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REGISTERED NUMBER: SO303710

Tayforth LLP

Filleted Unaudited Financial Statements

31 March 2025

Tayforth LLP

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 4 |  | 500,000 | 500,000

Current assets

Debtors | 5 | 2,785 |  | 2,146
Cash at bank and in hand | 27,960 |  | 31,543
| -------- |  | --------
| 30,745 |  | 33,689

Creditors: amounts falling due within one year | 6 | ( 2,336) |  | ( 2,336)
| -------- |  | --------
Net current assets |  | 28,409 | 31,353
|  | --------- | ---------
Total assets less current liabilities |  | 528,409 | 531,353
|  | --------- | ---------
Net assets |  | 528,409 | 531,353
|  | --------- | ---------

Represented by:
Loans and other debts due to members

Other amounts | 7 |  | 303,409 | 306,353

Members' other interests

Revaluation reserve |  | 225,000 | 225,000
Other reserves |  | – | –
|  | --------- | ---------
|  | 528,409 | 531,353
|  | --------- | ---------

Total members' interests

Loans and other debts due to members | 7 |  | 303,409 | 306,353
Members' other interests |  | 225,000 | 225,000
|  | --------- | ---------
|  | 528,409 | 531,353
|  | --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Tayforth LLP

Statement of Financial Position (continued)

31 March 2025
These financial statements were approved by the members and authorised for issue on 1 December 2025 , and are signed on their behalf by:

Mr D.D.C. Morrison
Designated Member

Registered number: SO303710

Tayforth LLP

Notes to the Financial Statements

Year ended 31 March 2025

1. | General information

The LLP is registered in Scotland. The address of the registered office is 56 Torridon Road, Broughty Ferry, Dundee, DD5 3JH, United Kingdom.

2. | Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3. | Accounting policies

Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. | Tangible assets

| Land and buildings
| £
Cost |
At 1 April 2024 and 31 March 2025 | 500,000
| ---------
Depreciation |
At 1 April 2024 and 31 March 2025 | –
| ---------
Carrying amount |
At 31 March 2025 | 500,000
| ---------
At 31 March 2024 | 500,000
| ---------

The designated member has revalued the property at the year end at the market value.

5. | Debtors

| 2025 | 2024
| £ | £
Other debtors | 2,785 | 2,146
| ------- | -------

6. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Social security and other taxes | 891 | 906
Other creditors | 1,445 | 1,430
| ------- | -------
| 2,336 | 2,336
| ------- | -------

7. | Loans and other debts due to members

| 2025 | 2024
| £ | £
Amounts owed to members in respect of profits | 303,409 | 306,353
| --------- | ---------

8. | Related party transactions

The LLP has been controlled by its designated member throughout the current and previous period.