Limited Liability Partnership registration number OC418483 (England and Wales)
RA SITGES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
RA SITGES LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
RA SITGES LLP
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
-
568,885
Current assets
Debtors
4
33,531
-
Cash at bank and in hand
20,039
2,445
53,570
2,445
Creditors: amounts falling due within one year
5
(1,548)
(1,390)
Net current assets
52,022
1,055
Total assets less current liabilities
52,022
569,940
Creditors: amounts falling due after more than one year
6
-
(109,633)
Net assets attributable to members
52,022
460,307
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(440,892)
(32,607)
Other amounts
492,914
492,914
52,022
460,307
Total members' interests
Loans and other debts due to members
52,022
460,307

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 August 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 4 April 2024 and are signed on their behalf by:
04 April 2024
Mr E Nixon
Designated member
Limited Liability Partnership Registration No. OC418483
RA SITGES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 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 1 September 2022
460,307
460,307
460,307
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(146,086)
(146,086)
(146,086)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
314,221
314,221
314,221
Introduced by members
300
300
300
Drawings on account and distributions of profit
(262,499)
(262,499)
(262,499)
Members' interests at 31 August 2023
52,022
52,022
52,022
RA SITGES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
Prior 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
2022
£
£
£
Members' interests at 1 September 2021
497,383
497,383
497,383
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(36,776)
(36,776)
(36,776)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
460,607
460,607
460,607
Drawings on account and distributions of profit
(300)
(300)
(300)
Members' interests at 31 August 2022
460,307
460,307
460,307
RA SITGES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Limited liability partnership information

RA Sitges LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Old Town Hall, 4 Queens Road, London, SW19 8YB.

 

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
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.

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.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

RA SITGES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.4
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 or loss account in other administrative expenses.

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.

Derecognition of financial assets

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

RA SITGES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.5
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.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included 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
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
-
568,885
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2022
568,885
Valuation changes
(2,188)
Disposals
(566,697)
At 31 August 2023
-
Carrying amount
At 31 August 2023
-
At 31 August 2022
568,885
RA SITGES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
33,531
-
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,548
1,390
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
109,633
7
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.

2023-08-312022-09-01false04 April 2024CCH SoftwareCCH Accounts Production 2023.300falseOC4184832022-09-012023-08-31OC4184832023-08-31OC418483bus:PartnerLLP12022-09-012023-08-31OC4184832021-09-012022-08-31OC418483bus:LimitedLiabilityPartnershipLLP2022-09-012023-08-31OC418483bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-31OC418483bus:FRS1022022-09-012023-08-31OC418483bus:AuditExemptWithAccountantsReport2022-09-012023-08-31OC418483bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:shares