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REGISTERED NUMBER: SC612946 (Scotland)














GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

SLLP 246 LIMITED

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


SLLP 246 LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTORS: TM Allan
C Donaldson





SECRETARY: Stronachs Secretaries Limited





REGISTERED OFFICE: 28 Albyn Place
Aberdeeen
AB10 1YL





REGISTERED NUMBER: SC612946 (Scotland)





AUDITORS: NUVO Audit Limited
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

GROUP STRATEGIC REPORT
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
The group continues to specialise in the provision of temporary staff to primarily the oil and gas industry.

The group is recognised internationally for providing quality permanent and temporary recruitment services in the trades and disciplines of front-line offshore and onshore operations. The group supplies permanent and temporary personnel in Offshore/Drilling, Trades, Commercial, Industrial, Engineering & Construction industries.

We consider the key performance indicators to be those which reflect the financial performance and strength of the group, these being turnover, gross profit margins and net profit before tax.

The gross profit to 31 August 2024 is £2,924,185 (2023: £2,721,346).

Net profit before tax to 31 August 2024 is £1,058,569 (2023: £890,886).

With oil prices on a downward trend since 2014, oil & gas companies have consequently been scaling down their Capex and deferring offshore projects. This has had a direct effect on performance as contracts were re-negotiated for lower day-rates and in some cases the cancelling of contracts specially during the Covid-19 global pandemic causing major uncertainty.

A few years on since the global pandemic, a shift can be seen in the market which is presented by the continued favourable performance experienced by the group, in part due to Covid-19 global pandemic restrictions being fully lifted as well as the rising demand in the oil and gas industry.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the group.

The principal risks and uncertainties for the business are considered to be the oil price and the direct impact fluctuations in this price have on the economic and financial market. At present, the industry is experiencing an upward turn in the market and the group is adapting to this accordingly.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The polices set by the board of directors are implemented by the group's finance department.

All of the business' cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

FUTURE DEVELOPMENTS
The group is a multi-disciplined recruitment business which has developed a proven track record for providing specialist personnel to clients across the Oil & Gas and Renewable industries. As a consequence of the ever changing fluctuations in oil price and the effect this has on clients, there continues to be pressure on margins.

ON BEHALF OF THE BOARD:





C Donaldson - Director


21 May 2025

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of an employment agency and the provision of temporary staff.

DIVIDENDS
No interim dividends were paid during the year ended 31 August 2024.

The directors recommend final dividends per share as follows:

Ordinary A £1 shares £1,147.26
Ordinary B £1 shares NIL

The total distribution of dividends for the year ended 31 August 2024 will be £ 114,726 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

TM Allan
C Donaldson

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group has made charitable donations to local charities. There were no political donations made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, NUVO Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Donaldson - Director


21 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SLLP 246 LIMITED

Opinion
We have audited the financial statements of SLLP 246 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SLLP 246 LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP
- Companies Act 2006
- Corporation Tax legislation
- VAT legislation
- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;
- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SLLP 246 LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alison Brown (Senior Statutory Auditor)
for and on behalf of NUVO Audit Limited
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX

21 May 2025

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 19,159,336 19,622,940

Cost of sales 16,235,151 16,901,594
GROSS PROFIT 2,924,185 2,721,346

Administrative expenses 1,716,133 1,659,345
OPERATING PROFIT 5 1,208,052 1,062,001

Interest receivable and similar income 7,838 2,816
1,215,890 1,064,817

Interest payable and similar expenses 6 157,321 173,931
PROFIT BEFORE TAXATION 1,058,569 890,886

Tax on profit 7 422,254 328,632
PROFIT FOR THE FINANCIAL YEAR 636,315 562,254
Profit attributable to:
Owners of the parent 636,315 562,254

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 636,315 562,254


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

636,315

562,254

Total comprehensive income attributable to:
Owners of the parent 636,315 562,254

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

CONSOLIDATED BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 954,974 1,156,021
Tangible assets 11 211,037 273,304
Investments 12 - -
1,166,011 1,429,325

CURRENT ASSETS
Debtors 13 4,465,751 4,229,153
Cash at bank and in hand 867,154 671,116
5,332,905 4,900,269
CREDITORS
Amounts falling due within one year 14 5,064,984 4,923,100
NET CURRENT ASSETS/(LIABILITIES) 267,921 (22,831 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,433,932

1,406,494

CREDITORS
Amounts falling due after more than one year 15 (8,720 ) (498,858 )

PROVISIONS FOR LIABILITIES 19 (3,531 ) (7,544 )
NET ASSETS 1,421,681 900,092

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 21 1,420,681 899,092
SHAREHOLDERS' FUNDS 1,421,681 900,092

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





C Donaldson - Director


SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

COMPANY BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,422,012 4,422,012
4,422,012 4,422,012

CURRENT ASSETS
Debtors 13 325 325

CREDITORS
Amounts falling due within one year 14 3,793,968 3,168,432
NET CURRENT LIABILITIES (3,793,643 ) (3,168,107 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

628,369

1,253,905

CREDITORS
Amounts falling due after more than one year 15 - 479,925
NET ASSETS 628,369 773,980

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 627,369 772,980
SHAREHOLDERS' FUNDS 628,369 773,980

Company's loss for the financial year (30,885 ) (56,962 )

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





C Donaldson - Director


SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 1,000 414,564 415,564

Changes in equity
Dividends - (77,726 ) (77,726 )
Total comprehensive income - 562,254 562,254
Balance at 31 August 2023 1,000 899,092 900,092

Changes in equity
Dividends - (114,726 ) (114,726 )
Total comprehensive income - 636,315 636,315
Balance at 31 August 2024 1,000 1,420,681 1,421,681

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 1,000 907,668 908,668

Changes in equity
Dividends - (77,726 ) (77,726 )
Total comprehensive income - (56,962 ) (56,962 )
Balance at 31 August 2023 1,000 772,980 773,980

Changes in equity
Dividends - (114,726 ) (114,726 )
Total comprehensive income - (30,885 ) (30,885 )
Balance at 31 August 2024 1,000 627,369 628,369

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,305,845 1,564,830
Interest paid (157,321 ) (173,931 )
Tax paid (340,115 ) (177,369 )
Net cash from operating activities 808,409 1,213,530

Cash flows from investing activities
Purchase of tangible fixed assets (7,091 ) (43,466 )
Sale of tangible fixed assets - 11,000
Interest received 7,838 2,816
Net cash from investing activities 747 (29,650 )

Cash flows from financing activities
Loan repayments in year (495,110 ) (879,225 )
Amount introduced by directors 397 4,586
Amount withdrawn by directors (3,679 ) (2,033 )
Equity dividends paid (114,726 ) (77,726 )
Net cash from financing activities (613,118 ) (954,398 )

Increase in cash and cash equivalents 196,038 229,482
Cash and cash equivalents at beginning of year 2 671,116 441,634

Cash and cash equivalents at end of year 2 867,154 671,116

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,058,569 890,886
Depreciation charges 268,271 277,460
Loss on disposal of fixed assets 2,136 2,134
Finance costs 157,321 173,931
Finance income (7,838 ) (2,816 )
1,478,459 1,341,595
(Increase)/decrease in trade and other debtors (236,598 ) 799,889
Increase/(decrease) in trade and other creditors 63,984 (576,654 )
Cash generated from operations 1,305,845 1,564,830

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 867,154 671,116
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 671,116 441,634


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 671,116 196,038 867,154
671,116 196,038 867,154
Debt
Debts falling due within 1 year (350,095 ) 4,971 (345,124 )
Debts falling due after 1 year (498,858 ) 490,138 (8,720 )
(848,953 ) 495,109 (353,844 )
Total (177,837 ) 691,147 513,310

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

SLLP 246 Limited is a private company, limited by shares , registered in Scotland. The company'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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the provision of personnel to clients. Turnover is recognised on the completion of approved timesheets and on placement of personnel.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% reducing balance
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Investments
Investments held as fixed assets are stated at costs less provision for permanent diminution in value.

Dividends in respect of investments held are accounted for upon receipt.

Leasing commitments
Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases, (net of any incentives received from lessors), are recognised in the income statement on a straight-line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 15,417,873 15,876,144
Social security costs 1,268,491 1,355,699
Other pension costs 126,225 132,316
16,812,589 17,364,159

The average number of employees during the year was as follows:
2024 2023

Temping 190 193
Administration 15 15
205 208

During the year the company has paid £3,504 (2023: £2,520) to a Group Death in Service Benefits Scheme

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 19,564 19,570
Directors' pension contributions to money purchase schemes 3,600 3,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 67,222 76,414
Loss on disposal of fixed assets 2,136 2,134
Goodwill amortisation 201,047 201,047
Auditors' remuneration 22,117 21,500
Foreign exchange differences 1,638 4,120

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 7,619 7,052
Bank loan interest 650 499
HMRC interest - 332
Invoice discounting interest 125,574 119,669
Loan interest 23,478 46,379
157,321 173,931

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 426,266 324,357

Deferred tax (4,012 ) 4,275
Tax on profit 422,254 328,632

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,058,569 890,886
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

264,642

222,722

Effects of:
Expenses not deductible for tax purposes 147,320 148,709
Income not taxable for tax purposes - (184 )
Depreciation in excess of capital allowances 14,304 5,648
Deferred tax (4,012 ) 4,275
Marginal relief - (52,538 )
Total tax charge 422,254 328,632

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Final 114,726 77,726

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 2,010,471
AMORTISATION
At 1 September 2023 854,450
Amortisation for year 201,047
At 31 August 2024 1,055,497
NET BOOK VALUE
At 31 August 2024 954,974
At 31 August 2023 1,156,021

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 162,194 51,053 220,741 38,625 472,613
Additions - 6,758 - 333 7,091
Disposals - - - (5,414 ) (5,414 )
At 31 August 2024 162,194 57,811 220,741 33,544 474,290
DEPRECIATION
At 1 September 2023 65,998 31,455 84,570 17,286 199,309
Charge for year 10,752 10,293 34,042 12,135 67,222
Eliminated on disposal - - - (3,278 ) (3,278 )
At 31 August 2024 76,750 41,748 118,612 26,143 263,253
NET BOOK VALUE
At 31 August 2024 85,444 16,063 102,129 7,401 211,037
At 31 August 2023 96,196 19,598 136,171 21,339 273,304

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 September 2023
and 31 August 2024 4,422,012
NET BOOK VALUE
At 31 August 2024 4,422,012
At 31 August 2023 4,422,012

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Tulloch Recruitment (Aberdeen) Limited
Registered office: 28 Albyn Place, Aberdeen, AB10 1YL
Nature of business: Employment agency
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,273,710 813,265
Profit for the year 460,445 496,538


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,629,914 3,315,109 - -
Other debtors 184,555 241,905 325 325
Prepayments 651,282 672,139 - -
4,465,751 4,229,153 325 325

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 10,245 10,031 - -
Other loans (see note 16) 334,879 340,064 334,879 340,064
Trade creditors 87,392 210,532 - -
Amounts owed to group undertakings - - 3,455,933 2,821,672
Tax 327,015 240,862 (6,951 ) (3,195 )
Social security and other taxes 302,376 321,128 - -
VAT 505,653 508,918 - -
Other creditors 2,925,655 2,484,555 - -
Directors' current accounts - 3,282 - -
Accrued expenses 571,769 803,728 10,107 9,891
5,064,984 4,923,100 3,793,968 3,168,432

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 8,720 18,933 - -
Other loans (see note 16) - 479,925 - 479,925
8,720 498,858 - 479,925

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 10,245 10,031 - -
Other loans 334,879 340,064 334,879 340,064
345,124 350,095 334,879 340,064
Amounts falling due between one and two years:
Bank loans - 1-2 years 8,720 10,245 - -
Other loans - 1-2 years - 350,408 - 350,408
8,720 360,653 - 350,408
Amounts falling due between two and five years:
Bank loans - 2-5 years - 8,688 - -
Other loans - 2-5 years - 129,517 - 129,517
- 138,205 - 129,517

The company was advanced a loan of £3,545,500 in June 2019. The loan is repayable in 78 monthly instalments. The interest rate is 3% and the loan is unsecured.

A subsidiary company received a Bounce Back loan, of £50,000, in June 2020. The loan is repayable in 60 monthly instalments. The interest rate is 2.5% and the loan is unsecured.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 62,311 62,311
Between one and five years 234,196 239,507
In more than five years 114,000 171,000
410,507 472,818

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Invoice discounting advance 2,485,591 1,918,223

A Bond and Floating Charge is held by the bank over the whole assets of the group.

A Corporate Guarantee is in place, executed by SLLP 246 Limited.

A Multi Client Guarantee is in place, executed by Tulloch Recruitment (Aberdeen) Limited.

A Multi Client Guarantee is in place, executed by Team Recruitment (Aberdeen) Limited.

The invoice discounting advance is secured over £1,291,879 (2023: £1,234,293) of Team Recruitment (Aberdeen) Limited trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited and £2,338,035 (2023: £2,080,817) of Tulloch Recruitment (Aberdeen) Limited trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 3,531 7,544

Group
Deferred
tax
£   
Balance at 1 September 2023 7,544
Provided during year (4,013 )
Balance at 31 August 2024 3,531

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100
900 Ordinary B £1 900 900
1,000 1,000

21. RESERVES

Group
Retained
earnings
£   

At 1 September 2023 899,092
Profit for the year 636,315
Dividends (114,726 )
At 31 August 2024 1,420,681

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

21. RESERVES - continued

Company
Retained
earnings
£   

At 1 September 2023 772,980
Deficit for the year (30,885 )
Dividends (114,726 )
At 31 August 2024 627,369


22. PENSION COMMITMENTS

The company's defined contribution pension cost for the year was £122,625 (2023: £128,718). At the year end there was a pension creditor of £25,014 (2023: £20,902) outstanding.

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 54,133 -

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
TM Allan
Balance outstanding at start of year - 350
Amounts repaid - (350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

C Donaldson
Balance outstanding at start of year (3,282 ) (1,079 )
Amounts advanced 3,282 721
Amounts repaid - (2,924 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (3,282 )

The loans are interest free and repayable on demand.

25. RELATED PARTY DISCLOSURES

Properties rented by the group are owned by a small self administered pension scheme of which one of the directors is a trustee. During the year rent for the premises of £57,000 (2023: £57,000) was paid to the pension scheme.

Key management personnel compensation for the year ended 31 August 2024 was £23,353 (2023: £23,362).

Loan note securities of £334,879 (2023: £819,989) are due to one of the directors. They are expected to be paid within the next 12 months. Interest of £19,936 (2023: £46,379) was charged in the year.

As at 31 August 2024, there is a balance due from a company of £112,672 (2023: £157,672) that is controlled and directed by common directors.

SLLP 246 LIMITED (REGISTERED NUMBER: SC612946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is TM Allan.