Registered No. SO307735 (Scotland)
John Milne Auctioneers LLP
Unaudited accounts
for the year ended 31 March 2025
John Milne Auctioneers LLP
LLP Information
for the year ended 31 March 2025
Designated members
Mr Graham John Lumsden
Mr Alexander Davidson Milne
Miss Isobel Frances Milne
Registered Number
SO307735 (Scotland)
Registered Office
9-11 North Silver Street
Aberdeen
AB10 1RJ
Scotland
Accountants
Granite Accountants (Aberdeen) Limited
2 Queens Road
Aberdeen
AB15 4ZT
John Milne Auctioneers LLP
Statement of financial position
as at 31 March 2025
Tangible assets
906,077
907,277
Cash at bank and in hand
3,091
859
Creditors: amounts falling due within one year
(172,030)
(165,755)
Net current liabilities
(137,201)
(132,276)
Total assets less current liabilities
768,876
775,001
Creditors: amounts falling due after more than one year
-
(9,573)
Net assets attributable to members
768,876
765,428
Loans and other debts due to members
768,876
765,428
Loans and other debts due to members
768,876
765,428
For the year ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 19 September 2025.
Mr Alexander Davidson Milne
Designated member
Limited Liability Partnership Registration No. SO307735
John Milne Auctioneers LLP
Notes to the Accounts
for the year ended 31 March 2025
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10 years straight line
Computer equipment
10 years straight line
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
John Milne Auctioneers LLP is a limited liability partnership, incorporated in Scotland, registration number SO307735. Its registered office is 9-11 North Silver Street, Aberdeen, AB10 1RJ, Scotland.
3
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2024
900,800
7,649
908,449
At 31 March 2025
900,800
7,649
908,449
At 1 April 2024
-
1,172
1,172
Charge for the year
-
1,200
1,200
At 31 March 2025
-
2,372
2,372
At 31 March 2025
900,800
5,277
906,077
At 31 March 2024
900,800
6,477
907,277
John Milne Auctioneers LLP
Notes to the Accounts
for the year ended 31 March 2025
4
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
143,420
139,388
Trade creditors
2,225
1,084
Taxes and social security costs
16,505
13,772
Clydesdale Bank PLC hold a standard security over the land and buildings of the company in relation to a bank loan. The carrying value of the land and buildings which are secured is £900,800.
5
Creditors: amounts falling due after more than one year
2025
2024
6
Loans and other debts due to members
2025
2024
Loans from members
755,989
770,818
Amounts due to members in respect of profits
12,887
(5,390)
Amounts falling due within one year
768,876
765,428
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
7
Average number of employees
During the year the average number of employees was 7 (2024: 8).