Company No: SO306894 (Scotland)

Contents

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

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	33,606		33,188
		33,606		33,188
Current assets
Stocks	4	1,200		1,200
Debtors	5	184,429		173,644
Cash at bank and in hand	6	66,612		148,280
		252,241		323,124
Creditors: amounts falling due within one year	7	( 134,528)		( 131,038)
Net current assets		117,713		192,086
Total assets less current liabilities		151,319		225,274
Creditors: amounts falling due after more than one year	8	( 101,422)		( 155,068)
Net assets attributable to members		49,897		70,206
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		0		(34,855)
Other amounts		(103)		55,061
		(103)		20,206
Members' other interests
Members' capital classified as equity		50,000		50,000
		50,000		50,000
		49,897		70,206
Total members' interests
Loans and other debts due to members		(103)		20,206
Members' other interests		50,000		50,000
		49,897		70,206

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 Jameson + Mackay LLP (registered number: SO306894) were approved and authorised for issue by the Board of Directors on 08 September 2025. They were signed on its behalf by:

Mr S D Inglis Designated member

Mrs V Buchanan 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)	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£
Amounts due to members		0	3,675	3,675
Balance at 01 April 2023	15,145	0	3,675	3,675	18,820
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	0	267,195	267,195	267,195
Members' interest after result for the financial year	15,145	0	270,870	270,870	286,015
Transfers	34,855	(34,855)	0	(34,855)	0
Drawings	0	0	(215,809)	(215,809)	(215,809)
Amounts due to members		(34,855)	55,061	20,206
Balance at 31 March 2024	50,000	(34,855)	55,061	20,206	70,206
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	0	221,285	221,285	221,285
Members' interest after result for the financial year	50,000	(34,855)	276,346	241,491	291,491
Drawings	0	0	(241,594)	(241,594)	(241,594)
Transfer	0	34,855	(34,855)	0	0
Amounts due from members			(103)	(103)
Balance at 31 March 2025	50,000	0	(103)	(103)	49,897

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

In the prior period, £34,855 was included under Members' capital (classified as debt), this has been reclassified in the current period to Other amounts.

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

Jameson + Mackay 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 1 Charlotte Street, Perth, PH1 5LP, 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 companies 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.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Leasehold improvements	depreciated over the life of the lease
Office equipment	10 % reducing balance
Computer equipment	10 - 20 % reducing balance
Other property, plant and equipment	not depreciated

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.

Included within other property, plant and equipment are heritage assets. No depreciation has been provided in respect of these assets. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. However, the members consider that there has been no diminution in the value of these assets.

Leases

The LLP as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, 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.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible 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 extent of the impairment loss (if any).

Stocks

Stock comprises stationery and consumables and is stated at cost.

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.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
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 the 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 business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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 automatically divided as they arise and are charged as an expense in the profit and loss account and credited to other debts due to members on the balance sheet.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	18		21

3. Tangible assets

	Leasehold improve- ments		Office equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	19,003		42,800		14,125		7,837		83,765
Additions	0		0		3,672		0		3,672
At 31 March 2025	19,003		42,800		17,797		7,837		87,437
Accumulated depreciation
At 01 April 2024	5,961		35,291		9,325		0		50,577
Charge for the financial year	1,491		751		1,012		0		3,254
At 31 March 2025	7,452		36,042		10,337		0		53,831
Net book value
At 31 March 2025	11,551		6,758		7,460		7,837		33,606
At 31 March 2024	13,042		7,509		4,800		7,837		33,188

4. Stocks

	2025		2024
	£		£
Stocks	1,200		1,200

5. Debtors

	2025		2024
	£		£
Trade debtors	9,905		14,413
Amounts recoverable on contracts	98,264		102,532
Prepayments	14,978		20,109
Other debtors	61,282		36,590
	184,429		173,644

Within Other debtors are net balances held by the LLP on behalf of and in the name of clients as follows 2025: £61,282 (2024: £36,590)

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	66,612		148,280

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	14,091		15,624
Other taxation and social security	61,455		56,441
Other creditors	58,982		58,973
	134,528		131,038

The bank loan is secured by a floating charge.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		14,104
Other creditors	101,422		140,964
	101,422		155,068

The bank loan is secured by a floating charge.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	52,868		51,360
between one and five years	173,892		149,900
after five years	90,750		123,750
	317,510		325,010

10. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.