IRIS Accounts Production v25.4.0.155 SO307948 designated member 22.2.24 31.3.25 31.3.25 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the medium-sized LLPs regime. iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SO307948 2024-02-21 SO307948 2025-03-31 SO307948 2024-02-22 2025-03-31 SO307948 2024-02-21 SO307948 ns15:Scotland 2024-02-22 2025-03-31 SO307948 ns14:PoundSterling 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP1 2024-02-22 2025-03-31 SO307948 ns10:LimitedLiabilityPartnershipLLP 2024-02-22 2025-03-31 SO307948 ns10:MediumEntities 2024-02-22 2025-03-31 SO307948 ns10:Audited 2024-02-22 2025-03-31 SO307948 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-02-22 2025-03-31 SO307948 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-02-22 2025-03-31 SO307948 ns10:LimitedLiabilityPartnershipsSORP 2024-02-22 2025-03-31 SO307948 ns10:FullAccounts 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP2 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP3 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP4 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP5 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP6 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP7 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP8 2024-02-22 2025-03-31 SO307948 ns10:PartnerLLP9 2024-02-22 2025-03-31 SO307948 ns10:RegisteredOffice 2024-02-22 2025-03-31 SO307948 ns5:CurrentFinancialInstruments 2025-03-31 SO307948 ns5:Non-currentFinancialInstruments 2025-03-31 SO307948 ns5:FurnitureFittings 2024-02-22 2025-03-31 SO307948 ns5:MotorVehicles 2024-02-22 2025-03-31 SO307948 ns15:UnitedKingdom 2024-02-22 2025-03-31 SO307948 ns15:Europe 2024-02-22 2025-03-31 SO307948 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-02-22 2025-03-31 SO307948 ns5:OwnedAssets 2024-02-22 2025-03-31 SO307948 ns5:HirePurchaseContracts 2024-02-22 2025-03-31 SO307948 ns5:FurnitureFittings 2025-03-31 SO307948 ns5:MotorVehicles 2025-03-31 SO307948 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 SO307948 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-03-31 SO307948 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-03-31 SO307948 ns5:HirePurchaseContracts 2025-03-31

REGISTERED NUMBER: SO307948 (Scotland)

Report of the Members and

Financial Statements for the Period 22 February 2024 to 31 March 2025

for

JK Thomson LLP

JK Thomson LLP (Registered number: SO307948)

Contents of the Financial Statements

for the Period 22 February 2024 to 31 March 2025

Page |

General Information | 1 |

Report of the Members | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 6 |

Other Comprehensive Income | 7 |

Balance Sheet | 8 |

Reconciliation of Members' Interests | 9 |

Cash Flow Statement | 10 |

Notes to the Cash Flow Statement | 11 |

Notes to the Financial Statements | 12 |

JK Thomson LLP

General Information

for the Period 22 February 2024 to 31 March 2025

| DESIGNATED MEMBERS: | A Donaldson

| A Donaldson

| M Gibson

| S Thomson

| P Thomson

| M Thomson

| J Thomson

| J Thomson

| Mrs M Thomson

| REGISTERED OFFICE: | Inveresk Mills Industrial Park

| Musselburgh

| East Lothian

| EH21 7UQ

| REGISTERED NUMBER: | SO307948 (Scotland)

| AUDITORS: | Gibson McKerrell Burrows Limited

| 28 Rutland Square

| Edinburgh

| EH1 2BW

JK Thomson LLP (Registered number: SO307948)

Report of the Members

for the Period 22 February 2024 to 31 March 2025

The members present their report with the financial statements of the LLP for the period 22 February 2024 to 31 March 2025.

COMMENCEMENT OF TRADING

The LLP took over the trade of J K Thomson and partners on the 1 April 2024.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of fish merchants

FUTURE DEVELOPMENTS

The members remain optimistic for the future and opportunities that will arise but acknowledge the challenges that a competitive market brings. The members believe the business is well placed to deal with the challenges whilst maintaining year on year revenue growth.

DESIGNATED MEMBERS

The designated members during the period under review were:

A Donaldson

A Donaldson

M Gibson

S Thomson

P Thomson

M Thomson

J Thomson

J Thomson

Mrs M Thomson

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The profit for the period before members' remuneration and profit shares was £602,722.

The members are pleased to report satisfactory results for the period in what was, and remains a challenging market place.

Investments were made to improve the efficiency of the production and in the LLP's staff, we are confident that these investments will bear fruit in subsequent periods.

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

The members believe that the LLP have adequate financial resources to continue in operational existence for a least 12 months from the date of signing the financial statements and therefore the members believe it remains appropriate to prepare the financial statements on a going concern basis.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

JK Thomson LLP (Registered number: SO307948)

Report of the Members

for the Period 22 February 2024 to 31 March 2025

STATEMENT OF MEMBERS' RESPONSIBILITIES - continued

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

AUDITORS

The auditors, Gibson McKerrell Burrows Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

........................................................................ |

A Donaldson - Designated member

Date: 18/02/2026

Report of the Independent Auditors to the Members of

JK Thomson LLP

Opinion

We have audited the financial statements of JK Thomson LLP (the 'LLP') for the period ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its profit for the period then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on pages two and three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

JK Thomson LLP

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquires made of, management and those charged with governance with a view to

identifying those laws and regulations that could be expected to have a material impact on the financial statements.

During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity;

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the

operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and

non-compliance with laws and regulations) comprised of:

- inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

- enquiries with the same concerning any actual or potential litigation or claims;

- inspection of relevant legal correspondence;

- review of board minutes;

- testing the appropriateness of entries in the nominal ledger, including journal entries;

- reviewing transactions around the end of the reporting period;

- the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including

fraud, is limited by

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

William AS Gunn (Senior Statutory Auditor)

for and on behalf of Gibson McKerrell Burrows Limited

28 Rutland Square

Edinburgh

EH1 2BW

19 February 2026

JK Thomson LLP (Registered number: SO307948)

Income Statement

for the Period 22 February 2024 to 31 March 2025

| Notes | £ | £ |

| TURNOVER | 3 | 24,818,263 |  |

| Cost of sales | 16,576,833 |  |

| GROSS PROFIT | 8,241,430 |  |

| Distribution costs | 610,630 |  |

| Administrative expenses | 6,912,292 |  |

|  |  | 7,522,922 |  |

| OPERATING PROFIT | 5 | 718,508 |  |

| Interest receivable and similar income | 178 |  |

718,686 |  |

| Interest payable and similar expenses | 6 | 115,964 |  |

| PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 602,722 |  |

| PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES | 602,722 |  |

| Members' remuneration charged as an expense | 7 | (206,368 | ) |

| PROFIT FOR THE FINANCIAL PERIOD AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | 396,354 |  |

JK Thomson LLP (Registered number: SO307948)

Other Comprehensive Income

for the Period 22 February 2024 to 31 March 2025

| Notes | £ |

| PROFIT FOR THE FINANCIAL PERIOD AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | 396,354 |  |

| OTHER COMPREHENSIVE INCOME | - |  |

| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 396,354 |  |

JK Thomson LLP (Registered number: SO307948)

Balance Sheet

31 March 2025

| Notes | £ | £ |

| FIXED ASSETS

| Tangible assets | 8 | 3,920,682 |  |

| CURRENT ASSETS

| Stocks | 9 | 1,051,133 |  |  |

| Debtors | 10 | 2,719,418 |  |  |

| Cash at bank and in hand | 266,255 |  |  |

4,036,806 |  |

| CREDITORS

| Amounts falling due within one year | 11 | 3,230,570 |  |

| NET CURRENT ASSETS | 806,236 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 4,726,918 |  |

| CREDITORS

| Amounts falling due after more than one year | 12 | 610,800 |  |

| NET ASSETS ATTRIBUTABLE TO MEMBERS | 4,116,118 |  |

| LOANS AND OTHER DEBTS DUE TO MEMBERS | 14 | 4,116,118 |  |

| TOTAL MEMBERS' INTERESTS

| Loans and other debts due to members | 14 | 4,116,118 |  |

The financial statements were approved by the members of the LLP and authorised for issue on 18 February 2026 and were signed by:

A Donaldson - Designated member

JK Thomson LLP (Registered number: SO307948)

Reconciliation of Members' Interests

for the Period 22 February 2024 to 31 March 2025

| EQUITY |  | DEBT |  | TOTAL

| Members' | Loans and other debts due to | MEMBERS'

| other | members less any amounts due | INTERESTS

| interests | from members in debtors |

| Other |  | Other |

| reserves |  | amounts |  | Total

£ | £ | £ |

Amount due to members | - |  |

Amount due from members | - |  |

Balance at 22 February 2024 | - |  | - |  | - |  |

Members' remuneration charged as an expense, including employment and retirement benefit costs | - |  | 206,368 |  | 206,368 |  |

Profit for the financial period available for discretionary division among members | 396,354 |  | - |  | 396,354 |  |

Members' interests after profit for the period | 396,354 |  | 206,368 |  | 602,722 |  |

Other divisions of profit | (396,354 | ) | 396,354 |  | - |  |

Introduced by members | - |  | 4,060,436 |  | 4,060,436 |  |

Drawings on account and distributions of profit | - |  | (547,040 | ) | (547,040 | ) |

Amount due to members | 4,116,118 |  |

Amount due from members | - |  |

Balance at 31 March 2025 | - |  | 4,116,118 |  | 4,116,118 |  |

JK Thomson LLP (Registered number: SO307948)

Cash Flow Statement

for the Period 22 February 2024 to 31 March 2025

| Notes | £ |

| Cash flows from operating activities

| Cash generated from operations | 2 | 267,355 |  |

| Interest paid | (98 | ) |

| Interest element of hire purchase payments paid | (115,866 | ) |

| Net cash from operating activities | 151,391 |  |

| Cash flows from investing activities

| Purchase of tangible fixed assets | (4,518,846 | ) |

| Sale of tangible fixed assets | 9,239 |  |

| Interest received | 178 |  |

| Net cash from investing activities | (4,509,429 | ) |

| Transactions with members and former | members |

| Payments to members | (547,040 | ) |

| Contributions by members | 4,060,436 |  |

3,513,396 |  |

| Cash flows from other financing activities

| Capital repayments in year | 1,110,897 |  |

| Net cash from financing activities | 4,624,293 |  |

| Increase in cash and cash equivalents | 266,255 |  |

| Cash and cash equivalents at beginning of period | 3 | - |  |

| Cash and cash equivalents at end of period | 3 | 266,255 |  |

JK Thomson LLP (Registered number: SO307948)

Notes to the Cash Flow Statement

for the Period 22 February 2024 to 31 March 2025

1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

| A members share of profit or loss for the year is accounted for as an allocation of profits. Unallocated profit and losses are included in other reserves.

2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL PERIOD AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

£ |

| Profit for the financial period available for discretionary division among members | 396,354 |  |

| Members' remuneration charged as an expense | 206,368 |  |

| Depreciation charges | 595,087 |  |

| Profit on disposal of fixed assets | (6,162 | ) |

| Finance costs | 115,964 |  |

| Finance income | (178 | ) |

1,307,433 |  |

| Increase in stocks | (1,051,133 | ) |

| Increase in trade and other debtors | (2,719,418 | ) |

| Increase in trade and other creditors | 2,730,473 |  |

| Cash generated from operations | 267,355 |  |

3. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 31 March 2025

| 31.3.25 |  | 22.2.24

£ | £ |

| Cash and cash equivalents | 266,255 |  | - |  |

4. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 22.2.24 | Cash flow | changes | At 31.3.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | - |  | 266,255 |  | 266,255 |  |

- |  | 266,255 |  | 266,255 |  |

| Debt

| Finance leases | - |  | (1,110,897 | ) | - |  | (1,110,897 | ) |

- |  | (1,110,897 | ) | - |  | (1,110,897 | ) |

| Net debt (before

| members' debt) | - |  | (844,642 | ) | - |  | (844,642 | ) |

| Loans and other debts

| due to members

| Other amounts

| due to members | - |  | (3,513,396 | ) | (602,722 | ) | (4,116,118 | ) |

| Net debt | - |  | (4,358,038 | ) | (602,722 | ) | (4,960,760 | ) |

JK Thomson LLP (Registered number: SO307948)

Notes to the Financial Statements - continued

for the Period 22 February 2024 to 31 March 2025

1. | STATUTORY INFORMATION

| JK Thomson LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances.

| Significant judgements

| The judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recongnised in the financial statements are as follows:

| Assessing indicators of impairment: In assessing whether there have been any indicators of impairment of assets, the members have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experiece of recoverabilty. There have been no indications of impairments identified during the current year.

| Key sources of estimation uncertainty

| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year as is follows:

| Depreciation: Depreciation calculated so as to write off cost of an assets, less its residual value, over the useful economic life of the asset. An estimate of the useful life of assets is detailed in the depreciation accounting policy.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 20% on cost

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

JK Thomson LLP (Registered number: SO307948)

Notes to the Financial Statements - continued

for the Period 22 February 2024 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| A financial asset or a financial liability is recongnised only when the entity becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with exception of hedging instruments in a designated hedging relationship.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impalement loss is reconginised immediately.

| Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The financial statements have been prepared on a going concern basis.

| The LLP meets its day to day working capital requirements through cash generated from operations, maintaing cash balances.

| The members remain confident that any uncertainties do not cast significant doubt on the LLP ability to continue as a going concern and based on the factors set out above the members believe that it remains appropriate to prepare financial statements on a going concern basis.

| Taxation

| The taxation payable on the partnership's profits is the personal liability of the members.

| Consequently neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

| Members participation rights

| Members participation rights are the rights of a member against the LLP that arise under the members agreement.

| 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 classed as liabilities.

| All amounts due to members that are classified as liabilities are presented in the statement of financial portion within Loans and other debts due to members.

JK Thomson LLP (Registered number: SO307948)

Notes to the Financial Statements - continued

for the Period 22 February 2024 to 31 March 2025

3. | TURNOVER

| The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

| An analysis of turnover by geographical market is given below:

£ |

| United Kingdom | 24,591,927 |  |

| Europe | 226,336 |  |

24,818,263 |  |

4. | EMPLOYEE INFORMATION

£ |

| Wages and salaries | 4,214,656 |  |

| Social security costs | 351,434 |  |

| Other pension costs | 123,463 |  |

4,689,553 |  |

| The average number of employees during the period was as follows:

| Production staff | 110 |  |

| Management staff | 23 |  |

133 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

£ |

| Other operating leases | 454,036 |  |

| Depreciation - owned assets | 595,087 |  |

| Profit on disposal of fixed assets | (6,162 | ) |

| Auditors' remuneration | 5,000 |  |

| Foreign exchange differences | 3,704 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

£ |

| Bank loan interest | 98 |  |

| Hire purchase | 115,866 |  |

115,964 |  |

7. | INFORMATION IN RELATION TO MEMBERS

£ |

| Members' remuneration charged as an expense

| Partners' interest on capital | 206,368 |  |

£ |

| The amount of profit for the period ended 31 March 2025 attributable to the member with the largest entitlement was | 166,247 |  |

| The average number of members during the period was | 9 |  |

JK Thomson LLP (Registered number: SO307948)

Notes to the Financial Statements - continued

for the Period 22 February 2024 to 31 March 2025

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| Additions | 3,780,980 |  | 737,866 |  | 4,518,846 |  |

| Disposals | - |  | (92,850 | ) | (92,850 | ) |

| At 31 March 2025 | 3,780,980 |  | 645,016 |  | 4,425,996 |  |

| DEPRECIATION

| Charge for period | 417,653 |  | 177,434 |  | 595,087 |  |

| Eliminated on disposal | - |  | (89,773 | ) | (89,773 | ) |

| At 31 March 2025 | 417,653 |  | 87,661 |  | 505,314 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,363,327 |  | 557,355 |  | 3,920,682 |  |

9. | STOCKS

£ |

| Stocks | 1,051,133 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

£ |

| Trade debtors | 2,231,121 |  |

| Other debtors | 37,000 |  |

| VAT | 184,531 |  |

| Prepayments | 266,766 |  |

2,719,418 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

£ |

| Hire purchase contracts (see note 13) | 500,097 |  |

| Trade creditors | 2,223,825 |  |

| Social security and other taxes | 78,598 |  |

| Other creditors | 273,631 |  |

| Accruals and deferred income | 154,419 |  |

3,230,570 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

£ |

| Hire purchase contracts (see note 13) | 610,800 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

£ |

| Net obligations repayable:

| Within one year | 500,097 |  |

| Between one and five years | 610,800 |  |

1,110,897 |  |

JK Thomson LLP (Registered number: SO307948)

Notes to the Financial Statements - continued

for the Period 22 February 2024 to 31 March 2025

14. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

£ |

| Amounts owed to members in respect of profits | 4,116,118 |  |

| Falling due within one year | 4,116,118 |  |

15. | RELATED PARTY DISCLOSURES

| The LLP rents a property from JK Thomson partnership in this year £120,000 was paid. P Thomson, Mrs M Thomson and A Donaldson are partners in this business.

| At the balance sheet date JK Thomson partnership owed JK Thomson LLP £273,631.