REGISTERED NUMBER: SO300576 (Scotland)

Financial Statements

for the Year Ended 31 March 2025

for

Troon Textiles LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs M L Taylor

Mr G B Taylor

REGISTERED OFFICE:

Harbour Road

Troon

Ayrshire

KA10 6DJ

REGISTERED NUMBER:

SO300576 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

KA9 2PB

FIXED ASSETS

Tangible assets

4

170,008

173,840

CURRENT ASSETS

Stocks

219,230

175,780

Debtors

5

188,116

232,526

Cash at bank and in hand

170

213

407,516

408,519

CREDITORS

Amounts falling due within one year

6

199,038

213,260

NET CURRENT ASSETS

208,478

195,259

TOTAL ASSETS LESS CURRENT LIABILITIES

378,486

369,099

CREDITORS

Amounts falling due after more than one year

7

1,722

11,667

NET ASSETS ATTRIBUTABLE TO MEMBERS

376,764

357,432

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

361,764

342,432

MEMBERS' OTHER INTERESTS

Capital accounts

15,000

15,000

376,764

357,432

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

361,764

342,432

Members' other interests

15,000

15,000

376,764

357,432

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 May 2025 and were signed by:

Mr G B Taylor - Designated member

1.	STATUTORY INFORMATION

Troon Textiles LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 as modified by the inclusion of Freehold Business Property held at Fair Value.

Going Concern

The Partners consider the current and future level of trading on an ongoing basis to assess the resources required to meet commitments as they fall due. Taking account of these factors and the Partner's willingness to assist with cash flow as and when required, the Partners are confident that the Partnership has sufficient resources now and going forward to allow the Partnership to continue in operation. On this basis the accounts have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold business property

-

2% on cost

Office equipment, fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Pension costs and other post-retirement benefits

The Partnership operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the partnership and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation

No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax paid by the Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current account balances.

Impairment of fixed assets

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

Financial Instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment,

Freehold

fixtures

business

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

225,000

23,510

248,510

DEPRECIATION

At 1 April 2024

53,375

21,295

74,670

Charge for year

3,500

332

3,832

At 31 March 2025

56,875

21,627

78,502

NET BOOK VALUE

At 31 March 2025

168,125

1,883

170,008

At 31 March 2024

171,625

2,215

173,840

The partnership's heritable business property was revalued by Messrs Bell Ingram, Chartered Surveyors, on 27 November 2009 in the sum of £225,000. This revalued amount has been depreciated in line with the accounting policy in relation to property, plant and equipment.

In line with FRS 102, it is considered that the depreciated cost accurately reflects the fair value of the asset and therefore the partnership has continued to depreciate the assets to 31 March 2025 on the same basis.

The members consider the cost as at 31 March 2025 reflects the fair value of the property.

Cost or valuation at 31 March 2025 is represented by:

Office

equipment,

Freehold

fixtures

business

and

property

fittings

Totals

£

£

£

Valuation in 2009

105,000

-

105,000

Cost

120,000

23,510

143,510

225,000

23,510

248,510

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

162,432

204,617

Other debtors

25,684

27,909

188,116

232,526

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

59,760

62,182

Trade creditors

110,270

131,694

Taxation and social security

469

414

Other creditors

28,539

18,970

199,038

213,260

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 8)

1,722

11,667

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

49,760

52,182

Bank loans - less than 1 yr

10,000

10,000

59,760

62,182

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,722

11,667

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

49,760

52,182

Bank loans

11,722

21,667

61,482

73,849

The bank overdraft is secured by way of a floating charge over the whole assets of the partnership in favour of the Clydesdale Bank PLC and by personal guarantee of a member.

The bank loan is guaranteed under the Government's bounce back loan scheme. Interest is chargeable at a

commercial rate of interest.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

361,764

342,432

Falling due within one year

361,764

342,432

Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors

11.	CONTROLLING PARTIES

By virtue of his equity share and day to day involvement in the running of the business G B Taylor is deemed to be in control of the Limited Liability Partnership.

12.	DEBTS DUE TO MEMBERS

Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors