Company No: SO305309 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	13,492		17,386
Investments	4	41		41
		13,533		17,427
Current assets
Debtors	5	563,151		590,631
Cash at bank and in hand		121,685		263,255
		684,836		853,886
Creditors: amounts falling due within one year	6	( 92,966)		( 70,254)
Net current assets		591,870		783,632
Total assets less current liabilities		605,403		801,059
Provision for liabilities	7	( 30,000)		( 30,000)
Net assets attributable to members		575,403		771,059
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		160,000		160,000
Other amounts		415,403		611,059
		575,403		771,059
Total members' interests
Loans and other debts due to members		575,403		771,059
		575,403		771,059

For the financial 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of A.C. MORRISON & RICHARDS LLP (registered number: SO305309) were approved and authorised for issue by the members on 22 September 2026. They were signed on its behalf by:

Fiona Milne Designated member

	DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£
Amounts due to members	160,000	376,464	536,464
Balance at 01 April 2024	160,000	376,464	536,464	536,464
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	451,441	451,441	451,441
Members' interest after result for the financial year	160,000	827,905	987,905	987,905
Drawings	0	(216,846)	(216,846)	(216,846)
Amounts due to members	160,000	611,059	771,059
Balance at 31 March 2025	160,000	611,059	771,059	771,059
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	153,509	153,509	153,509
Members' interest after result for the financial year	160,000	764,568	924,568	924,568
Drawings	0	(349,165)	(349,165)	(349,165)
Amounts due to members	160,000	415,403	575,403
Balance at 31 March 2026	160,000	415,403	575,403	575,403

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.

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceeding financial year, unless otherwise stated.

General information and basis of accounting

A.C. MORRISON & RICHARDS 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 18 Bon Accord Crescent, Aberdeen, AB11 6XY, 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 May 2024 (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover represents amounts receivable for legal services provided net of VAT. Turnover is recognised when professional services are provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The LLP operates a defined contribution scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

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.

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. 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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members interests.

Profits are allocated and divided automatically between members on finalisation of the financial statements.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the LLP during the year	21		21

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2025	114,225		114,225
Additions	5,863		5,863
At 31 March 2026	120,088		120,088
Accumulated depreciation
At 01 April 2025	96,839		96,839
Charge for the financial year	9,757		9,757
At 31 March 2026	106,596		106,596
Net book value
At 31 March 2026	13,492		13,492
At 31 March 2025	17,386		17,386

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	41		41
At 31 March 2026	41		41
Carrying value at 31 March 2026	41		41
Carrying value at 31 March 2025	41		41

5. Debtors

	2026		2025
	£		£
Trade debtors	156,117		177,138
Prepayments	59,893		39,727
Other debtors	347,141		373,766
	563,151		590,631

Within other debtors are net balances held by the LLP on behalf of and in the name of clients as follows, 2026: £ 32,263, 2025 : £76,818

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Other taxation and social security	50,032		54,266
Other creditors	42,934		15,988
	92,966		70,254

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

	2026		2025
	£		£
Other provisions	30,000		30,000

8. Financial commitments

Commitments

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

	2026		2025
	£		£
Within one year	72,791		73,204
Between one and five years	198,282		271,073
	271,073		344,277

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases.