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REGISTERED NUMBER:
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LOW BEATON RICHMOND LLP |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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REGISTERED NUMBER:
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LOW BEATON RICHMOND LLP |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
LOW BEATON RICHMOND LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Citypoint 2 |
25 Tyndrum Street |
Glasgow |
G4 0JY |
LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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BALANCE SHEET |
31 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR |
7 |
( |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR |
8 |
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( |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
383,026 |
378,221 |
LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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BALANCE SHEET - continued |
31 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
10 |
263,026 |
258,221 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 120,000 | 120,000 |
383,026 | 378,221 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 263,026 | 258,221 |
Members' other interests | 120,000 | 120,000 |
383,026 | 378,221 |
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The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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1. | STATUTORY INFORMATION |
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Low Beaton Richmond LLP is a limited liability partnership registered in Scotland. The LLP's registered number is SO300480 and its registered office is 20 Renfield Street, Glasgow, Lanarkshire, G2 5AP. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The members confirm that, having considered their expectations and intentions for the next twelve months and the availability of working capital, the LLP is a going concern. The members are unaware of any events, conditions, or risks beyond the period of assessment that may cast significant doubt on the ability to continue as a going concern. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable. |
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Turnover represents net invoiced sales of services attributable to solicitors and notaries, excluding value added tax, and is recognised when the service is delivered to the client. |
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Unbilled work is recognised as turnover in accordance with FRS 102 and is included within debtors as amounts recoverable on contracts. |
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Tangible fixed assets |
Depreciation of fixed assets is calculated to write off the cost or valuation less any residual value over their estimated useful lives as follows: |
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Freehold property: | - 2.5% on cost |
Plant & machinery etc: | - 20% reducing balance |
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Financial instruments |
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Debtors |
Trade debtors, amounts recoverable on contracts and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account. |
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Creditors |
Other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
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Mortgage loan |
This is measured initially at fair value and is measured subsequently at amortised cost using the effective interest method. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 November 2020 |
and 31 October 2021 |
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AMORTISATION |
At 1 November 2020 |
and 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Freehold | machinery |
property | etc | Totals |
£ | £ | £ |
COST |
At 1 November 2020 |
and 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on contracts |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
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Other creditors |
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LOW BEATON RICHMOND LLP (REGISTERED NUMBER: SO300480) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Provision for income tax |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Mortgage | - | 5,040 |
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Standard security is held on the sums due and to become due on the mortgage. |
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A bond and floating charge is held over the whole of the LLP's property. |
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10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'. |
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11. | COMMITMENTS |
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At 31 October 2021, the LLP had total commitments under non-cancellable operating leases over the remaining life of those leases of £12,290 (2020: £21,882). |
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LOW BEATON RICHMOND LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Low Beaton Richmond LLP for the year ended 31 October 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the members of Low Beaton Richmond LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Low Beaton Richmond LLP and state those matters that we have agreed to state to the members of Low Beaton Richmond LLP, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
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It is your duty to ensure that Low Beaton Richmond LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Low Beaton Richmond LLP. You consider that Low Beaton Richmond LLP is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Low Beaton Richmond LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Citypoint 2 |
25 Tyndrum Street |
Glasgow |
G4 0JY |
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