Limited Liability Partnership registration number OC313216 (England and Wales)
RED OAK CONSULTING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RED OAK CONSULTING LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RED OAK CONSULTING LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,567
9,466
Current assets
Debtors
4
402,281
356,019
Cash at bank and in hand
137,216
198,226
539,497
554,245
Creditors: amounts falling due within one year
5
(151,706)
(25,601)
Net current assets
387,791
528,644
Total assets less current liabilities and net assets attributable to members
431,358
538,110
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
431,358
538,110

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 2024 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 29 July 2024 and are signed on their behalf by:
29 July 2024
..............................................
Mr O G M Thomas
Designated member
Limited Liability Partnership registration number OC313216 (England and Wales)
RED OAK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Red Oak Consulting LLP is a limited liability partnership incorporated in England and Wales. The registered office is 36 Pure Offices, Hatherley Lane, Cheltenham, United Kingdom, GL51 6SH.

 

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

1.2
Turnover

During the current year the company has changed its accounting policy for revenue recognition. The change in accounting policy was made to better reflect the economic substance of our long-term contract transactions, providing a better match between the costs incurred with revenues in the period by using the percentage completeness method.

Retrospective application of the new accounting policy to prior periods has not been possible because the necessary data to restate prior periods is not reliably available, Improvements in systems and processes have enabled this change, As the nature of customer contracts has changed over the past year, this adjustment would be significantly smaller in previous accounting periods.

The change in accounting policy could result in either an increase or decrease in revenue recognised in the reporting period depending on the invoicing position of contracts. In the current reporting period the change has resulted in an increased portion of revenue recognised of £83,623.

The company believes that the prospective application of the new accounting policy provides a true and fair view of the financial position and results of operations and is consistent with the principles of relevance, reliability and comparability.

1.3
Tangible fixed assets

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

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:

Plant and equipment
4 years straight line
Fixtures and fittings
4 years straight line
Computers
3 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

RED OAK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

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

2024
2023
Number
Number
Total
18
11
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
39,230
Additions
46,034
Disposals
(19,750)
At 31 March 2024
65,514
Depreciation and impairment
At 1 April 2023
29,764
Depreciation charged in the year
7,971
Eliminated in respect of disposals
(15,788)
At 31 March 2024
21,947
Carrying amount
At 31 March 2024
43,567
At 31 March 2023
9,466
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
197,101
307,170
Other debtors
205,180
48,849
402,281
356,019
RED OAK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,483
4,599
Taxation and social security
55,439
13,618
Other creditors
90,784
7,384
151,706
25,601
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.

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