IRIS Accounts Production v24.2.0.383 SO300881 designated member 1.11.22 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3008812022-10-31SO3008812024-03-31SO3008812022-11-012024-03-31SO3008812021-10-31SO3008812021-11-012022-10-31SO3008812022-10-31SO300881ns15:Scotland2022-11-012024-03-31SO300881ns14:PoundSterling2022-11-012024-03-31SO300881ns10:PartnerLLP12022-11-012024-03-31SO300881ns10:LimitedLiabilityPartnershipLLP2022-11-012024-03-31SO300881ns10:SmallEntities2022-11-012024-03-31SO300881ns10:AuditExempt-NoAccountantsReport2022-11-012024-03-31SO300881ns10:SmallCompaniesRegimeForAccounts2022-11-012024-03-31SO300881ns10:LimitedLiabilityPartnershipsSORP2022-11-012024-03-31SO300881ns10:FullAccounts2022-11-012024-03-31SO30088112022-11-012024-03-31SO300881ns10:PartnerLLP22022-11-012024-03-31SO300881ns10:PartnerLLP32022-11-012024-03-31SO300881ns10:PartnerLLP42022-11-012024-03-31SO300881ns10:PartnerLLP52022-11-012024-03-31SO300881ns10:PartnerLLP62022-11-012024-03-31SO300881ns10:PartnerLLP72022-11-012024-03-31SO300881ns10:RegisteredOffice2022-11-012024-03-31SO300881ns5:CurrentFinancialInstruments2024-03-31SO300881ns5:CurrentFinancialInstruments2022-10-31SO300881ns5:NetGoodwill2022-11-012024-03-31SO300881ns5:IntangibleAssetsOtherThanGoodwill2022-11-012024-03-31SO300881ns5:LeaseholdImprovements2022-11-012024-03-31SO300881ns5:FurnitureFittings2022-11-012024-03-31SO300881ns5:ComputerEquipment2022-11-012024-03-31SO300881ns5:NetGoodwill2022-10-31SO300881ns5:NetGoodwill2024-03-31SO300881ns5:NetGoodwill2022-10-31SO300881ns5:LeaseholdImprovements2022-10-31SO300881ns5:FurnitureFittings2022-10-31SO300881ns5:ComputerEquipment2022-10-31SO300881ns5:LeaseholdImprovements2024-03-31SO300881ns5:FurnitureFittings2024-03-31SO300881ns5:ComputerEquipment2024-03-31SO300881ns5:LeaseholdImprovements2022-10-31SO300881ns5:FurnitureFittings2022-10-31SO300881ns5:ComputerEquipment2022-10-31SO300881ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SO300881ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31
REGISTERED NUMBER: SO300881 (Scotland)












































Rennie Welch LLP

Financial Statements

for the Period

1st November 2022 to 31st March 2024






Rennie Welch LLP (Registered number: SO300881)






Contents of the Financial Statements
for the Period 1st November 2022 to 31st March 2024




Page

General Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Rennie Welch LLP

General Information
for the Period 1st November 2022 to 31st March 2024







DESIGNATED MEMBERS: M S Thomson
G S Chisholm
Mrs G L Adamson
C Crombie
M Thompson
Mrs M F Drummond
P J Evans





REGISTERED OFFICE: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





REGISTERED NUMBER: SO300881 (Scotland)





ACCOUNTANTS: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Rennie Welch LLP (Registered number: SO300881)

Balance Sheet
31st March 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 456,466 456,466
Tangible assets 5 67,288 74,648
523,754 531,114

CURRENT ASSETS
Debtors 6 1,461,048 1,419,818
Investments 7 100 100
Cash at bank and in hand 194,842 278,695
1,655,990 1,698,613
CREDITORS
Amounts falling due within one year 8 359,935 400,878
NET CURRENT ASSETS 1,296,055 1,297,735
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,819,809

1,828,849

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

1,819,809

1,828,849

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 1,819,809 1,828,849

Rennie Welch LLP (Registered number: SO300881)

Balance Sheet - continued
31st March 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31st March 2024.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6th September 2024 and were signed by:





G S Chisholm - Designated member

Rennie Welch LLP (Registered number: SO300881)

Notes to the Financial Statements
for the Period 1st November 2022 to 31st March 2024

1. STATUTORY INFORMATION

Rennie Welch LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Goodwill
In the past, goodwill arising on some acquisitions has been written off in equal annual instalments.

The members consider that subsequent goodwill additions should be carried at cost with no amortisation.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures & equipment - 20% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and accruals.

Trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rennie Welch LLP (Registered number: SO300881)

Notes to the Financial Statements - continued
for the Period 1st November 2022 to 31st March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members remuneration
Profits and losses are automatically divided between members in accordance with the terms of the LLP agreement, and hence there are no unallocated profits or losses.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 48 (2022 - 46 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2022
and 31st March 2024 456,466
NET BOOK VALUE
At 31st March 2024 456,466
At 31st October 2022 456,466

5. TANGIBLE FIXED ASSETS
Improvements
to Fixtures Computer
property & equipment equipment Totals
£    £    £    £   
COST
At 1st November 2022 30,833 59,383 160,901 251,117
Additions - 1,981 36,571 38,552
At 31st March 2024 30,833 61,364 197,472 289,669
DEPRECIATION
At 1st November 2022 9,249 40,056 127,164 176,469
Charge for period 4,368 6,038 35,506 45,912
At 31st March 2024 13,617 46,094 162,670 222,381
NET BOOK VALUE
At 31st March 2024 17,216 15,270 34,802 67,288
At 31st October 2022 21,584 19,327 33,737 74,648

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 651,966 413,964
Amounts recoverable on contract 745,333 953,528
Other debtors 63,749 52,326
1,461,048 1,419,818

Rennie Welch LLP (Registered number: SO300881)

Notes to the Financial Statements - continued
for the Period 1st November 2022 to 31st March 2024

7. CURRENT ASSET INVESTMENTS
2024 2022
£    £   
Unlisted investments 100 100

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 54,243 63,472
Taxation and social security 137,564 143,941
Other creditors 168,128 193,465
359,935 400,878

9. LEASING AGREEMENTS
The LLP has a commitment under operating leases for rent to pay the sum of £80,825 in the year to 31st March 2025 (2024 £72,500).

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2022
£    £   
Amounts owed to members in respect of profits 1,819,809 1,828,849

Falling due within one year 1,819,809 1,828,849

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement.

11. RELATED PARTY DISCLOSURES

G S Chisholm and G Adamson are directors and shareholders of Rennie Welch Audit Limited. During the period to 31st March 2024, Rennie Welch LLP received the sum of £101,535 (2022 £62,600) by way of a management charge from Rennie Welch Audit Limited. At 31st March 2024 there were no outstanding balances between Rennie Welch LLP and Rennie Welch Audit Limited (2022 £Nil).