Mackintosh & Wylie LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: SO302893 (Scotland)

Unaudited Financial Statements

for the Period 1 May 2024 to 31 March 2025

for

Mackintosh & Wylie LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs F Connolly

Miss L Murray

REGISTERED OFFICE:

23 The Foregate

Kilmarnock

Ayrshire

KA1 1LE

REGISTERED NUMBER:

SO302893 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

KA9 2PB

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

209,965

210,326

209,965

210,326

CURRENT ASSETS

Stocks

6

157,416

147,144

Debtors

7

5,922,771

9,056,196

Cash at bank and in hand

2,243,134

1,078,238

8,323,321

10,281,578

CREDITORS

Amounts falling due within one year

8

8,208,390

10,219,653

NET CURRENT ASSETS

114,931

61,925

TOTAL ASSETS LESS CURRENT
LIABILITIES

324,896

272,251

CREDITORS

Amounts falling due after more than one
year

9

111,842

191,911

NET ASSETS ATTRIBUTABLE TO
MEMBERS

213,054

80,340

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

141,834

9,120

MEMBERS' OTHER INTERESTS

Revaluation reserve

12

71,220

213,054

80,340

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

141,834

9,120

Members' other interests

71,220

213,054

80,340

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 period 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29 July 2025 and were signed by:

Miss L Murray - Designated member

1.	STATUTORY INFORMATION

Mackintosh & Wylie LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Going concern

After reviewing the limited liability partnership's current and likely future trading performance, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members therefore have adopted a going concern basis in preparing the financial statements.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

measured at fair value

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Land and buildings held and used in the limited liability partnership's own activities are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease is credited to the revaluation reserve in Members' Other Interests. No taxation is provided in relation to the revaluation adjustments.

Depreciation has not been provided on the land and property, on the basis that the members consider the residual value of the property to be higher than the original cost.

Other fixed assets are stated at cost less depreciation.

Impairment of fixed assets

At each reporting date, the limited liability partnership reviews the carrying amounts of its tangible and intangible fixed 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 amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

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.

Taxation

No provision is made in the financial statements for member's tax on their profit share. Any tax paid by the LLP is charged to the member's current account when paid.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was 22 (2024 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2024

and 31 March 2025

85,777

AMORTISATION

At 1 May 2024

and 31 March 2025

85,777

NET BOOK VALUE

At 31 March 2025

-

At 30 April 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

COST OR VALUATION

At 1 May 2024

200,000

4,784

25,106

71,870

301,760

Additions

-

1,302

At 31 March 2025

200,000

4,784

25,106

73,172

303,062

DEPRECIATION

At 1 May 2024

-

1,878

22,232

67,324

91,434

Charge for period

-

436

431

796

1,663

At 31 March 2025

-

2,314

22,663

68,120

93,097

NET BOOK VALUE

At 31 March 2025

200,000

2,470

2,443

5,052

209,965

At 30 April 2024

200,000

2,906

2,874

4,546

210,326

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

Valuation in 2024

(67,500

)

-

(67,500

)

Valuation in 2017

138,720

-

138,720

Cost

128,780

4,784

25,106

73,172

231,842

200,000

4,784

25,106

73,172

303,062

Freehold land and buildings were valued on an open market basis on 31 December 2023 by Graham & Sibbald LLP .

6.

STOCKS

2025

2024

£

Work-in-progress

157,416

147,144

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

66,577

118,433

Other debtors

5,856,194

8,937,763

5,922,771

9,056,196

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

17,817

67,867

Trade creditors

6,196

6,389

Taxation and social security

41,194

72,197

Other creditors

8,143,183

10,073,200

8,208,390

10,219,653

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans

-

3,701

Other creditors

111,842

188,210

111,842

191,911

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank overdrafts

10,410

23,422

Bank loans

7,407

48,146

17,817

71,568

Bank borrowings are secured by a floating charge over all property and assets of the limited liability partnership.

The bounceback bank loan is supported by a 100% guarantee from the UK Government.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

Amounts owed to members in respect of profits

141,834

9,120

Falling due within one year

141,834

9,120

Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity) rank after unsecured creditors.

12.

RESERVES

Revaluation

reserve

£

At 1 May 2024

71,220

At 31 March 2025

71,220