REGISTERED NUMBER: |
Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
for |
Gregor Watson LLP |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
for |
Gregor Watson LLP |
Gregor Watson LLP (Registered number: SO307304) |
Contents of the Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Gregor Watson LLP |
General Information |
for the Period 1 March 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
Karen Watson |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
KA9 2PB |
Gregor Watson LLP (Registered number: SO307304) |
Balance Sheet |
31 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 ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,614 |
52,198 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
3,614 |
51,198 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 1,000 | 1,000 |
4,614 | 52,198 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 3,614 | 51,198 |
Members' other interests | 1,000 | 1,000 |
4,614 | 52,198 |
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. |
Gregor Watson LLP (Registered number: SO307304) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Gregor Watson LLP (Registered number: SO307304) |
Notes to the Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Gregor Watson LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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. |
Going Concern |
As indicated in the report of the members the partnership's trading activities effectively came to a close on 30 November 2022. As such the accounts have been prepared on a breakup basis and the balance sheet as at 28 February 2023 reflects this. The partners are currently considering the future use if any of the LLP partnership. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less depreciation. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash held by the partnership and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
Taxation |
No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax paid by the partnership to satisfy partners tax liabilities is charged to their respective capital account balances. |
Impairment of fixed assets |
At each reporting date, the partnership reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - |
Gregor Watson LLP (Registered number: SO307304) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 March 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Creditors and accruals |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors |
8. | CONTROLLING PARTY |
The Limited Liability Partnership is under the control of Mr Peter Watson and Mrs Karen Watson. |
9. | DEBTS DUE TO MEMBERS |
Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors |