R & R Urquhart LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: SO300740

R & R Urquhart LLP

Filleted Unaudited Financial Statements

30 April 2025

R & R Urquhart LLP

Statement of Financial Position

30 April 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		252,821	258,613

Current assets

Stocks		148,303	149,024
Debtors	6	452,380	661,307
Cash at bank and in hand		364,275	21,348
		---------	---------
		964,958	831,679

Creditors: amounts falling due within one year	7	283,977		415,637
		---------		---------
Net current assets			680,981	416,042
			---------	---------
Total assets less current liabilities			933,802	674,655
			---------	---------
Net assets			933,802	674,655
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8	933,802	674,655
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	933,802	674,655
	---------	---------

Total members' interests

Loans and other debts due to members	8	933,802	674,655
Members' other interests		–	–
		---------	---------
		933,802	674,655
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 30 April 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

R & R Urquhart LLP

Statement of Financial Position (continued)

30 April 2025

These financial statements were approved by the members and authorised for issue on 5 January 2026 , and are signed on their behalf by:

Mr W R M Cowie	Mr J A C Whittle
Designated Member	Designated Member

Registered number: SO300740

R & R Urquhart LLP

Notes to the Financial Statements

Year ended 30 April 2025

1.	General information

The LLP is registered in Scotland. The address of the registered office is 117-121 High Street, Forres, Moray, IV36 1AB.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, excluding value added tax. Turnover is recognised when the right to consideration has arisen through the performance under each contract. Consideration accrues as the contract progresses by reference to the value of the work performed.

Members' participation rights

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

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 income statement 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'.

Total members' interests represents the firm's equity and members' capital, less amounts due from members where applicable.

In the event of a winding up the Members' Capital and Other Interests ranks after unsecured creditors.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, Fittings & Equipment	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

No depreciation has been charged upon the Freehold Property.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Post-retirement payments due to members

The post-retirement payments due to members are determined annually based upon a formula directly linked to the profits of the partnership. Provision is made for such payments when a member obtains an actual or constructive right to the payments, which the LLP has no discretion to withhold. The provision is based upon the estimated present value of the expected future payments to members.

Amounts recognised in respect of current members are charged to the statement of comprehensive income within members' remuneration charged as an expense. The liability for post-retirement payments due to current members is recorded in the statement of financial position within loans and other debts due to members. In the year in which a member retires, the liability is transferred from loans and other debts due to members and is recorded as a liability due to former members within either creditors or provisions for liabilities.

Where provision for post-retirement payments due to former members is a contractual liability or a constructive obligation of certain timing amount, the provision will be recorded within creditors falling due within or after more than one year. In all other cases, the provision will be recorded within provisions for liabilities.

The unwinding of the discount on provisions for post-retirement payments due to current members is charged to the statement of comprehensive income as part of members' remuneration charged as an expense.

The unwinding of the discount on provisions for post-retirement payments due to former members is charged to the statement of comprehensive income and included adjacent to interest payable and similar charges.

All provisions are re-assessed annually and any changes in estimates are included within the statement of comprehensive income.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 39 (2024: 38 ).

5.	Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 May 2024 and 30 April 2025	220,000	274,449	494,449
	---------	---------	---------
Depreciation
At 1 May 2024	–	235,836	235,836
Charge for the year	–	5,792	5,792
	---------	---------	---------
At 30 April 2025	–	241,628	241,628
	---------	---------	---------
Carrying amount
At 30 April 2025	220,000	32,821	252,821
	---------	---------	---------
At 30 April 2024	220,000	38,613	258,613
	---------	---------	---------

The property was professionally valued as at 22 February 2022 by Independent Chartered Surveyors DM Hall on the basis of fair value for continuing use, at a figure of £220,000.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30 April 2025
Aggregate cost	300,000
Aggregate depreciation	–
	---------
Carrying value	300,000
	---------

At 30 April 2024
Aggregate cost	300,000
Aggregate depreciation	–
	---------
Carrying value	300,000
	---------

6.	Debtors

	2025	2024
	£	£
Trade debtors	334,846	528,553
Other debtors	117,534	132,754
	---------	---------
	452,380	661,307
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	92,805
Social security and other taxes	113,537	143,532
Lombard loan	23,675	34,260
Other creditors	146,765	145,040
	---------	---------
	283,977	415,637
	---------	---------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	933,802	674,655
	---------	---------

9.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	15,600	15,600
Later than 1 year and not later than 5 years	62,400	62,400
Later than 5 years	62,400	78,000
	---------	---------
	140,400	156,000
	---------	---------

10.	Related party transactions

No transactions were undertaken such as are required to be disclosed.