| Registered number: SO307968 | ||||||||
| FOR THE 379 DAY PERIOD ENDED 31 MARCH 2025 | ||||||||
| Prepared By: | ||||||||
| Cunningham Grant | ||||||||
| Chartered Accountants | ||||||||
| Unit G6, The Granary Business Centre | ||||||||
| Coal Road, Cupar | ||||||||
| Fife | ||||||||
| KY15 5YQ | ||||||||
| Fife Architects LLP | ||||||||
| CONTENTS | ||||||||
| Page | ||||||||
| Report of the Members | - | |||||||
| Report of the Accountants | - | |||||||
| Profit and Loss Account | - | |||||||
| Balance Sheet | 3 | |||||||
| Notes to the Accounts | 4 | |||||||
| The following do not form part of the statutory financial statements: | ||||||||
| Trading and Profit and Loss Account | - | |||||||
| Profit and Loss Account Summaries | - | |||||||
| Capital Accounts | - | |||||||
| Current Accounts | - | |||||||
| Fife Architects LLP | ||||||||
| FINANCIAL STATEMENTS | ||||||||
| FOR THE 379 DAY PERIOD ENDED 31 MARCH 2025 | ||||||||
| DESIGNATED MEMBERS | ||||||||
| REGISTERED OFFICE | ||||||||
| Fife | ||||||||
| COMPANY NUMBER | ||||||||
| ACCOUNTANTS | ||||||||
| Cunningham Grant | ||||||||
| Chartered Accountants | ||||||||
| Unit G6, The Granary Business Centre | ||||||||
| Coal Road, Cupar | ||||||||
| Fife | ||||||||
| KY15 5YQ | ||||||||
| Fife Architects LLP | ||||||||
| BALANCE SHEET AT | ||||||||
| 2025 | ||||||||
| Notes | £ | |||||||
| FIXED ASSETS | ||||||||
| Tangible assets | 3 | |||||||
| CURRENT ASSETS | ||||||||
| Debtors | 4 | |||||||
| 8,479 | ||||||||
| CREDITORS: Amounts falling due within one year | 5 | |||||||
| NET CURRENT LIABILITIES | ( | |||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( | |||||||
| CREDITORS: Amounts falling due after more than oneyear | 6 | 7,439 | ||||||
| NET LIABILITIES ATTRIBUTABLE TO MEMBERS | (14,347) | |||||||
| LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 2,640 | ||||||
| MEMBERS ' OTHER INTERESTS | ||||||||
| Capital accounts | (16,987) | |||||||
| (14,347) | ||||||||
| TOTAL MEMBERS' INTERESTS | ||||||||
| Loans and other debts due to members | 8 | 2,640 | ||||||
| Members' other interests | (16,987) | |||||||
| (14,347) | ||||||||
| Approved by the members on | ||||||||
| ............................. | ||||||||
| Designated Member | ||||||||
| Fife Architects LLP | ||||||||
| NOTES TO THE ACCOUNTS | ||||||||||
| FOR THE 379 DAY PERIOD ENDED 31 MARCH 2025 | ||||||||||
| 1. ACCOUNTING POLICIES |
| 1a. General Information And Basis Of Accounting | ||||||||
| Fife Architects LLP isa Limited Liability Partnership incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. | ||||||||
| The 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. There were no material departures from that standard. | ||||||||
| The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown. | ||||||||
| 1b. Turnover | ||||||||
| Turnover is recognised as the fair value of the consideration received or receivable for services provided in the normal course of business, net of VAT and trade discounts. | ||||||||
| Turnover is recognised when significant risks and rewards have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. | ||||||||
| 1c. Depreciation | ||||||||
| Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: | ||||||||
| Equipment | straight line25% | |||||||
| 1d. Cash And Cash Equivalents | ||||||||
| Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at 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. | ||||||||
| Fife Architects LLP | ||||||||
| 1e. Financial Instruments | ||||||||
| 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. | ||||||||
| Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. | ||||||||
| 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 operations 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. | ||||||||
| 1f. Taxation | ||||||||
| Members are personally liable for taxation on their share of the partnership profits. Consequently no provision for taxation is made in the financial statements in respect of members' tax liabilities, and the profits are shown without deduction of tax. | ||||||||
| 1g. Pension Costs | ||||||||
| The LLP operates a defined contribution pension scheme. The pension charge represents the amounts payable by the LLP to the fund in respect of the year. | ||||||||
| 1h. Government Grants | ||||||||
| Revenue grants are recognised in profit and loss in the year in which they are received. Capital grants received are treated as deferred credits and credited to profit and loss account over the estimated useful life of the relevant fixed assets. | ||||||||
| 1i. Critical Accounting Estimates And Judgements | ||||||||
| In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. | ||||||||
| The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. | ||||||||
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. | ||||||||
| 2. EMPLOYEES | ||||||
| 2025 | ||||||
| No. | No. | |||||
| Average number of employees | ||||||
| Fife Architects LLP | ||||||||
| 3. TANGIBLE FIXED ASSETS | ||||
| Equipment | Total | |||
| £ | £ | |||
| Cost | ||||
| Additions | 10,673 | 10,673 | ||
| At 31 March 2025 | 10,673 | 10,673 | ||
| Depreciation | ||||
| For the 379 day period | 2,669 | 2,669 | ||
| At 31 March 2025 | 2,669 | 2,669 | ||
| Net Book Amounts | ||||
| At 31 March 2025 | 8,004 | |||
| 4. DEBTORS | 2025 | |||||||
| £ | ||||||||
| Amounts falling due within one year: | ||||||||
| Trade debtors | 7,185 | |||||||
| Other Debtors | 1,294 | |||||||
| 8,479 | ||||||||
| 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
| 2025 | ||||||||
| £ | ||||||||
| Bank loans and overdrafts | ||||||||
| Taxation and social security | 10,671 | |||||||
| Other creditors | 1,965 | |||||||
| 23,391 | ||||||||
| Fife Architects LLP | ||||||||
| 6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
| 2025 | ||||||||
| £ | ||||||||
| Bank loans and overdrafts | 7,439 | |||||||
| 7,439 | ||||||||
| 7. OTHER FINANCIAL COMMITMENTS | ||||||||
| At 31 March 2025 the company was committed to making the following payments under non-cancellable operating leases in the forthcoming financial year: | ||||||||
| 2025 | ||||||||
| £ | ||||||||
| Operating Leases which expire: | ||||||||
| Within one year | 2,645 | |||||||
| Within two to five years | 25,986 | |||||||
| 8. LOANS AND OTHER DEBTS DUE TO MEMBERS | 2025 | |||||||
| £ | ||||||||
| Amounts due to members | 2,640 | |||||||
| The loans and debts due to members rank equally with debts due to ordinary creditors in a winding up. | ||||||||