Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 0 | 600,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand | 5 |
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|
| 782,171 | 769,190 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current assets | 778,800 | 336,800 | ||
| Total assets less current liabilities | 778,800 | 936,800 | ||
| Net assets attributable to members |
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||
| Represented by | ||||
| Members' other interests | ||||
| Members' capital classified as equity | 778,800 | 936,800 | ||
| 778,800 | 936,800 | |||
| 778,800 | 936,800 | |||
| Total members' interests | ||||
| Amounts due from members (included in debtors) | (750,940) | (736,147) | ||
| Members' other interests | 778,800 | 936,800 | ||
| 27,860 | 200,653 |
Members' responsibilities:
The financial statements of Seagate Enterprise LLP (registered number:
|
Brian Martin Skinner
Designated member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
|---|---|---|---|
| Members' capital (classified as equity) | Other amounts | Total | |
| £ | £ | £ | |
| Amounts due from members | (752,761) | ||
| Balance at 01 June 2023 | 936,800 | (752,761) | 184,039 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 16,614 | 16,614 |
| Members' interest after result for the financial year | 936,800 | (736,147) | 200,653 |
| Amounts due from members | (736,147) | ||
| Balance at 31 May 2024 | 936,800 | (736,147) | 200,653 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | (14,793) | (14,793) |
| Members' interest after result for the financial year | 936,800 | (750,940) | 185,860 |
| Transfers | (158,000) | 0 | (158,000) |
| Sale of property | 0 | 0 | 0 |
| Amounts due from members | (750,940) | ||
| Balance at 31 May 2025 | 778,800 | (750,940) | 27,860 |
The approval of LLP members' is required to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Seagate Enterprise 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 Company's registered office is 69 St. Vincent Street, Glasgow, G2 5TF, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, 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 Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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 as described below.
Non-financial assets
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company 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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
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 members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
The profits are automatically divided as they arise.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position 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 Statement of Financial Position within 'Members' other interests'.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 June 2024 |
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| Disposals | (600,000) |
| As at 31 May 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other taxation and social security |
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| Other creditors |
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due to other related parties | 0 | 409,192 |
Amounts due to related parties of £nil (2024 - £409,192) comprise of loan balances due from members and connected parties of members. Interest does not accrue on these balances and there are no fixed repayment terms.