Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
1,613 | 1,315 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
86,502 | 84,513 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 77,276 | 67,924 | ||
Total assets less current liabilities | 78,889 | 69,239 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 7 | 11,957 | 1,385 | |
11,957 | 1,385 | |||
Members' other interests | ||||
Other reserves | 66,932 | 67,854 | ||
66,932 | 67,854 | |||
78,889 | 69,239 | |||
Total members' interests | ||||
Loans and other debts due to members | 11,957 | 1,385 | ||
Members' other interests | 66,932 | 67,854 | ||
78,889 | 69,239 |
Members' responsibilities:
The financial statements of Riddell Thoms & Company LLP (registered number:
Mr F W Clearie
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
---|---|---|---|
Other reserves | Other amounts | Total | |
£ | £ | £ | |
Amounts due to members | 62,429 | ||
Balance at 01 May 2022 | 0 | 62,429 | 62,429 |
Profit for the financial period/year available for discretionary division among members | 67,854 | 0 | 67,854 |
Members' interest after profit for the financial period/year | 67,854 | 62,429 | 130,283 |
Drawings | 0 | (61,044) | (61,044) |
Amounts due to members | 1,385 | ||
Balance at 30 April 2023 (restated - note 2) | 67,854 | 1,385 | 69,239 |
Profit for the financial period/year available for discretionary division among members | 66,932 | 0 | 66,932 |
Members' interest after profit for the financial period/year | 134,786 | 1,385 | 136,171 |
Drawings | 0 | (57,282) | (57,282) |
Members' remuneration charged as an expense, including employment and retirement benefit costs | (67,854) | 67,854 | 0 |
Amounts due to members | 11,957 | ||
Balance at 31 March 2024 | 66,932 | 11,957 | 78,889 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Riddell Thoms & Company LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 5 Rock Drive, Kilbarchan, Johnstone, PA10 2HF, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current reporting period length is 11 months long, in comparison to the previous 12 month period therefore the comparatives are not entirely comparable.
[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside
the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases,
costs incurred up to the balance sheet date are carried forward as work in progress.
Plant and machinery etc. |
|
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 credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either 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.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
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 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. The members have not contributed any capital to the LLP.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position 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 Statement of Financial Position within 'Members' other interests'.
As previously reported | Adjustment | As restated | ||||
Period ended 30 April 2023 | £ | £ | £ | |||
Members' remuneration charged as an expense | (67,854) | 67,854 | 0 | |||
Members' other interests - Other reserves | 0 | (67,854) | (67,854) |
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
|
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
|
|
|
Additions |
|
|
|
At 31 March 2024 |
|
|
|
Accumulated depreciation | |||
At 01 May 2023 |
|
|
|
Charge for the financial period |
|
|
|
At 31 March 2024 |
|
|
|
Net book value | |||
At 31 March 2024 |
|
|
|
At 30 April 2023 |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
|
|
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.