Limited Liability Partnership Registration No. SO303949 (Scotland)
Denzil Skinner & Partners LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Denzil Skinner & Partners LLP
Contents
Page
Members' responsibilities statement
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 10
Denzil Skinner & Partners LLP
Statement of financial position
As at 31 March 2025
31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,072
3,840
Tangible assets
4
1,892
2,249
4,964
6,089
Current assets
Stocks
53,292
51,912
Debtors
5
6,148
5,260
Cash at bank and in hand
136,406
136,689
195,846
193,861
Creditors: amounts falling due within one year
6
(49,017)
(60,772)
Net current assets
146,829
133,089
Total assets less current liabilities
151,793
139,178
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
12,615
2,099
Other amounts
139,178
137,079
151,793
139,178
Total members' interests
Loans and other debts due to members
151,793
139,178
Denzil Skinner & Partners LLP
Statement of financial position (continued)
As at 31 March 2025
31 March 2025
2

T he members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 4 November 2025 and are signed on their behalf by:
04 November 2025
Amanda Egerton-King
Designated member
Limited Liability Partnership Registration No. SO303949
Denzil Skinner & Partners LLP
Reconciliation of members' interests
For the year ended 31 March 2025
3
Current financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Other reserves
Other amounts
Total
Total
2025
£
£
£
£
Amounts due to members
139,178
Members' interests at 1 April 2024
-
139,178
139,178
139,178
Profit for the financial year available for discretionary division among members
129,215
-
-
129,215
Members' interests after profit for the year
129,215
139,178
139,178
268,393
Allocation of profit for the financial year
(129,215)
129,215
129,215
-
Drawings
-
(116,600)
(116,600)
(116,600)
Members' interests at 31 March 2025
-
151,793
151,793
151,793
Denzil Skinner & Partners LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
137,079
Members' interests at 1 April 2023
-
137,079
137,079
137,079
Profit for the financial year available for discretionary division among members
136,299
-
-
136,299
Members' interests after profit for the year
136,299
137,079
137,079
273,378
Allocation of profit for the financial year
(136,299)
136,299
136,299
-
Drawings
-
(134,200)
(134,200)
(134,200)
Members' interests at 31 March 2024
-
139,178
139,178
139,178
Denzil Skinner & Partners LLP
Notes to the financial statements
For the year ended 31 March 2025
5
1
Accounting policies
Limited liability partnership information

Denzil Skinner & Partners LLP is a limited liability partnership incorporated in Scotland. The registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services in respect of jewellery and silver design, and jewellery repairs. Amounts are shown net of VAT.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors, such as supply of metal or gemstones (and thus outside the control of the limited liability partnership), then revenue is recognised only when the finished jewellery is provided. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Denzil Skinner & Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
3-4 years straight line

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 recognised in the income statement.

1.6
Impairment of fixed assets

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

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Denzil Skinner & Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Denzil Skinner & Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
8
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Employees

The were 0 persons employed by the partnership during the year.

Denzil Skinner & Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
9
3
Intangible fixed assets
Website
£
Cost
At 1 April 2024 and 31 March 2025
3,840
Amortisation and impairment
Amortisation charged for the year
768
At 31 March 2025
768
Carrying amount
At 31 March 2025
3,072
At 31 March 2024
3,840
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2024
12,040
Additions
332
At 31 March 2025
12,372
Depreciation and impairment
At 1 April 2024
9,791
Depreciation charged in the year
689
At 31 March 2025
10,480
Carrying amount
At 31 March 2025
1,892
At 31 March 2024
2,249
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,469
3,210
Other debtors
2,679
2,050
6,148
5,260
Denzil Skinner & Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
10
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
7,911
8,608
Taxation and social security
4,917
3,180
Other creditors
36,189
48,984
49,017
60,772
7
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.

8
Operating lease commitments
Lessee

At the reporting end date, the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
12,000
10,046
9
Related party transactions

The LLP made payments to Amanda Egerton-King, a designated member, of £5,019 (2024 - £6,042) as repayment of expenses. The balance due at the year end from Amanda Egerton-King totals nil (2024 - nil).

The LLP made payments to Denzil Skinner, a designated member, of £6,221 (2024 - £5,767) as repayment of expenses. The balance due at the year end to Denzil Skinner totals nil (2024 - nil).

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