REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
LINTON REID LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
LINTON REID LLP |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
LINTON REID LLP |
General Information |
for the Year Ended 31 December 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Report of the Members |
for the Year Ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £57,085 (2022 - £75,673 profit). |
MEMBERS' INTERESTS |
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable |
following retirement from the LLP. |
Details of changes in members' capital in the ended 31 December 2023 are set out in the Reconciliation of |
members' interests. |
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Linton Reid LLP |
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 Linton Reid LLP for the year ended 31 December 2023 which comprise the Income Statement, 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. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Linton Reid 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 Linton Reid LLP and state those matters that we have agreed to state to the members of Linton Reid LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linton Reid LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Linton Reid 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 Linton Reid LLP. You consider that Linton Reid LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Linton Reid 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. |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
£ | £ |
REVENUE |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2 |
30,443 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
2 |
30,443 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 2 | 30,443 |
Amounts due from members | 4 | (1,474 | ) | - |
(1,472 | ) | 30,443 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Members' |
capital |
Other | (classified | Other |
reserves | as debt) | amounts | Total | Total |
£ | £ | £ | £ | £ |
Amount due to members | 2 | 30,441 | 30,443 |
Amount due from members | - | - | - |
Balance at 1 January 2023 | - | 2 | 30,441 | 30,443 | 30,443 |
Profit for the financial year available for discretionary division among members |
57,085 |
- |
- |
- |
57,085 |
Members' interests after profit for the year |
57,085 |
2 |
30,441 |
30,443 |
87,528 |
Other divisions of profit | (57,085 | ) | - | 57,085 | 57,085 | - |
Drawings on account and distributions of profit |
- | - |
(89,000 |
) |
(89,000 |
) |
(89,000 |
) |
Amount due to members | 2 | - | 2 |
Amount due from members | - | (1,474 | ) | (1,474 | ) |
Balance at 31 December 2023 | - | 2 | (1,474 | ) | (1,472 | ) | (1,472 | ) |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 2 | - | 2 |
Profit for the financial year available for discretionary division among members |
- |
75,673 |
75,673 |
Members' interests after profit for the year | 2 | 75,673 | 75,675 |
Other divisions of profit | - | (75,673 | ) | (75,673 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2022 | 2 | - | 2 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 768 |
Amount due from members | - |
Balance at 1 January 2022 | 768 | 770 |
Profit for the financial year available for discretionary division among members |
- |
75,673 |
Members' interests after profit for the year | 768 | 76,443 |
Other divisions of profit | 75,673 | - |
Drawings on account and distributions of profit | (46,000 | ) | (46,000 | ) |
Amount due to members | 30,441 |
Amount due from members | - |
Balance at 31 December 2022 | 30,441 | 30,443 |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Linton Reid LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no significant judgements or estimates involved in the preparation of the financial statements. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the LLP will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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 company 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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
LINTON REID LLP (REGISTERED NUMBER: OC415103) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
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 FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account of the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the balance sheet. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit or loss account and are equity appropriations in the balance sheet. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the balance sheet within loans and other debts due to members and are charged to the profit and loss account within 'members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'members' other interests'. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts due from members | 1,474 | - |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Accrued expenses |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loan and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. |