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Registration number: OC400538

RSW Advisory LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

RSW Advisory LLP

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

RSW Advisory LLP

(Registration number: OC400538)
Balance Sheet as at 31 March 2024

Note

2024
 

2023
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

3

 

1,734

 

1,887

Current assets

   

 

Debtors

73,598

 

89,206

 

Cash and short-term deposits

 

41,791

 

43,398

 

 

115,389

 

132,604

 

Creditors: Amounts falling due within one year

5

(17,497)

 

(26,128)

 

Net current assets

   

97,892

 

106,476

Net assets attributable to members

   

99,626

 

108,363

Represented by:

   

 

Loans and other debts due to members

   

 

Members' capital classified as a liability

 

99,626

 

108,363

 
     

99,626

 

108,363

Total members' interests

   

 

Loans and other debts due to members

 

99,626

 

108,363

 
     

99,626

 

108,363

 

RSW Advisory LLP

(Registration number: OC400538)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 1A ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of RSW Advisory LLP (registered number OC400538) were approved by the Board and authorised for issue on 9 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R T Speight
Designated member

 

RSW Advisory LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of RSW Advisory LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership 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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Reducing balance

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

RSW Advisory LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments


Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2023 - 2).

 

RSW Advisory LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Tangible fixed assets

Office equipment
 £

Total
£

Cost

At 1 April 2023

3,241

3,241

Additions

280

280

At 31 March 2024

3,521

3,521

Depreciation

At 1 April 2023

1,354

1,354

Charge for the year

433

433

At 31 March 2024

1,787

1,787

Net book value

At 31 March 2024

1,734

1,734

At 31 March 2023

1,887

1,887

4

Debtors

2024
£

2023
£

Trade debtors

56,329

79,126

Other debtors

4,949

-

Prepayments and accrued income

12,320

10,080

Total current trade and other debtors

73,598

89,206

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

14,797

20,832

Other creditors

-

29

Accruals and deferred income

2,700

2,400

Taxation and social security

-

2,867

17,497

26,128