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REGISTERED NUMBER: OC303843 (England and Wales)

































Unaudited Financial Statements

For The Year Ended

31 March 2024

for

RYCROFT ASSOCIATES LLP

RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


RYCROFT ASSOCIATES LLP

General Information
For The Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr S Hallworth
Mr K J Toogood
Parcroft Ltd





REGISTERED OFFICE: The Old Bakery
Shaw Lane
Lichfield
Staffordshire
WS13 7AG





REGISTERED NUMBER: OC303843 (England and Wales)





ACCOUNTANTS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants
8 Eastway
Sale
Cheshire
M33 4DX

RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,277 30,769

CURRENT ASSETS
Debtors 8,704 26,037
Cash at bank 128,922 68,059
137,626 94,096
CREDITORS
Amounts falling due within one year 8,165 67,257
NET CURRENT ASSETS 129,461 26,839
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 154,738 57,608

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

154,738

57,608

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 154,738 57,608
Amounts due from members (1,329 ) (18,662 )
153,409 38,946

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 year ended 31 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.

RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 September 2024 and were signed by:




Mr S Hallworth - Designated member




Mr K J Toogood - Designated member


RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Rycroft Associates 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
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The LLP's policy of revenue recognition is to recognise revenue when the contractual obligations to the client have been fulfilled. For contracts where obligations to the client have not been fulfilled, but have been invoiced the revenue is recognised within deferred income and presented within current liabilities until such time a right to consideration arises.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year.

The members assess the LLP's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the members calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

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.

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the LLP. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 8 (2023 - 9 ) .

RYCROFT ASSOCIATES LLP (REGISTERED NUMBER: OC303843)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 98,174
Additions 4,648
At 31 March 2024 102,822
DEPRECIATION
At 1 April 2023 67,405
Charge for year 10,140
At 31 March 2024 77,545
NET BOOK VALUE
At 31 March 2024 25,277
At 31 March 2023 30,769

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 28,600 29,400
Between one and five years 64,350 -
92,950 29,400

6. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members will rank pari passu with other unsecured creditors in the event of a winding up. In such a circumstance, the members have subordinated their rights to payments owed to them in preference to external creditors.