Company No: SO306836 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	4,060		5,414
		4,060		5,414
Current assets
Debtors	4	1,079,979		860,065
Cash at bank and in hand		23,804		167,077
		1,103,783		1,027,142
Creditors: amounts falling due within one year	5	( 2,059)		( 2,061)
Net current assets		1,101,724		1,025,081
Total assets less current liabilities		1,105,784		1,030,495
Net assets attributable to members		1,105,784		1,030,495
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		681,464		585,000
Other amounts		439,815		339,881
		1,121,279		924,881
Members' other interests
Members' capital classified as equity		2		2
Other reserves		(15,497)		105,612
		(15,495)		105,614
		1,105,784		1,030,495
Total members' interests
Loans and other debts due to members		1,121,279		924,881
Members' other interests		(15,495)		105,614
		1,105,784		1,030,495

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of ALC2020 LLP (registered number: SO306836) were approved and authorised for issue by the Board of Directors on 04 September 2025. They were signed on its behalf by:

Andrew Clark Designated member

Laura Hepburn Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£	£
Amounts due to members				1,685,000	184,166	1,869,166
Balance at 01 April 2023	2	161,052	161,054	1,685,000	184,166	1,869,166	2,030,220
Profit for the financial year available for discretionary division among members	0	105,612	105,612	0	0	0	105,612
Members' interest after profit for the financial year	2	266,664	266,666	1,685,000	184,166	1,869,166	2,135,832
Drawings	0	0	0	0	(5,337)	(5,337)	(5,337)
Division of (profits)/losses	0	(161,052)	(161,052)	0	161,052	161,052	0
Drawdown of members capital	0	0	0	(1,100,000)	0	(1,100,000)	(1,100,000)
Amounts due to members				585,000	339,881	924,881
Balance at 31 March 2024	2	105,612	105,614	585,000	339,881	924,881	1,030,495
Loss for the financial year available for discretionary division among members	0	(15,497)	(15,497)	0	0	0	(15,497)
Members' interest after loss for the financial year	2	90,115	90,117	585,000	339,881	924,881	1,014,998
Introduced by members	0	0	0	580,750	0	580,750	580,750
Drawings	0	0	0	0	(5,678)	(5,678)	(5,678)
Division of (profits)/losses	0	(105,612)	(105,612)	0	105,612	105,612	0
Return of Capital	0	0	0	(484,286)	0	(484,286)	(484,286)
Amounts due to members				681,464	439,815	1,121,279
Balance at 31 March 2025	2	(15,497)	(15,495)	681,464	439,815	1,121,279	1,105,784

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ALC2020 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to LLP's subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation of equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year and participating members	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	6,410		6,410
At 31 March 2025	6,410		6,410
Accumulated depreciation
At 01 April 2024	996		996
Charge for the financial year	1,354		1,354
At 31 March 2025	2,350		2,350
Net book value
At 31 March 2025	4,060		4,060
At 31 March 2024	5,414		5,414

4. Debtors

	2025		2024
	£		£
Trade debtors	221,379		470,327
Other debtors	858,600		389,738
	1,079,979		860,065

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Other creditors	2,059		2,061