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REGISTERED NUMBER: SO300798 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Gibson McKerrell Brown LLP

Gibson McKerrell Brown LLP (Registered number: SO300798)






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




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Gibson McKerrell Brown LLP

General Information
for the Year Ended 30 April 2024







DESIGNATED MEMBERS: J M Cordery
Gibson McKerrell Brown Services Ltd.



REGISTERED OFFICE: 14 Rutland Square
Edinburgh
EH1 2BD



REGISTERED NUMBER: SO300798 (Scotland)



BANKERS: Clydesdale Bank
83 George Street
Edinburgh
EH2 3ES

Gibson McKerrell Brown LLP (Registered number: SO300798)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 99,937 149,905
Tangible assets 5 23,550 33,609
123,487 183,514

CURRENT ASSETS
Debtors 6 358,340 250,501
Prepayments and accrued income 451,667 446,464
Cash at bank and in hand 150,802 727
960,809 697,692
CREDITORS
Amounts falling due within one year 7 819,707 611,774
NET CURRENT ASSETS 141,102 85,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,589

269,432

CREDITORS
Amounts falling due after more than one
year

8

107,804

66,919
NET ASSETS ATTRIBUTABLE TO
MEMBERS

156,785

202,513

LOANS AND OTHER DEBTS DUE TO
MEMBERS

156,785

202,513

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 156,785 202,513

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 April 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.

Gibson McKerrell Brown LLP (Registered number: SO300798)

Statement of Financial Position - continued
30 April 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 8 August 2025 and were signed by:





J M Cordery - Designated member

Gibson McKerrell Brown LLP (Registered number: SO300798)

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

1. STATUTORY INFORMATION

Gibson McKerrell Brown LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

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.

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 is attributable to the company's principal activity of Chartered Accountants and Registered Auditors.

Intangible assets
Intangible Fixed Assets (Goodwill) are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Amortisation is calculated, using the straight line method, to amortise the depreciable amount of the assets to their residual values over their estimated useful lives as follows:

Goodwill - 10 years on cost

Amortisation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the intangible assets, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter.

Plant and machinery - 25% on reducing balance

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Gibson McKerrell Brown LLP (Registered number: SO300798)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 499,684
AMORTISATION
At 1 May 2023 349,779
Charge for year 49,968
At 30 April 2024 399,747
NET BOOK VALUE
At 30 April 2024 99,937
At 30 April 2023 149,905

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 155,080
Disposals (80,235 )
At 30 April 2024 74,845
DEPRECIATION
At 1 May 2023 121,471
Charge for year 7,849
Eliminated on disposal (78,025 )
At 30 April 2024 51,295
NET BOOK VALUE
At 30 April 2024 23,550
At 30 April 2023 33,609

Gibson McKerrell Brown LLP (Registered number: SO300798)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 66,675
DEPRECIATION
At 1 May 2023 38,546
Charge for year 7,032
At 30 April 2024 45,578
NET BOOK VALUE
At 30 April 2024 21,097
At 30 April 2023 28,129

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 320,994 215,582
Other debtors 37,346 34,919
358,340 250,501

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 152,055 73,348
Hire purchase contracts (see note 9) 27,325 8,999
Trade creditors 571,596 531,249
Taxation and social security 18,013 (3,346 )
Other creditors 50,718 1,524
819,707 611,774

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 104,889 35,959
Hire purchase contracts (see note 9) 2,915 30,960
107,804 66,919

Gibson McKerrell Brown LLP (Registered number: SO300798)

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

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 27,325 8,999
Between one and five years 2,915 30,960
30,240 39,959

Non-cancellable
operating leases
30.4.24 30.4.23
£    £   
Within one year 46,634 28,067

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 86,673 66,848
Bank loans 170,271 42,459
256,944 109,307