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REGISTERED NUMBER: SO304381 (Scotland)
















Financial Statements

for the Year Ended 30 September 2024

for

McMahon Retail LLP

McMahon Retail LLP (Registered number: SO304381)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McMahon Retail LLP

General Information
for the Year Ended 30 September 2024







DESIGNATED MEMBERS: Miss J McMahon
Mr H P McMahon
Mrs E McMahon





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SO304381 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

McMahon Retail LLP (Registered number: SO304381)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 100,000 100,000

CURRENT ASSETS
Debtors 5 208 208

CREDITORS
Amounts falling due within one year 6 950 950
NET CURRENT LIABILITIES (742 ) (742 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

99,258

99,258

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

4,258

4,258

MEMBERS' OTHER INTERESTS
Capital accounts 95,000 95,000
99,258 99,258

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 4,258 4,258
Members' other interests 95,000 95,000
99,258 99,258

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 year ended 30 September 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.

McMahon Retail LLP (Registered number: SO304381)

Balance Sheet - continued
30 September 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 16 April 2025 and were signed by:




Mr H P McMahon - Designated member




Mrs E McMahon - Designated member


McMahon Retail LLP (Registered number: SO304381)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

McMahon Retail 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 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. The financial statements have been prepared under the historical cost convention as adjusted for certain items at fair value.

Going concern
The accounts have been prepared on a going concern basis as the Partners' continue to seek a buyer for the remaining freehold land held on the balance sheet. The partnership's activities will continue to be supported by the partners in the form of members capital and loan capital. In addition there is no reliance on bank borrowings.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land & premises - 2% on cost

Tangible fixed assets are stated at cost less depreciation.

Investment Property
The Partnership early adopted the amendments to FRS 102 Triennial review 2017: Incremental improvements and clarifications, published by the Financial Reporting Council in December 2017, in respect of the accounting treatment for Investment Properties. The fair value carried forward was based on the current market information available to the Partners.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current account balances when paid.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company 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.

3. EMPLOYEE INFORMATION

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

McMahon Retail LLP (Registered number: SO304381)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Freehold
land &
premises
£   
COST
At 1 October 2023
and 30 September 2024 100,000
NET BOOK VALUE
At 30 September 2024 100,000
At 30 September 2023 100,000

Included in valuation of land and buildings is freehold land of £100,000 (2021 - £100,000) which is not
depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 208 208

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 950 950

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 4,258 4,258

Falling due within one year 4,258 4,258

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. ULTIMATE CONTROLLING PARTY

The Limited Liability Partnership is under the control of Mr and Mrs H P McMahon.