Grigor & Young LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: SO306314

Grigor & Young LLP

Filleted Unaudited Financial Statements

31 March 2026

Grigor & Young LLP

Statement of Financial Position

31 March 2026

	2026		2025
Note	£	£	£

Fixed assets

Tangible assets	6		36,265	41,863

Current assets

Stocks		180,774	233,560
Debtors	7	253,184	270,534
Cash at bank and in hand		252,995	161,434
		---------	---------
		686,953	665,528

Prepayments and accrued income	64,109		57,601

Creditors: amounts falling due within one year	8	128,509		164,651
		---------		---------
Net current assets			622,553	558,478
			---------	---------
Total assets less current liabilities			658,818	600,341

Creditors: amounts falling due after more than one year	9		20,000	45,000

Accruals and deferred income	21,160	16,211
	---------	---------
Net assets	617,658	539,130
	---------	---------

Represented by:

Loans and other debts due to members

Other amounts	10	617,658	539,130
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	617,658	539,130
	---------	---------

Total members' interests

Amounts due from members		(43,527)	(36,798)
Loans and other debts due to members	10	617,658	539,130
Members' other interests		–	–
		---------	---------
		574,131	502,332
		---------	---------

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.

Grigor & Young LLP

Statement of Financial Position (continued)

31 March 2026

For the year ending 31 March 2026 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 .

These financial statements were approved by the members and authorised for issue on 15 July 2026 , and are signed on their behalf by:

G J Robertson

Designated Member

Registered number: SO306314

Grigor & Young LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in Scotland. The address of the registered office is 1 North Street, Elgin, Moray, IV30 1UA, Scotland.

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 May 2024 (SORP 2024).

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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

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'.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Office equipment	-	25% reducing balance
Office software	-	25% reducing balance

Depreciation is charged on leasehold improvements over the term of the remaining lease.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Work in progress is measured at the lower of cost and value of the amount of time spent on services provided, not yet invoiced.

Financial instruments

The following assets and liabilities are classified as financial instruments - bank, trade debtors and trade creditors of the LLP. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs.

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 33 (2025: 32 ).

5.	Intangible assets

	Website
	£
Cost
At 1 April 2025 and 31 March 2026	7,000
	-------
Amortisation
At 1 April 2025 and 31 March 2026	7,000
	-------
Carrying amount
At 31 March 2026	–
	-------
At 31 March 2025	–
	-------

6.	Tangible assets

	Leasehold improvements	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2025	14,027	94,345	5,308	113,680
Additions	–	6,491	–	6,491
	--------	---------	-------	---------
At 31 March 2026	14,027	100,836	5,308	120,171
	--------	---------	-------	---------
Depreciation
At 1 April 2025	6,012	61,205	4,600	71,817
Charge for the year	2,004	9,908	177	12,089
	--------	---------	-------	---------
At 31 March 2026	8,016	71,113	4,777	83,906
	--------	---------	-------	---------
Carrying amount
At 31 March 2026	6,011	29,723	531	36,265
	--------	---------	-------	---------
At 31 March 2025	8,015	33,140	708	41,863
	--------	---------	-------	---------

7.	Debtors

	2026	2025
	£	£
Trade debtors	209,657	233,736
Other debtors	43,527	36,798
	---------	---------
	253,184	270,534
	---------	---------

8. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	5,000	10,000
Trade creditors	9,394	25,238
Social security and other taxes	94,115	81,299
Other creditors	20,000	48,114
	---------	---------
	128,509	164,651
	---------	---------

9. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	–	5,000
Other creditors	20,000	40,000
	--------	--------
	20,000	45,000
	--------	--------

The bank loan has a 12 month capital repayment holiday and thereafter is repayable over 60 instalments. The interest rate charged is fixed at 2.5% per annum.

10.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	317,658	239,130
Other amounts	300,000	300,000
	---------	---------
	617,658	539,130
	---------	---------

In the event of a winding up the loans and other debts due to members ranks after unsecured creditors.

11.	Operating leases

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

	2026	2025
	£	£
Not later than 1 year	67,046	67,794
Later than 1 year and not later than 5 years	209,100	258,896
Later than 5 years	–	13,500
	---------	---------
	276,146	340,190
	---------	---------