REGISTERED NUMBER: SO303208 (Scotland)

Unaudited Financial Statements for the Year Ended 31st March 2025

for

Galloway & Ayrshire Partnership LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

Ms S C McNeill

C S W Currie

REGISTERED OFFICE:

66 Victoria Street

Newton Stewart

Wigtownshire

DG8 6DD

REGISTERED NUMBER:

SO303208 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

FIXED ASSETS

Tangible assets

4

265,920

244,075

CURRENT ASSETS

Debtors

5

39,606

38,630

Cash at bank and in hand

125,553

103,923

165,159

142,553

CREDITORS

Amounts falling due within one year

6

(220,361

)

(179,415

)

NET CURRENT LIABILITIES

(55,202

)

(36,862

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

210,718

207,213

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

210,718

207,213

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

210,718

207,213

Amounts due from members

5

(10,289

)

-

200,429

207,213

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 31st 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27th November 2025 and were signed by:

Ms S C McNeill - Designated member

1.	STATUTORY INFORMATION

Galloway & Ayrshire Partnership 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 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 as modified by the revaluation of certain assets.

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.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 12 (2024 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st April 2024

60,000

262,635

322,635

Additions

-

74,829

74,829

At 31st March 2025

60,000

337,464

397,464

DEPRECIATION

At 1st April 2024

-

78,560

78,560

Charge for year

-

52,984

52,984

At 31st March 2025

-

131,544

131,544

NET BOOK VALUE

At 31st March 2025

60,000

205,920

265,920

At 31st March 2024

60,000

184,075

244,075

Cost or valuation at 31st March 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2022

60,000

262,635

322,635

Cost

60,000

337,464

397,464

120,000

600,099

720,099

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

23,773

27,957

Other debtors

15,833

10,673

39,606

38,630

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

598

56,544

Trade creditors

96,294

73,705

Taxation and social security

29,010

29,707

Other creditors

94,459

19,459

220,361

179,415

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

210,718

207,213

Falling due within one year

210,718

207,213

Trade and other creditors rank over loans and other debts due to members