Company No: SO306534 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	4	177,437		205,998
		177,437		205,998
Current assets
Debtors	5	458,492		491,103
Cash at bank and in hand		304,449		133,636
		762,941		624,739
Creditors: amounts falling due within one year	6	( 1,376,375)		( 905,905)
Net current liabilities		(613,434)		(281,166)
Total assets less current liabilities		(435,997)		(75,168)
Net liabilities attributable to members		( 435,997)		( 75,168)
Represented by
Loans and other debts due to members within one year
Other amounts		(435,997)		(75,168)
		(435,997)		(75,168)
Members' other interests
		0		0
		(435,997)		(75,168)
Total members' interests
Loans and other debts due to members		(435,997)		(75,168)
		(435,997)		(75,168)

For the financial 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Phil Mac Associates LLP (registered number: SO306534) were approved and authorised for issue by the Board of Directors on 13 October 2025. They were signed on its behalf by:

Fraser McDougall Designated member

	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Other amounts	Total
	£	£
Amounts due to members	406,243
Balance at 01 October 2023	406,243	406,243
Members' remuneration charged as an expense, including employment and retirement benefit costs	61,089	61,089
Members' interest after result for the financial year/period	467,332	467,332
Drawings	(542,500)	(542,500)
Amounts due to members	(75,168)
Balance at 31 March 2024	(75,168)	(75,168)
Members' remuneration charged as an expense, including employment and retirement benefit costs	591,604	591,604
Members' interest after result for the financial year/period	516,436	516,436
Drawings	(952,433)	(952,433)
Amounts due to members	(435,997)
Balance at 31 March 2025	(435,997)	(435,997)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Phil Mac Associates LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 7 - 11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to LLP's subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Reporting period length

The prior years reporting period length was shortened to bring the accounting reference date in line with the tax year end. As a result, the amounts presented in the financial statements are not entirely comparable with the prior year.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than leasehold improvements, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Plant and machinery etc.	5 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 credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to the Profit and Loss Account 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 leased asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. No impairment was noted during the year.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at cost.

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

Members' participation rights

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the statement of members reconciliation.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

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.

Loans and other debts due to members

In the event of a winding up in the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2. Employees

	Year ended 31.03.2025		Period from 01.10.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	10		10

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	31.03.2025		31.03.2024
	Number		Number
Average number of members during the financial year	12		12

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	142,152		174,342		316,494
Additions	19,206		6,734		25,940
At 31 March 2025	161,358		181,076		342,434
Accumulated depreciation
At 01 April 2024	0		110,496		110,496
Charge for the financial year	21,514		32,987		54,501
At 31 March 2025	21,514		143,483		164,997
Net book value
At 31 March 2025	139,844		37,593		177,437
At 31 March 2024	142,152		63,846		205,998

5. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	385,315		451,362
Other debtors	73,177		39,741
	458,492		491,103

Included within Other Debtors is a loan to a related party of £25,887 (2024 - £Nil). The loan is interest free and repayable on demand.

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank overdrafts	0		996
Trade creditors	35,485		49,464
Other taxation and social security	7,317		6,068
Other creditors	1,333,573		849,377
	1,376,375		905,905

Included within Other Creditors is a loan from a related party of £Nil (2024 - £38,549). The loan is interest free and repayable on demand.