Workspace (Scotland) LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: SO304684 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Workspace (Scotland) LLP

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

408,400

CURRENT ASSETS

Debtors

5

73,548

147,337

Cash at bank

968

9,805

74,516

157,142

CREDITORS

Amounts falling due within one year

6

(2,338

)

(58,284

)

NET CURRENT ASSETS

72,178

98,858

TOTAL ASSETS LESS CURRENT
LIABILITIES

480,578

507,258

CREDITORS

Amounts falling due after more than one
year

7

-

(27,778

)

NET ASSETS ATTRIBUTABLE TO
MEMBERS

480,578

479,480

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

380,578

379,480

MEMBERS' OTHER INTERESTS

Capital accounts

100,000

480,578

479,480

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

380,578

379,480

Members' other interests

100,000

480,578

479,480

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 December 2024.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 5 September 2025 and were signed by:

M Flett - Designated member

1.	STATUTORY INFORMATION

Workspace (Scotland) LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The registered office of the LLP is 1 Bertha Park View, Inveralmond Industrial Estate, Perth, PH1 3JE, Scotland, United Kingdom.

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.

Tangible fixed assets

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

Land and buildings

-

not provided

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

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 the 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 accounting standards. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

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 Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expenses'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 January 2024

and 31 December 2024

408,400

NET BOOK VALUE

At 31 December 2024

408,400

At 31 December 2023

408,400

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Amounts owed by associated companies

73,218

147,272

Other debtors

330

65

73,548

147,337

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

-

55,555

Trade creditors

-

390

Other creditors

2,338

2,339

2,338

58,284

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

-

27,778

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.