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Registration number: OC307897

Reckon LLP

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Reckon LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Statement of Financial Position

2

Notes to the Financial Statements

4

 

Reckon LLP

Limited liability partnership information

Designated members

N Francis

Dr P Fernandes

S Rajagopalan
 

Registered office

163 Herne Hill
London
SE24 9LR

Auditors

DSK Partners LLP
Chartered Accountants & Statutory Auditor
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Reckon LLP

(Registration number: OC307897)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

507

755

Current assets

 

Debtors

5

187,386

130,127

Cash and short-term deposits

 

121,156

35,053

 

308,542

165,180

Creditors: Amounts falling due within one year

6

(42,274)

(19,244)

Net current assets

 

266,268

145,936

Net assets attributable to members

 

266,775

146,691

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

206,775

86,691

Members’ other interests

 

Members' capital classified as equity

 

60,000

60,000

   

266,775

146,691

Total members' interests

 

Loans and other debts due to members

 

206,775

86,691

Equity

 

60,000

60,000

   

266,775

146,691

 

Reckon LLP

(Registration number: OC307897)
Statement of Financial Position as at 30 June 2023

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements of Reckon LLP (registered number OC307897) were approved by the Members and authorised for issue on 22 February 2024. They were signed on behalf of the limited liability partnership by:

.........................................
N Francis
Designated member

.........................................
Dr P Fernandes
Designated member

 
 

Reckon LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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" including the provisions of Section 1A "Small Entities" 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.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Reckon LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 February 2024 was Mr Romit Basu, who signed for and on behalf of DSK Partners LLP.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

Reckon LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

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.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Straight line at 20-33%

Office equipment

Straight line at 20-33%

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Reckon LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors 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 the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The LLP was party to no derivative financial instruments and no debt instruments during the period covered by the financial statements.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2022 - 1).

3

Auditor's remuneration

2023
 £

2022
 £

Audit of the financial statements

3,300

3,200

 

Reckon LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Tangible fixed assets

Office equipment
 £

Total
£

Cost

At 1 July 2022

5,972

5,972

At 30 June 2023

5,972

5,972

Depreciation

At 1 July 2022

5,217

5,217

Charge for the year

248

248

At 30 June 2023

5,465

5,465

Net book value

At 30 June 2023

507

507

At 30 June 2022

755

755

5

Debtors

2023
£

2022
£

Trade debtors

34,254

31,014

Prepayments and accrued income

153,132

99,113

Total current trade and other debtors

187,386

130,127

6

Creditors: Amounts falling due within one year

2023
£

2022
£

Trade creditors

18

20

Other creditors

225

210

Accruals and deferred income

8,119

4,932

Taxation and social security

33,912

14,082

42,274

19,244

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.