Limited Liability Partnership registration number OC400513 (England and Wales)
RYS INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RYS INVESTMENTS LLP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
RYS INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,694,837
2,694,837
Current assets
Debtors
4
54,769
28,794
Cash at bank and in hand
226,742
224,936
281,511
253,730
Creditors: amounts falling due within one year
5
(30,318)
(29,381)
Net current assets
251,193
224,349
Total assets less current liabilities and net assets attributable to members
2,946,030
2,919,186
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
2,943,904
2,917,060
Members' other interests
Members' capital classified as equity
2,126
2,126
2,946,030
2,919,186

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 December 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 5 March 2024 and are signed on their behalf by:
05 March 2024
Y S Sowler
Designated member
Limited Liability Partnership Registration No. OC400513
RYS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Limited liability partnership information

RYS Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle Upon Tyne, England, NE3 3LS.

 

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

1.1
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.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue recognition

Revenue is recognised to the extent that the LLP 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.

1.4
Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account after arriving at 'profit for the financial year before members' remuneration and profit shares'.

 

In addition, the limited liability partnership agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the partnership. These amounts are alos included within members' remuneration charged to the profit and loss account.

 

A member's share of the profit and loss for the year is accounted for as an allocation of profits. Unallocated profit snf losses are included within other reserves'.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

RYS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Freehold land and buildings are not depreciated.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
2,694,837
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
Carrying amount
At 31 December 2023
2,694,837
At 31 December 2022
2,694,837
RYS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,771
21,455
Prepayments and accrued income
9,998
7,339
54,769
28,794
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,448
72
Other taxation and social security
6,493
1,028
Other creditors
13,902
20,806
Accruals and deferred income
8,475
7,475
30,318
29,381
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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.

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