Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Creditors: amounts falling due within one year | 3 | (
|
(
|
|
| Net current liabilities | (8,316) | (7,510) | ||
| Total assets less current liabilities | (8,316) | (7,510) | ||
| Net liabilities attributable to members | (
|
(
|
||
| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | (7,510) | (6,455) | ||
| (7,510) | (6,455) | |||
| Members' other interests | ||||
| Other reserves | (806) | (1,055) | ||
| (806) | (1,055) | |||
| (8,316) | (7,510) | |||
| Total members' interests | ||||
| Loans and other debts due to members | (7,510) | (6,455) | ||
| Members' other interests | (806) | (1,055) | ||
| (8,316) | (7,510) |
Members' responsibilities:
The financial statements of Murphy, Robb & Sutherland LLP (registered number:
|
Mr P Sutherland
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 | |
|---|---|---|---|
| Other reserves | Other amounts | Total | |
| £ | £ | £ | |
| Amounts due from members | (5,475) | ||
| Balance at 01 April 2023 | (980) | (5,475) | (6,455) |
| Loss for the financial year available for discretionary division among members | (1,055) | 0 | (1,055) |
| Members' interest after loss for the financial year | (2,035) | (5,475) | (7,510) |
| Division of loss | 980 | (980) | 0 |
| Amounts due to members | (6,455) | ||
| Balance at 31 March 2024 | (1,055) | (6,455) | (7,510) |
| Loss for the financial year available for discretionary division among members | (806) | 0 | (806) |
| Members' interest after loss for the financial year | (1,861) | (6,455) | (8,316) |
| Division of loss | 1,055 | (1,055) | 0 |
| Amounts due to members | (7,510) | ||
| Balance at 31 March 2025 | (806) | (7,510) | (8,316) |
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
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.
Murphy, Robb & Sutherland 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 C/O JOHNSTON CARMICHAEL, First Floor 227 West George Street, Glasgow, G2 2ND, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).
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 note that the business has net liabilities of £8,316. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met 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.
Short term benefits
The costs of short-term employee benefits are recognised as a liability an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
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 Company 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are initially 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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 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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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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| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors |
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to related parties | 8,316 | 7,510 |