REGISTERED NUMBER: SO303925 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

W.I. Talbot LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr I M Chalmers

Mr G B Still

Mr A B Gove

REGISTERED OFFICE:

8 Albert Street

Aberdeen

AB25 1XQ

REGISTERED NUMBER:

SO303925 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Intangible assets

4

-

125

Tangible assets

5

69,954

59,795

69,954

59,920

CURRENT ASSETS

Stocks

30,026

32,932

Debtors

6

80,764

161,744

Accrued income

9,016

25,903

Cash at bank and in hand

48,517

36,340

168,323

256,919

CREDITORS

Amounts falling due within one year

7

86,114

114,167

NET CURRENT ASSETS

82,209

142,752

TOTAL ASSETS LESS CURRENT LIABILITIES

152,163

202,672

CREDITORS

Amounts falling due after more than one year

8

39,058

52,623

NET ASSETS ATTRIBUTABLE TO MEMBERS

113,105

150,049

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

113,105

149,049

MEMBERS' OTHER INTERESTS

Capital accounts

-

1,000

113,105

150,049

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

113,105

149,049

Members' other interests

-

1,000

113,105

150,049

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 31 March 2025.

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.

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 1 September 2025 and were signed by:

Mr I M Chalmers - Designated member

1.	STATUTORY INFORMATION

W.I. Talbot 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance and 20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs

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.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 7 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

3,730

AMORTISATION

At 1 April 2024

3,605

Amortisation for year

125

At 31 March 2025

3,730

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

125

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

21,763

125,094

29,107

175,964

Additions

490

35,995

1,014

37,499

Disposals

-

(31,863

)

-

(31,863

)

At 31 March 2025

22,253

129,226

30,121

181,600

DEPRECIATION

At 1 April 2024

18,562

72,981

24,626

116,169

Charge for year

1,012

23,786

2,542

27,340

Eliminated on disposal

-

(31,863

)

-

(31,863

)

At 31 March 2025

19,574

64,904

27,168

111,646

NET BOOK VALUE

At 31 March 2025

2,679

64,322

2,953

69,954

At 31 March 2024

3,201

52,113

4,481

59,795

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

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

73,939

DEPRECIATION

At 1 April 2024

21,826

Charge for year

14,787

At 31 March 2025

36,613

NET BOOK VALUE

At 31 March 2025

37,326

At 31 March 2024

52,113

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

74,271

156,566

Other debtors

6,493

5,178

80,764

161,744

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,000

10,007

Hire purchase contracts

3,425

3,425

Trade creditors

-

25,765

Taxation and social security

52,048

59,563

Other creditors

20,641

15,407

86,114

114,167

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

9,167

19,167

Hire purchase contracts

29,891

33,456

39,058

52,623

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.3.24

£

£

Amounts owed to members in respect of profits

113,105

149,049

Falling due within one year

113,105

149,049

Amounts due to (from) members represent allocated profits not yet paid to members and are due within one year. In the event of a winding-up, members’ reserves rank after unsecured creditors.