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REGISTERED NUMBER: SO307304 (Scotland)
















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: Peter Watson
Karen Watson





REGISTERED OFFICE: 1 Dockhead Street
Saltcoats
Ayrshire
KA21 5EF





REGISTERED NUMBER: SO307304 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
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 - 20,250

CURRENT ASSETS
Stocks 300 300
Debtors 5 3,301 4,064
Cash at bank and in hand 1,013 34,086
4,614 38,450
CREDITORS
Amounts falling due within one year 6 - 6,502
NET CURRENT ASSETS 4,614 31,948
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 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 period ended 31 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.

Gregor Watson LLP (Registered number: SO307304)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 March 2025 and were signed by:





Peter Watson - Designated member

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 - 3 ).

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 5,475 24,778 320 30,573
Disposals (5,475 ) (24,778 ) (320 ) (30,573 )
At 31 March 2024 - - - -
DEPRECIATION
At 1 March 2023 3,475 6,528 320 10,323
Eliminated on disposal (3,475 ) (6,528 ) (320 ) (10,323 )
At 31 March 2024 - - - -
NET BOOK VALUE
At 31 March 2024 - - - -
At 28 February 2023 2,000 18,250 - 20,250

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 350
Other debtors 3,301 3,714
3,301 4,064

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Creditors and accruals - 6,502

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