investments in unlisted shares which are valued at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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
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Notes to the financial statements
For the year ended 20 June 2024
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The average monthly number of employees during the year was 0 (2023 - 0)
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Investment in unlisted shares
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Included in amounts due from members is losses allocated to members of £nil (2023 - £54,812).
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Creditors: amounts falling due within one year
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Page 6
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Notes to the financial statements
For the year ended 20 June 2024
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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The LLP had no contingent liabilities at 20 June 2024 or 20 June 2023.
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The LLP had no capital commitments at 20 June 2024 or 20 June 2023.
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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
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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.
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