IRIS Accounts Production v24.3.2.46 SO300580 designated member 1.4.23 31.3.24 31.3.24 19.3.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3005802023-03-31SO3005802024-03-31SO3005802023-04-012024-03-31SO3005802022-03-31SO3005802022-04-012023-03-31SO3005802023-03-31SO300580ns15:Scotland2023-04-012024-03-31SO300580ns14:PoundSterling2023-04-012024-03-31SO300580ns10:PartnerLLP12023-04-012024-03-31SO300580ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31SO300580ns10:SmallEntities2023-04-012024-03-31SO300580ns10:Audited2023-04-012024-03-31SO300580ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SO300580ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31SO300580ns10:FullAccounts2023-04-012024-03-31SO300580ns10:PartnerLLP22023-04-012024-03-31SO300580ns10:PartnerLLP32023-04-012024-03-31SO300580ns10:PartnerLLP42023-04-012024-03-31SO300580ns10:PartnerLLP52023-04-012024-03-31SO300580ns10:RegisteredOffice2023-04-012024-03-31SO300580ns5:CurrentFinancialInstruments2024-03-31SO300580ns5:CurrentFinancialInstruments2023-03-31SO300580ns5:MotorVehicles2023-03-31SO300580ns5:MotorVehicles2023-04-012024-03-31SO300580ns5:MotorVehicles2024-03-31SO300580ns5:MotorVehicles2023-03-31SO300580ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SO300580ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: SO300580 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOVIE QUARRY & CONCRETE PRODUCTS LLP

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOVIE QUARRY & CONCRETE PRODUCTS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: W W Lovie
Mrs D Lovie
M W Lovie
M C Lovie
Lovie Limited





REGISTERED OFFICE: Cowbog
New Pitsligo
Fraserburgh
Aberdeenshire
AB43 6PR





REGISTERED NUMBER: SO300580 (Scotland)





AUDITORS: Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 225,158 367,040

CURRENT ASSETS
Stocks 1,327,433 1,468,189
Debtors 6 1,536,790 1,477,703
Cash at bank and in hand 896,598 925,217
3,760,821 3,871,109
CREDITORS
Amounts falling due within one year 7 2,567,124 3,546,852
NET CURRENT ASSETS 1,193,697 324,257
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,418,855

691,297

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,418,855

691,297

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 1,418,855 691,297

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 19 March 2025 and were signed by:





W W Lovie - Designated member

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Lovie Quarry & Concrete Products LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements.Thus the members have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services in the normal course of business, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Motor vehicles - 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profitt or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognitions of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognitions of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
The taxation payable on the limited liability partnership profits is solely the personal liability of the individual members consequently neither limited liability partnership taxation nor related deferred taxation arising in respect of the limited liability partnership are accounted for in these financial statements.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Provisions
Provisions are recognised when the LLP has a legal or constructive present obligation as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed asset
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 63 (2023 - 65 ) .

5. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 691,911
DEPRECIATION
At 1 April 2023 324,871
Charge for year 141,882
At 31 March 2024 466,753
NET BOOK VALUE
At 31 March 2024 225,158
At 31 March 2023 367,040

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,445,095 1,394,577
Other debtors 91,695 83,126
1,536,790 1,477,703

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 602,590 719,093
Taxation and social security 282,842 308,892
Due to related parties 1,385,532 2,298,654
Other creditors 296,160 220,213
2,567,124 3,546,852

LOVIE QUARRY & CONCRETE PRODUCTS LLP (REGISTERED NUMBER: SO300580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 1,418,855 691,297

Falling due within one year 1,418,855 691,297

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Derek Mair, FCCA (Senior Statutory Auditor)
for and on behalf of Hall Morrice LLP

10. RELATED PARTY DISCLOSURES

During the year purchases of £1,343,304 (2023 - £1,492,536) were made from a company which is a member of the LLP. At the balance sheet date amounts payable to the member company totalled £1,377,865 (2023 - £2,286,632).

During the year purchases of £1,911 (2023 - £898) were made from companies under common control. At the balance sheet date amounts payable to companies under common control totalled £7,667 (2023 - £12,023).