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Notes to the financial statements
For the year ended 31 December 2024
The LLP is a limited liability partnership incorporated in England and Wales. The registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and the registration number is OC383355. The principal place of business address is Muirhall Farm Auchengray, Carnwath, Lanark, South Lanarkshire, ML11 8LL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act
2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability
Partnerships'.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and
the parent and group are considered eligible for the exemption to prepare consolidated accounts. These
financial statements therefore present information about the LLP as an individual undertaking and not about
its group.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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