Company No:
Contents
DESIGNATED MEMBERS | Stuart Cade |
Gavin Ross Miller |
REGISTERED OFFICE | 1 Poultry C/O Praxis |
London | |
EC2R 8EJ | |
England | |
United Kingdom |
REGISTERED NUMBER | OC333554 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
206,513 | 688,760 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (1,048,100) | (612,277) | ||
Total assets less current liabilities | (1,048,100) | (612,277) | ||
Net liabilities attributable to members | (
|
(
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 606,804 | 606,804 | ||
606,804 | 606,804 | |||
Members' other interests | ||||
Other reserves | (1,654,904) | (1,219,081) | ||
(1,654,904) | (1,219,081) | |||
(1,048,100) | (612,277) | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (143,898) | (143,898) | ||
Loans and other debts due to members | 606,804 | 606,804 | ||
Members' other interests | (1,654,904) | (1,219,081) | ||
(1,191,998) | (756,175) |
Members' responsibilities:
The financial statements of RMA 1973 LLP (registered number:
Stuart Cade
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
RMA 1973 LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the LLP's registered office is 1 Poultry C/O Praxis, London, EC2R 8EJ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Companies Act 2006 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 2018 (SORP 2018).
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
In 2023 the designated members noted that the LLP would soon cease trading due to its remaining client contracts being likely to come to an end in 2024. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The designated members have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the LLP's assets have been written down to their net realisable value.
In preparing these financial statements, it came to the attention of the designated members that the LLP was not legally or beneficially entitled to £331,103 of compensation income recognised in previous years. This is a material error which has now been accounted for in prior periods and the balance sheet comparatives adjusted accordingly.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company 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 Company 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 Company 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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. 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 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'.
In preparing these financial statements, it came to the attention of the designated members that the LLP was not legally or beneficially entitled to £331,103 of compensation income recognised in previous years. This has been adjusted for as a correction of Members' other interests in the prior year and of Amounts owed by related parties in Debtors.
As previously reported | Adjustment | As restated | ||||
Year ended 31 December 2022 | £ | £ | £ | |||
Amounts owed by related parties | 532,273 | (331,103) | 201,170 | |||
Members' other interests | (887,978) | (331,103) | (1,219,081) |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to connected persons |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
The LLP had no material capital commitments at the year ended 31 December 2023.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Recharge of rental income | 90,000 | 90,000 | |
Sub-consultant recharges from an entity | 407,127 | 47,277 | |
Owed (to)/by an entity | (53,555) | 201,170 |