Glycolic Acid Consortium LLP Accounts






Glycolic Acid Consortium LLP

	Registered No. SO306356
	Information for Filing with the Registrar
		31 March 2025

at	31 March 2025

Registered No.			SO306356	Notes	2025	2024
					€	€






Current assets

	Debtors			5	11,877	11,877

	Cash at bank and in hand				130,355	138,618
					142,232	150,495
Creditors: Amounts falling due within one year				6	(142,232)	(150,495)
Net current assets					-	-



Net assets attributable to members					-	-

Represented by:
	Loans and other debts due to members				-	-
	Members' other interests
		Members' capital			-	-
		Revaluation reserve			-	-
		Other reserves			-	-
					-	-

					-	-



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 30 May 2025 and signed on its behalf by:
D.S. Carson
Designated member
30 May 2025

for the year ended 31 March 2025

General information

Glycolic Acid Consortium LLP is a limited liability partnership and incorporated in Scotland.

Its registered number is: SO306356

Its registered office is:

Its trading address is:

C/O Philip Bald Accountancy

C/O Blue Frog Scientific Ltd

3B Ormiston Terrace

23 Old Fishmarket Close

Edinburgh

190 High Street

Edinburgh

EH12 7SJ

EH1 1AE

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.

Accounting policies

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers adjusted for opening and closing accrued or deferred income in respect of contracts in progress at the year end. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Foreign currencies

The functional and presentational currency of the company is Euro. The accounts are rounded to the nearest euro.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

3	Information in relation to members
		2025	2024
		Number	Number
	The average number of members during the year :	2	2

4	Employees
		2025	2024
		Number	Number

	The average number of persons employed during the year was:	0	0

5	Debtors
		2025	2024
		€	€
	Trade debtors	11,877	11,877





		11,877	11,877

6	Creditors:
	amounts falling due within one year
		2025	2024
		€	€
	Bank loans and overdrafts	-	-


	Trade creditors	68,004	64,425



	Accruals and deferred income	74,228	86,070
		142,232	150,495