Limited Liability Partnership registration number OC440638 (England and Wales)
RX LONDON LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RX LONDON LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
RX LONDON LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
66,540
Tangible assets
4
94,358
160,898
Current assets
Debtors
5
998,801
Cash at bank and in hand
2,466,195
3,464,996
Creditors: amounts falling due within one year
6
(1,667,185)
Net current assets
1,797,811
Total assets less current liabilities and net assets attributable to members
1,958,709
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,958,709

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 13 October 2023 and are signed on their behalf by:
13 October 2023
Mr C  Van Der Gucht
Designated member
Limited Liability Partnership registration number OC440638 (England and Wales)
RX LONDON LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Members' interests at 13 January 2022
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
6,041,049
6,041,049
6,041,049
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after profit for the year
6,041,049
6,041,049
6,041,049
Drawings on account and distributions of profit
(4,082,340)
(4,082,340)
(4,082,340)
Members' interests at 31 March 2023
1,958,709
1,958,709
1,958,709
RX LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

RX London LLP is a limited liability partnership incorporated in England and Wales. The registered office is 315 Chester House, 1-3 Brixton Road, London, SW9 6DE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

These are the first financial statements since incorporation and cover a period of 15 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

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.

1.5
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Costs
10 Years Straightline
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

RX LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 Years Straightline
Computers
3 Years Starightline
1.7
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.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Employee 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.

1.9
Leases

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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
Number
Total
14
RX LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Website Costs
£
Cost
At 13 January 2022
-
Additions
79,828
At 31 March 2023
79,828
Amortisation and impairment
At 13 January 2022
-
Amortisation charged for the year
13,288
At 31 March 2023
13,288
Carrying amount
At 31 March 2023
66,540
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 13 January 2022
-
-
-
Additions
66,059
56,006
122,065
At 31 March 2023
66,059
56,006
122,065
Depreciation and impairment
At 13 January 2022
-
-
-
Depreciation charged in the year
11,541
16,166
27,707
At 31 March 2023
11,541
16,166
27,707
Carrying amount
At 31 March 2023
54,518
39,840
94,358
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
854,589
Other debtors
144,212
998,801
RX LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
152,650
Taxation and social security
939,452
Other creditors
575,083
1,667,185
2023-03-312022-01-13false13 October 2023CCH SoftwareCCH Accounts Production 2023.200OC4406382022-01-132023-03-31OC4406382023-03-31OC440638bus:PartnerLLP12022-01-132023-03-31OC440638bus:LimitedLiabilityPartnershipLLP2022-01-132023-03-31OC440638bus:SmallCompaniesRegimeForAccounts2022-01-132023-03-31OC440638bus:FRS1022022-01-132023-03-31OC440638bus:AuditExemptWithAccountantsReport2022-01-132023-03-31OC440638bus:FullAccounts2022-01-132023-03-31xbrli:purexbrli:shares