REGISTERED NUMBER: SO300152 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Miller Samuel Hill Brown LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Ms D Cairney

J B Cowan

Ms M E MacDonald

E L Laverty

Ms A A Junner

Ms A P Thomson

Ms L A Jamieson

Ms M A Campbell

REGISTERED OFFICE:

5 Renfield Street

Glasgow

G2 5EZ

REGISTERED NUMBER:

SO300152 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

BANKERS:

Bank of Scotland plc

Glasgow

FIXED ASSETS

Intangible assets

4

49,028

56,848

Tangible assets

5

34,884

49,726

Investments

6

110

110

84,022

106,684

CURRENT ASSETS

Debtors: amounts falling due within one year

7

1,232,759

1,081,689

Cash at bank and in hand

2,568,918

3,160,435

3,801,677

4,242,124

CREDITORS

Amounts falling due within one year

8

2,822,886

3,318,984

NET CURRENT ASSETS

978,791

923,140

TOTAL ASSETS LESS CURRENT LIABILITIES

1,062,813

1,029,824

CREDITORS

Amounts falling due after more than one year

9

125,227

88,479

NET ASSETS ATTRIBUTABLE TO MEMBERS

937,586

941,345

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

892,586

896,345

MEMBERS' OTHER INTERESTS

Capital accounts

45,000

45,000

937,586

941,345

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

892,586

896,345

Members' other interests

45,000

45,000

Amounts due from members

7

(11,548

)

(13,742

)

926,038

927,603

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 12 August 2025 and were signed by:

E L Laverty - Designated member

Ms M E MacDonald - Designated member

1.	STATUTORY INFORMATION

Miller Samuel Hill Brown 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.

Going concern

The financial statements are prepared on the going concern basis of accounting as, in the opinion of the members, there are no matters of material uncertainty which cast doubt on the LLP's ability to continue.

Preparation of consolidated financial statements

The financial statements contain information about Miller Samuel Hill Brown LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Significant judgements and estimates

In preparing the financial statements, management is required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The items in the financial statements where these judgements are required (and the factors in play) include trade debtors (recovery thereof), fixed assets (depreciation rates & impairment) and accruals (estimating liability).

Turnover & revenue recognition

Turnover represents net invoiced sales of legal services, excluding value added tax, as adjusted for unbilled work at the year end.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under the contracts it has in place to provide legal services. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients at the financial year end is included in debtors as amounts recoverable from clients in respect of unbilled work performed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost, 8.33% on cost and 4% on cost

Investments in subsidiaries

Investments are measured at cost less impairment.

Financial instruments

The LLP has no complex financial instruments but does hold basic financial instruments of cash at bank, debtors and creditors.

Cash and cash equivalents comprise solely of cash at bank, with any bank overdraft shown within current liabilities, recognised at historic cost.

Trade and other debtors are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less any impairment for bad debts (except where the effect of discounting would be immaterial, in which case, trade and other debtors are stated at cost less impairment).

Similarly, trade and other creditors are also recognised initially at transaction price, with subsequent measurements at amortised cost using the effective interest method, less any impairment for non-payment (except where the effect of discounting would be immaterial, in which case, trade and other creditors are stated at cost less impairment).

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.

Members' remuneration

Certain members are paid fixed amounts as determined by the limited liability partnership agreement irrespective of the profits of the limited liability partnership.

A member's share in the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the partnership profits is the personal liability of the members during the year and consequently neither taxation nor deferred taxation is accounted for in the financial statements.

Employee benefits

The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 33 (2024 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

78,200

AMORTISATION

At 1 April 2024

21,352

Charge for year

7,820

At 31 March 2025

29,172

NET BOOK VALUE

At 31 March 2025

49,028

At 31 March 2024

56,848

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

530,434

Additions

10,578

At 31 March 2025

541,012

DEPRECIATION

At 1 April 2024

480,708

Charge for year

25,420

At 31 March 2025

506,128

NET BOOK VALUE

At 31 March 2025

34,884

At 31 March 2024

49,726

6.	FIXED ASSET INVESTMENTS

Investment

in

subsidiary

undertakings

£

COST

At 1 April 2024

and 31 March 2025

110

NET BOOK VALUE

At 31 March 2025

110

At 31 March 2024

110

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

1,232,759

1,081,689

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

36,364

36,364

Trade creditors

106,926

77,090

Taxation and social security

215,255

180,732

Other creditors

2,464,341

3,024,798

2,822,886

3,318,984

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

6,060

42,424

Other creditors

119,167

46,055

125,227

88,479

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

91,015

88,755

Between one and five years

344,607

324,714

In more than five years

47,354

148,825

482,976

562,294

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

42,424

78,788

Miller Samuel Hill Brown LLP has an overdraft facility with Bank of Scotland plc and the LLP was approved for a Business Interruption Loan from the Bank of Scotland for £200,000 in 2020. Interest is chargeable at a rate of 2.39% over base rate and is secured by a bond and floating charge over the whole of Miller Samuel Hill Brown LLP's property and undertaking.

Lloyds TSB Scotland plc hold a bond and floating charge over the whole of Miller Samuel Hill Brown LLP's property and undertaking.

The Royal Bank of Scotland plc hold a bond and floating charge over the whole of Miller Samuel Hill Brown LLP's property and undertaking.

12.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

892,586

896,345

Falling due within one year

892,586

896,345

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

13.	RELATED PARTY DISCLOSURES

Details of inter group related party transactions have not been disclosed in accordance with the exemption available in section 33 of FRS 102.