Finlay Machinery LLP Filleted accounts for Companies House (small and micro)

Finlay Machinery LLP

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	4	1,693,486	1,693,486

Current assets

Stocks		10,201	6,069
Debtors	5	10,743	20,615
Cash at bank and in hand		494	13,795
		--------	--------
		21,438	40,479

Creditors: amounts falling due within one year	6	660,826	641,984
		---------	---------
Net current liabilities		639,388	601,505
		------------	------------
Total assets less current liabilities		1,054,098	1,091,981
		------------	------------
Net assets		1,054,098	1,091,981
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	7	495,311	596,670

Members' other interests

Members' capital classified as equity	596,670	596,670
Other reserves	(37,883)	(101,359)
	------------	------------
	1,054,098	1,091,981
	------------	------------

Total members' interests

Loans and other debts due to members	7	495,311	596,670
Members' other interests		558,787	495,311
		------------	------------
		1,054,098	1,091,981
		------------	------------

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 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Finlay Machinery LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 12 June 2025 , and are signed on their behalf by:

Mr S J Finlay	Mrs A Finlay
Designated Member	Designated Member

Registered number: NC001728

Finlay Machinery LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in Northern Ireland. The address of the registered office is 8 Knockmany Road, Augher, County Tyrone, BT77 0BE.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP.

Changes in accounting estimates

During the year, the company reviewed the depreciation policy and residual value of the company’s plant and machinery. Based on current market conditions, it was determined that the asset’s estimated residual value equals it's carrying amount. As a result, no depreciation has been charged for the year ended 31 March 2025, in accordance with the company’s accounting policy and relevant accounting standards. The asset continues to be held at a carrying amount of £1,693,486, and the company will reassess the residual value and depreciation policy at each reporting date.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 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 statement of comprehensive income 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 statement of comprehensive income 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 statement of comprehensive income 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'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

	Plant and machinery	-	-% straight line

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.

4.	Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	1,806,385	1,806,385
	------------	------------
Depreciation
At 1 April 2024 and 31 March 2025	112,899	112,899
	------------	------------
Carrying amount
At 31 March 2025	1,693,486	1,693,486
	------------	------------
At 31 March 2024	1,693,486	1,693,486
	------------	------------

5.	Debtors

	2025	2024
	£	£
Trade debtors	2,280	18,704
Other debtors	8,463	1,911
	--------	--------
	10,743	20,615
	--------	--------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	603,186	608,233
Social security and other taxes	–	2,950
Amount due to Finlay Holdings Ltd	56,440	30,801
Other creditors	1,200	–
	---------	---------
	660,826	641,984
	---------	---------

7.	Loans and other debts due to members

	2025	2024
	£	£
Loans from members	495,311	596,670
	---------	---------