Company No: SO305352 (Scotland)

Contents

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

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	320,018		320,752
Investment property	4	98,289		94,056
		418,307		414,808
Current assets
Stocks		900		900
Debtors	5	3,808		14,049
Cash at bank and in hand		9,493		1,914
		14,201		16,863
Creditors: amounts falling due within one year	6	( 13,240)		( 14,455)
Net current assets		961		2,408
Total assets less current liabilities		419,268		417,216
Creditors: amounts falling due after more than one year	7	( 152,841)		( 160,876)
Net assets attributable to members		266,427		256,340
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		194,822		175,342
Other amounts		80,998		90,888
		275,820		266,230
Members' other interests
Revaluation reserve		4,233		0
Other reserves		(13,626)		(9,890)
		(9,393)		(9,890)
		266,427		256,340
Total members' interests
Loans and other debts due to members		275,820		266,230
Members' other interests		(9,393)		(9,890)
		266,427		256,340

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 E P F Kingennie LLP (registered number: SO305352) were approved and authorised for issue by the Board of Directors on 13 October 2025. They were signed on its behalf by:

Arnot Tippett 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
	Revaluation reserves	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£	£
Amounts due to members				154,573	110,604	265,177
Balance at 01 June 2023	0	(19,716)	(19,716)	154,573	110,604	265,177	245,461
Loss for the financial year/period available for discretionary division among members	0	(9,890)	(9,890)	0	0	0	(9,890)
Members' interest after loss for the financial year/period	0	(29,606)	(29,606)	154,573	110,604	265,177	235,571
Division of loss	0	19,716	19,716	0	(19,716)	(19,716)	0
Introduced by members	0	0	0	20,769	0	20,769	20,769
Amounts due to members				175,342	90,888	266,230
Balance at 31 March 2024	0	(9,890)	(9,890)	175,342	90,888	266,230	256,340
Loss for the financial year/period available for discretionary division among members	0	(13,626)	(13,626)	0	0	0	(13,626)
Members' interest after loss for the financial year/period	0	(23,516)	(23,516)	175,342	90,888	266,230	242,714
Division of loss	0	9,890	9,890	0	(9,890)	(9,890)	0
Introduced by members	0	0	0	19,480	0	19,480	19,480
Revaluations	4,233	0	4,233	0	0	0	4,233
Amounts due to members				194,822	80,998	275,820
Balance at 31 March 2025	4,233	(13,626)	(9,393)	194,822	80,998	275,820	266,427

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

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 period, unless otherwise stated.

General information and basis of accounting

E P F Kingennie 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 East Pitkerro Farmhouse, Drumsturdy Road, Kingennie, DD5 3NY, 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 LLP and rounded to the nearest £.

Reporting period length

The financial statements have been prepared for the year to 31 March 2025. The comparative financial statements were prepared for the period from 1 June 2023 to 31 March 2024. As such, the two periods are not entirely comparable. The change was made to align with the tax rules for basis period reform.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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, other than investment property and freehold land, 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:

Land and buildings	not depreciated
Plant and machinery etc.	15 - 33 % reducing balance

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.

Impairment of assets

Assets 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes recognised through a revaluation reserve.

The fair value is determined annually by the members, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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 not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet 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 Balance Sheet within 'Members' other interests'.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	Year ended 31.03.2025		Period from 01.06.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	2		2

The average number of persons employed include the members.

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	307,563		30,633		338,196
Additions	0		2,062		2,062
At 31 March 2025	307,563		32,695		340,258
Accumulated depreciation
At 01 April 2024	0		17,444		17,444
Charge for the financial year	0		2,796		2,796
At 31 March 2025	0		20,240		20,240
Net book value
At 31 March 2025	307,563		12,455		320,018
At 31 March 2024	307,563		13,189		320,752

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	94,056
Fair value movement	4,233
As at 31 March 2025	98,289

Valuation

The fair value of the investment property was determined by the members, on an open market value for existing use basis at the balance sheet date.

5. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	2,200		2,000
Other debtors	1,608		12,049
	3,808		14,049

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank loans	8,035		7,723
Trade creditors	1,980		0
Other creditors	3,225		6,732
	13,240		14,455

Bank loans are secured over the heritable property.

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

	31.03.2025		31.03.2024
	£		£
Bank loans	152,841		160,876

Bank loans are secured over the heritable property.