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REGISTERED NUMBER: SO306885 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Brown & McRae LLP

| Brown & McRae LLP (Registered number: SO306885) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| General Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Brown & McRae LLP |

General Information

for the Year Ended 31 March 2025

| DESIGNATED MEMBERS: | Mr A B W Smith LLB

| Mrs S-A Buchan

| Miss M E Ritchie

| REGISTERED OFFICE: | Anderson House

| 9-11 Frithside Street

| Fraserburgh

| Aberdeenshire

| AB43 9AB

| REGISTERED NUMBER: | SO306885 (Scotland)

| ACCOUNTANTS: | SBP

| Accountants

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| Brown & McRae LLP (Registered number: SO306885) |

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 299,497 |  | 306,459 |  |

CURRENT ASSETS

Work in progress | 120,000 |  | 100,000 |  |

Debtors | 5 | 94,076 |  | 93,112 |  |

Cash at bank and in hand | 3,777,203 |  | 786,117 |  |

3,991,279 |  | 979,229 |  |

CREDITORS

Amounts falling due within one year | 6 | 3,880,997 |  | 664,514 |  |

NET CURRENT ASSETS | 110,282 |  | 314,715 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 409,779 |  | 621,174 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 155,091 |  | 197,902 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 254,688 |  | 423,272 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 254,688 |  | 423,272 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 8 | 254,688 |  | 423,272 |  |

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.

| Brown & McRae LLP (Registered number: SO306885) |

Balance Sheet - continued

31 March 2025

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 3 September 2025 and were signed by:

Mr A B W Smith LLB - Designated member

| Brown & McRae LLP (Registered number: SO306885) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Brown & McRae 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 represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

| 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.

| Office equipment | - | 20% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

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

| The office buildings were revalued in 2020 prior to the transfer of assets from the previous partnership entity. The properties are therefore stated on a valuation basis and no depreciation is charged.

| Work in progress

| Work in progress represents work undertaken which has not been invoiced as at the financial period end. The value represents the best estimate of the appropriate portion of the fees that were subsequently issued in relation to the work in question.

| 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.

| 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.

3. | EMPLOYEE INFORMATION

| The average number of employees during the year was 18 (2024 - 18 ) .

| Brown & McRae LLP (Registered number: SO306885) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Office |  | and |  | Motor |

| Properties |  | equipment |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 278,212 |  | 48,436 |  | 62,798 |  | 19,995 |  | 409,441 |  |

| Additions | - |  | 819 |  | 830 |  | - |  | 1,649 |  |

| Disposals | - |  | (300 | ) | - |  | - |  | (300 | ) |

| At 31 March 2025 | 278,212 |  | 48,955 |  | 63,628 |  | 19,995 |  | 410,790 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 35,105 |  | 61,192 |  | 6,685 |  | 102,982 |  |

| Charge for year | - |  | 4,674 |  | 609 |  | 3,328 |  | 8,611 |  |

| Eliminated on disposal | - |  | (300 | ) | - |  | - |  | (300 | ) |

| At 31 March 2025 | - |  | 39,479 |  | 61,801 |  | 10,013 |  | 111,293 |  |

| NET BOOK VALUE

| At 31 March 2025 | 278,212 |  | 9,476 |  | 1,827 |  | 9,982 |  | 299,497 |  |

| At 31 March 2024 | 278,212 |  | 13,331 |  | 1,606 |  | 13,310 |  | 306,459 |  |

| 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 | 8,995 |  |

| DEPRECIATION

| At 1 April 2024 | 3,935 |  |

| Charge for year | 1,265 |  |

| At 31 March 2025 | 5,200 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,795 |  |

| At 31 March 2024 | 5,060 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 63,572 |  | 57,952 |  |

| Other debtors | 30,504 |  | 35,160 |  |

94,076 |  | 93,112 |  |

| Brown & McRae LLP (Registered number: SO306885) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts | 31,712 |  | 30,647 |  |

| Hire purchase contracts | 1,434 |  | 1,434 |  |

| Trade creditors | 1,776 |  | 2,302 |  |

| Taxation and social security | 64,678 |  | 68,107 |  |

| Other creditors | 3,781,397 |  | 562,024 |  |

3,880,997 |  | 664,514 |  |

| The value of 'Other creditors' includes a balance of funds of £3,559,985 (2024: £518,152) which is held on behalf of third party clients which is matched by related bank deposits.

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans | 137,635 |  | 166,998 |  |

| Hire purchase contracts | 3,595 |  | 5,029 |  |

| Other creditors | 13,861 |  | 25,875 |  |

155,091 |  | 197,902 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 30,031 |  | 52,929 |  |

8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| Members would not seek to draw capital loan balances unless they were satisfied that there were sufficient funds available to meet other creditors as they fell due.