RSHP LLP

 

Annual Report and Financial Statements

Year Ended 31 December 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LLP registration number: OC365477

RSHP LLP

 

Financial Statements

 

Year Ended 31 December 2023

 

Contents

 

 

Page

 

 

LLP Information

1

Members' Report

2

Independent Auditor's Report

4

Consolidated Profit and Loss Account

7

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

LLP Balance Sheet

10

Consolidated Reconciliation of Members' Interests

11

LLP Reconciliation of Members' Interests

13

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

 

RSHP LLP

 

LLP Information

 

Year Ended 31 December 2023

 

LLP registration number

OC365477

 

 

Members

RSHP Architects Limited (designated member)

 

RSHP3 Limited (designated member)

 

 

Registered office

Level 14

 

The Leadenhall Building

 

122 Leadenhall Street

 

London

 

EC3V 4AB

 

 

Auditor

Praxis

 

1 Poultry

 

London

 

EC2R 8EJ

 

 

Solicitor

Beale & Co

 

85 King William Street

 

London

 

EC4N 7BL

 

 

Bankers

HSBC Bank Plc

 

Kings Mall

 

King Street

 

Hammersmith

 

London

 

W6 0QF

 

RSHP LLP

 

Members' Report

 

Year Ended 31 December 2023

 

Principal activities

The principal activity of the LLP and its group remained that of architects and design consultants. The work undertaken by the practice covers the full range of architecture services, working on master planning, the design and construction of residential schemes, commercial office developments, museums and transportation infrastructure.

 

Overseas establishments

The RSHP group of entities has a global presence, maintaining overseas offices in Australia, China and France. We also have staff seconded to client premises in Taiwan.

 

Designated members

The following members were designated members during the year:

 

I Birtles (resigned 1 January 2024)

E L Grut (resigned 1 January 2024)

RSHP Architects Limited

 

Members' drawings and amounts subscribed or otherwise contributed by members

Each member's subscription to the capital of the LLP is determined by the Group constitution and is repayable following retirement from the LLP, subject to a vote of the members being passed authorising the payment. Repayment of member's capital cannot be unreasonably withheld by the remaining members.

 

Details of changes to members' capital in the year ended 31 December 2023 are set out in the financial statements.

 

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members in accordance with the Group's constitution. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

 

Members' responsibilities

The members are responsible for preparing the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent limited liability partnership and the profit or loss of the Group for that period.

 

In preparing these financial statements, the members are required to:

 

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

RSHP LLP

 

Members' Report (continued)

 

Year Ended 31 December 2023

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership's transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

On behalf of the members

 

 

 

 

 

RSHP Architects Limited, Designated member

Acting by the Director I Birtles

 

7 October 2024

Independent Auditor's Report to the Members of RSHP LLP

 

Year Ended 31 December 2023

 

Opinion

We have audited the financial statements of RSHP LLP (the ‘parent limited liability partnership') and its subsidiaries (the ‘Group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated and LLP Reconciliations of Members' Interests, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion the financial statements:

 

give a true and fair view of the state of the Group and the parent limited liability partnership's affairs as at 31 December 2023, and of the Group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Emphasis of matter: Financial statements prepared on a basis other than going concern

We draw attention to Note 1 (b) to the financial statements which explains that the members intend to restructure the Group and transfer the majority of its assets, liabilities and its business to a company under common control and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1(a). Our opinion is not modified in this respect of this matter.

 

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Independent Auditor's Report to the Members of RSHP LLP

 

Year Ended 31 December 2023

 

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires us to report to you if, in our opinion:

 

adequate accounting records have not been kept by the parent limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or

the parent limited liability partnership's financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit

 

Responsibilities of members

As explained more fully in the members' responsibilities statement set out on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the members are responsible for assessing the Group and limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We obtained an understanding of the legal and regulatory frameworks within which the limited liability partnership and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the SORP on Accounting by Limited Liability Partnerships. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the limited liability partnerships and the Group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the limited liability partnership and the Group for fraud. The laws and regulations we considered in this context for the UK operations were, architectural laws and regulations, General Data Protection Regulation (GDPR), and employment legislation.

 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and sample testing on the posting of journals. We also conducted procedures to detect systematic bias in the current and prior period assessments of the stage of completion of long-term contracts.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

Independent Auditor's Report to the Members of RSHP LLP

 

Year Ended 31 December 2023

 

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and- guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors- responsibilities-for-audit.aspx. This description forms part of our auditor's report.

 

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

 

 

 

Christopher Blunn

Senior Statutory Auditor

For and on behalf of Praxis, Statutory Auditor

1 Poultry

London

EC2R 8EJ

 

7 October 2024

RSHP LLP

 

Consolidated Profit and Loss Account

 

Year Ended 31 December 2023

 

 

 

Year ended

Year ended

 

 

31

31

 

 

December

December

 

 

2023

2022

 

Note

£

£

Turnover

2

24,078,123

23,644,854

 

 

 

 

Cost of sales

 

(10,433,335)

(10,492,325)

 

 

 

 

Gross profit

 

13,644,788

13,152,529

 

 

 

 

Administrative expenses

 

(11,255,225)

(9,719,950)

Other operating income

 

1,399

1,361

 

 

 

 

Operating profit

 

2,390,962

3,433,940

 

 

 

 

Interest receivable and similar income

6

8,499

3,273

Interest payable and similar expenses

6

(33,685)

(42,707)

 

 

 

 

Profit before tax

 

2,365,776

3,394,506

 

 

 

 

Tax on profit in corporate subsidiaries

7

(74,255)

(87,465)

 

 

 

 

Profit for the period before members'

3

2,291,521

3,307,041

remuneration and profit shares

 

 

 

 

 

 

 

Members' remuneration charged as an

 

(2,446,474)

(3,304,192)

expense

 

 

 

 

 

 

 

Profit/(loss) for the period available for discretionary division among members

 

(154,953)

2,849

 

RSHP LLP

 

Consolidated Statement of Comprehensive Income

 

Year Ended 31 December 2023

 

 

2023

2022

 

£

£

Profit for the period available for discretionary division among

(154,953)

2,849

members

 

 

 

 

 

Foreign exchange differences on subsidiaries

(14,881)

13,940

 

 

 

Total comprehensive income for the period

(169,834)

16,789

 

 

 

Total comprehensive income attributable to:

 

 

Owners of the parent LLP

(169,834)

16,789

 

 

 

 

(169,834)

16,789

 

RSHP LLP

 

Consolidated Balance Sheet

 

Year Ended 31 December 2023

 

 

 

2023

2022

 

Note

£

£

Fixed assets

 

 

 

Tangible assets

8

887,189

1,230,817

 

 

 

 

 

 

887,189

1,230,817

Current assets

 

 

 

Debtors

10

16,439,339

17,294,529

Cash at bank and in hand

 

2,064,077

1,421,343

 

 

 

 

 

 

18,503,416

18,715,872

 

 

 

 

Creditors: amounts falling due within one year

11

(12,547,594)

(11,368,503)

 

 

 

 

Net current assets

 

5,955,822

7,347,369

 

 

 

 

Total assets less current liabilities

 

6,843,011

8,578,186

 

 

 

 

Creditors: amounts falling due after more than one year

12

(73,086)

(281,654)

 

 

 

 

Net assets attributable to members

 

6,769,925

8,296,532

 

 

 

 

Represented by:

 

 

 

 

 

 

 

Loans and other debts due to members

 

 

 

Other amounts

 

488,219

1,844,992

 

 

 

 

 

 

488,219

1,844,992

Members' other interests

 

 

 

Members' capital classified as equity

 

6,391,558

6,391,558

Other reserves classified as equity

 

(109,852)

59,982

 

 

 

 

 

 

6,769,925

8,296,532

 

 

 

 

Total members' interests

 

 

 

Amounts due from members (included in debtors)

10

(5,092,338)

(5,722,156)

Loans and other debts due to members

14

488,219

1,844,992

Members' other interests

 

6,281,706

6,451,540

 

 

 

 

 

 

1,677,587

2,574,376

 

The financial statements were approved and authorised for issue by the Members on 7 October 2024.

 

Signed on behalf of the Members.

 

RSHP Architects Limited, Designated member

Acting by the Director I Birtles

 

The notes on pages 16 to 30 form part of these financial statements.

LLP registration number: OC365477

RSHP LLP

 

LLP Balance Sheet

 

Year Ended 31 December 2023

 

 

 

2023

2022

 

Note

£

£

Fixed assets

 

 

 

Investments

9

1

1

 

 

 

 

 

 

1

1

Current assets

 

 

 

Debtors

10

18,582,734

19,894,419

Cash at bank and in hand

 

1,331,611

1,155,740

 

 

 

 

 

 

19,914,345

21,050,159

 

 

 

 

Creditors: amounts falling due within one year

11

(13,009,258)

(12,631,320)

 

 

 

 

Net current assets

 

6,905,087

8,418,839

 

 

 

 

Total assets less current liabilities

 

6,905,088

8,418,840

 

 

 

 

Creditors: amounts falling due after more than one year

12

(25,311)

(182,290)

 

 

 

 

Net assets attributable to members

 

6,879,777

8,236,550

 

 

 

 

Represented by:

 

 

 

 

 

 

 

Loans and other debts due to members

 

 

 

Other amounts

 

488,219

1,844,992

 

 

 

 

 

 

488,219

1,844,992

Members' other interests

 

 

 

Members' capital classified as equity

 

6,391,558

6,391,558

 

 

 

 

 

 

6,879,777

8,236,550

 

 

 

 

Total members' interests

 

 

 

Amounts due from members (included in debtors)

10

(5,092,338)

(5,722,156)

Loans and other debts due to members

14

488,219

1,844,992

Members' other interests

 

6,391,558

6,391,558

 

 

 

 

 

 

1,787,439

2,514,394

 

 

 

 

LLP's profit for the period available for discretionary division

 

-

-

 

 

The financial statements were approved and authorised for issue by the Members on 7 October 2024.

 

Signed on behalf of the Members.

 

 

 

 

RSHP Architects Limited, Designated member

Acting by the Director I Birtles

 

The notes on pages 16 to 30 form part of these financial statements.

LLP registration number: OC365477

RSHP LLP

 

Consolidated Reconciliation of Members' Interests

 

Year Ended 31 December 2023

 

 

Equity

 

Debt

Total members'

 

Members' other interests

 

Loans and other debts due to

interests

 

 

 

 

members less an amounts due

 

 

 

 

 

from members in debtors

 

 

Members'

 

 

 

 

 

 

Capital

Other

 

Other

 

 

 

(Classified as

Reserves

Total

Amounts

Total

Total 2023

 

equity)

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

1,844,992

1,844,992

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,722,156)

(5,722,156)

 

At 31 December 2022

 

 

 

 

 

 

and 1 January 2023

6,391,558

59,982

6,451,540

(3,877,164)

(3,877,164)

2,574,376

Members'

 

 

 

 

 

 

remuneration charged

-

-

 

2,446,474

2,446,474

2,446,474

as an expense

 

 

 

 

 

 

Profit for the year

 

 

 

 

 

 

available for

 

 

 

 

 

 

discretionary division

-

(169,834)

(169,834)

-

-

(169,834)

among members

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' interests

 

 

 

 

 

 

after profit for the year

6,391,558

(109,852)

6,281,706

(1,430,690)

(1,430,690)

4,851,016

Expenses charged to

 

 

 

 

 

 

members

-

-

-

568,709

568,709

568,709

Drawings

-

-

-

(3,742,138)

(3,742,138)

(3,742,138)

Other movements

-

-

-

-

-

-

 

 

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

488,219

488,219

 

 

 

 

 

 

 

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,092,338)

(5,092,338)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2023

6,391,558

(109,852)

6,281,706

(4,604,119)

(4,604,119)

1,677,587

 

 

RSHP LLP

 

Consolidated Reconciliation of Members' Interests

 

Year Ended 31 December 2023

 

 

Equity

 

Debt

Total members'

 

Members' other interests

 

Loans and other debts due to

interests

 

 

 

 

members less any amounts due

 

 

 

 

 

from members in debtors

 

 

Members'

 

 

 

 

 

 

Capital

Other

Total

Other

Total

Total 2022

 

(Classified as

Reserves

 

Amounts

 

 

 

equity)

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

3,450,182

3,450,182

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(1,390,686)

(1,390,686)

 

At 31 December 2021

 

 

 

 

 

 

and 1 January 2022

6,391,558

43,193

6,434,751

2,059,496

2,059,496

8,494,247

Members'

 

 

 

 

 

 

remuneration charged

-

-

-

3,304,192

3,304,192

3,304,192

as an expense

 

 

 

 

 

 

Profit for the year

 

 

 

 

 

 

available for

 

 

 

 

 

 

discretionary division

--

16,789

16,789

-

-

16,789

among members

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' interests

 

 

 

 

 

 

after profit for the year

6,391,558

59,982

6,451,540

5,363,688

5,363,688

11,815,228

Expenses charged to

 

 

 

 

 

 

members

-

-

-

(5,220,789)

(5,220,789)

(5,220,789)

 

 

 

 

 

 

 

Drawings

-

-

-

(4,020,063)

(4,020,063)

(4,020,063)

Other movements

-

-

-

-

-

-

 

 

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

1,844,992

1,844,992

 

 

 

 

 

 

 

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,722,156)

(5,722,156)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2022

6,391,558

59,982

6,451,540

(3,877,164)

(3,877,164)

2,574,376

RSHP LLP

 

Reconciliation of Members' Interests

 

Year Ended 31 December 2023

 

 

Equity

 

Debt

Total members'

 

Members' other interests

 

Loans and other debts due to

interests

 

 

 

 

members less any amounts due

 

 

 

 

 

from members in debtors

 

 

Members'

 

 

 

 

 

 

Capital

Other

Total

Other

Total

Total 2023

 

(Classified as

Reserves

 

Amounts

 

 

 

equity)

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

1,844,992

1,844,992

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,722,156)

(5,722,156)

 

 

 

 

 

 

 

 

At 1 January 2023

6,391,558

-

6,391,558

(3,877,164)

(3,877,164)

2,514,394

Members'

 

 

 

 

 

 

remuneration charged

 

 

 

2,446,474

2,446,474

2,446,474

as an expense

 

 

 

 

 

 

Members' interests

 

 

 

 

 

 

after profit for the year

6,391,558

-

6,391,558

(1,430,690)

(1,430,690)

4,960,868

Expenses charged to

 

 

 

 

 

 

members

-

-

-

568,709

568,709

568,709

Drawings

-

-

-

(3,742,138)

(3,742,138)

(3,742,138)

Other movements

-

-

-

 

 

 

 

 

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

488,219

488,219

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,092,338)

(5,092,338)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2023

6,391,558

-

6,391,558

(4,604,119)

(4,604,119)

1,787,439

 

 

RSHP LLP

 

Reconciliation of Members' Interests

 

Year Ended 31 December 2023

 

 

Equity

 

Debt

Total members'

 

Members' other interests

 

Loans and other debts due to

interests

 

 

 

 

members less any amounts due

 

 

 

 

 

from members in debtors

 

 

Members'

 

 

 

 

 

 

Capital

Other

 

Other

 

 

 

(Classified as

Reserves

Total

Amounts

Total

Total 2022

 

equity)

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

3,450,182

3,450,182

 

 

 

 

 

 

 

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(1,390,686)

(1,390,686)

 

At 1 January 2022

6,391,558

-

6,391,558

2,059,496

2,059,496

8,451,054

Members'

 

 

 

 

 

 

remuneration charged

 

 

 

3,304,192

3,304,192

3,304,192

as an expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' interests

 

 

 

 

 

 

after profit for the year

6,391,558

-

6,391,558

5,363,688

5,363,688

11,755,246

 

 

 

 

 

 

 

Expenses charged to

 

 

 

 

 

 

members

-

-

-

(5,220,789)

(5,220,789)

(5,220,789)

Drawings

-

-

-

(4,020,063)

(4,020,063)

(4,020,063)

Other movements

-

-

-

-

-

-

 

 

 

 

 

 

 

Amounts due to

 

 

 

 

 

 

members

 

 

 

1,844,992

1,844,992

 

 

 

 

 

 

 

 

Amounts due from

 

 

 

 

 

 

members

 

 

 

(5,722,156)

(5,722,156)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2022

6,391,558

-

6,391,558

(3,877,164)

(3,877,164)

2,514,394

 

 

RSHP LLP

 

Consolidated Statement of Cash Flows

 

Year Ended 31 December 2023

 

 

 

2023

2022

 

Note

£

£

 

 

 

 

Cash flow from operating activities

15

7,296,490

1,546,172

Members' drawings

 

(3,742,138)

(4,020,063)

 

 

 

 

Net cash flow from operating activities

 

3,554,352

(2,473,891)

 

 

 

 

Cash used in investing activities

 

 

 

Payments to acquire tangible fixed assets

 

(191,251)

(169,703)

Dividends received

 

-

-

Interest received

 

8,499

3,273

 

 

 

 

Net cash used in investing activities

 

(182,752)

(166,430)

 

 

 

 

Cash used in financing activities

 

 

 

Repayment of long-term loans

 

-

(2,421,462)

Repayment of finance lease liabilities

 

(696,124)

(360,540)

Interest paid

 

(33,685)

(42,707)

 

 

 

 

Net cash used in financing activities

 

(729,809)

(2,824,709)

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

 

2,641,791

(5,465,030)

 

 

 

 

Cash and cash equivalents at the start of the period

 

(980,041)

4,484,989

 

 

 

 

Cash and cash equivalents at the end of the period

 

1,661,750

(980,041)

 

 

 

 

Cash and cash equivalents consists of:

 

 

 

 

 

 

 

Cash at bank and in hand

 

2,064,077

1,421,343

Bank overdrafts

 

(402,327)

(2,401,384)

 

 

 

 

Cash and cash equivalents at the end of the period

 

1,661,750

(980,041)

 

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

1     Summary of significant accounting policies

 

(a)     General information and basis of preparation

 

RSHP LLP is a Limited Liability Partnership (LLP) incorporated in England, within the United Kingdom. The address of the registered office is Level 14, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AB. The nature of the LLP's operations and principal activities are set out in the Members' Report on page 2.

 

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice; Accounting by Limited Liability Partnerships published in 2017 and the Companies Act 2006 (as applied to LLPs). The financial statements have been prepared on a basis other than going concern. The financial statements are presented in sterling which is the functional currency of the LLP and rounded to the nearest £.

 

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

 

(b)     Going concern

 

On 18 December 2023, the LLP's members approved a plan to restructure the business as a corporate group. On 1 January 2024, the LLP transferred the majority of its assets, liabilities and its business to a company under common control. From this date the LLP will cease to trade, and accordingly the designated members do not consider the LLP to be a going concern. The LLP's assets and liabilities have been tested and it has been established that the carrying values in the financial statements accord with the recoverable or realisable values. The business of the Group continues within a new corporate group.

true

 

(c)     Basis of consolidation

 

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 July 2014.

 

The LLP has taken advantage of the exemption allowed under section 408 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 has not presented its own Profit and loss account in these financial statements.

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

1     Summary of significant accounting policies (continued)

 

(d)     Tangible fixed assets

 

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

 

 

Land and buildings, leasehold

Over the term of the lease

Motor vehicles

Over 4 years by the sum of digits method

Fixtures & fittings

Over 6 years by the straight-line method

Computer equipment

Over 4 years by the straight-line method

Computer equipment, leased

Over the term of the lease

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated profit and loss account.

 

(e)     Investments

 

Investments in subsidiaries are measured at cost less accumulated impairment.

 

(f)     Debtors and creditors receivable / payable within one year

 

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 

(g)     Cash and cash equivalents

 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 

(h)     Provisions for liabilities

 

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

1     Summary of significant accounting policies (continued)

 

Provisions are charged as an expense to the Consolidated profit and loss account in the year that the Group becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 

(I)     Financial instruments

 

Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument.

 

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.

 

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the Group's cash management.

 

Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

 

(j)     Foreign currency translation

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. |Non-monetary | items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated profit and loss account.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated profit and loss account within 'Administrative expenses'.

 

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 

(k)     Revenue

 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

1     Summary of significant accounting policies (continued)

 

Rendering of services

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

the amount of revenue can be measured reliably;

it is probable that the Group will receive the consideration due under the contract;

the stage of completion of the contract at the end of the period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

 

(l)     Operating leases: the Group as lessee

 

Rentals paid under operating leases are charged to the Consolidated profit and loss account on a straight-line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straightline basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 

(m)     Interest income

 

Interest income is recognised in the Consolidated profit and loss account using the effective interest method.

 

(n)     Finance costs

 

Finance costs are charged to the Consolidated profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 

(o)     Pensions

 

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

 

The contributions are recognised as an expense in the Consolidated profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 

(p)     Taxation

 

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

1     Summary of significant accounting policies (continued)

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

 

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

(r)     Judgements and key sources of estimation uncertainty

 

The LLP engages in projects that can take many years to complete. The partners therefore must make estimations in terms of the level of revenue to recognise within each set of annual financial statements. Such estimations are by their nature judgemental but are backed by reviews of correspondence and resourcing forecasts performed post year end and so are not considered to be subject to significant estimation uncertainty.

 

2     Turnover

 

The analysis of turnover by activity and geographical area is as follows:

 

 

2023

2022

 

£

£

 

 

 

Rendering of architectural services

24,078,123

23,644,854

 

 

 

 

24,078,123

23,644,854

 

 

 

 

 

2023

2022

 

£

£

 

 

 

United Kingdom

8,007,840

8,783,841

Europe

2,066,751

2,164,147

North America

1,186,304

709,143

Australia

2,768,377

4,421,995

Asia Pacific

3,175,483

3,123,787

Rest of World

6,873,368

4,441,941

 

 

 

 

24,078,123

23,644,854

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

3     Profit before taxation and members' remuneration and profit shares

 

Profit before taxation and members' remuneration and profit shares is stated after charging:

 

 

2023

2022

 

£

£

 

 

 

Auditor's remuneration (including expenses and benefits)

93,500

80,000

 

 

 

Depreciation of tangible fixed assets

534,605

622,270

 

 

 

Defined contribution pension cost

218,701

232,901

 

 

 

Net (gains)/losses on foreign exchange

(50,350)

38,307

 

4     Particulars of members

 

 

2023

2022

 

 

 

Average number of members

11

11

 

 

 

 

£

£

 

 

 

Profit attributable to the member with the largest entitlement to profit

280,970

707,315

 

The Group's constitution divides profits automatically between partners, staff and the Group's charity.

 

5     Staff costs

 

The average monthly number of employees, including members with contracts of employment, during the period was as follows:

 

 

2023

2022

 

Number

Number

 

 

 

Architects

100

98

Modelshop

3

3

Office and administration

52

48

 

 

 

 

155

149

 

The aggregate remuneration of such employees was as follows:

 

 

2023

2022

 

£

£

 

 

 

Wages and salaries

8,390,521

7,878,832

Social security

1,138,080

931,228

Other pension costs

218,701

232,901

 

 

 

 

9,737,702

9,042,961

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

6     Interest and other finance income and expenses

 

a)     Interest receivable and similar income

 

 

 

2023

2022

 

£

£

 

 

 

Bank interest receivable

8,499

3,273

 

 

 

 

8,499

3,273

 

b)     Interest payable and similar expenses

 

 

2023

2022

 

£

£

 

 

 

Finance lease interest

32,378

32,449

Other interest

1,307

10,258

 

 

 

 

33,685

42,707

 

7     Tax

 

a)     Tax on profit

 

 

 

2023

2022

 

£

£

Current tax:

 

 

UK corporation tax

52,858

41,673

Foreign corporate tax

49,768

91,720

Total current tax

102,626

133,393

 

 

 

Deferred tax

(28,371)

(45,928)

 

 

 

 

74,255

87,465

 

b)     Reconciliation of tax charge

 

The difference between the tax on profit (note 7(a) above) and the profit before tax multiplied by the applicable rate of corporation tax in the UK is reconciled below:

 

 

2023

2022

 

£

£

 

 

 

Profit before tax

2,365,776

3,394,506

 

 

 

Profit multiplied by average rate of corporation tax in the UK for the year

556,431

644,956

of 23.52% (using the previous rate of 19% for 90 days and the current

 

 

rate of 25% for 275 days) (2022: 19%)

 

 

 

 

 

Effects of:

 

 

LLP profits taxable on the members

(575,411)

(627,796)

Expenses not deductible for tax purposes

58,825

-

Foreign tax net of credits given

39,130

6,190

Other tax adjustments

(4,720)

64,115

 

 

 

Tax on profit on ordinary activities (note 7(a))

74,255

87,465

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

8     Tangible fixed assets

 

Group

 

 

Leasehold

Motor vehicles

Fixtures and

Computer

 

 

Property

 

fittings

equipment)

Total

 

£

£

£

£

£

Cost or valuation:

 

 

 

 

 

At 1 January 2023

1,863,078

48,377

589,097

3,945,402

6,445,954

Additions

-

15,018

70,877

105,356

191,251

Disposals

-

(6,713)

(251,780)

(995,446)

(1,253,939)

Exchange adjustments

-

(2,452)

-

(334)

(2,786)

At 31 December 2023

1,863,078

54,230

408,194

3,054,978

5,380,480

 

 

 

 

 

 

Depreciation:

 

 

 

 

 

At 1 January 2023

1,409,916

47,198

562,573

3,195,450

5,215,137

Charge for the year

201,405

3,331

18,272

311,596

534,605

Exchange adjustments

-

(2,393)

-

(118)

(2,511)

Eliminated on disposals

-

(6,713)

(251,780)

(995,446)

(1,253,939)

At 31 December 2023

1,611,321

41,423

329,065

2,511,482

4,493,291

 

 

 

 

 

 

Net book value:

 

 

 

 

 

At 31 December 2023

251,757

12,807

79,129

543,496

887,189

 

 

 

 

 

 

At 31 December 2022

453,162

1,179

26,524

749,952

1,230,817

 

The net book value of assets held under finance leases is £265,786 (2022: £472,959).

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

9     Fixed asset investments

 

LLP

 

 

Investment in

 

 

subsidiary

Total

 

£

£

Cost or valuation

 

 

At 1 January 2023

1

1

 

 

 

At 31 December 2023

1

1

 

 

 

Carrying amount:

 

 

At 31 December 2023

1

1

 

 

 

At 31 December 2022

1

1

 

The following were subsidiary undertakings of the LLP:

 

Name

Country of

Class of

Holding

Principal activity

 

Incorporation

shares

 

 

 

 

 

 

 

 

 

RSHP Holdings Limited1

England & Wales

Ordinary

100

%

Sub-holding company

RSHP Taiwan Ltd1*

England & Wales

Ordinary

100

%

Dormant

RSHP Barangaroo Limited1*

England & Wales

Ordinary

100

%

Project management services

RSHP1 Limited1*

England & Wales

Ordinary

100

%

Project management services

RSHP2 Limited1*

England & Wales

Ordinary

100

%

Dormant

RSHP3 Limited1*

England & Wales

Ordinary

100

%

Dormant

RSHP4 Limited1*

England & Wales

Ordinary

100

%

Leasing of equipment

RSHP US Inc. 2*

USA

Capital stock

100

%

Project support services

Rogers Stirk Harbour + Partners S.L. 3*

Spain

Ordinary

100

%

Architects and design consultants

RSHP Australia Pty Ltd4*

Australia

Ordinary

100

%

Project support services

RSHP Switzerland GmbH5*

Switzerland

Ordinary

100

%

Project support services

RSHP Colombia SAS6*

Colombia

Ordinary

100

%

Dormant

 

 

 

 

 

 

Rogers Stirk Harbour Consulting Company Ltd7*

Taiwan

Ordinary

100

%

Project support services

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

9     Fixed asset investments (continued)

 

Registered offices of subsidiaries:

 

1.

Level 14 The Leadenhall Building, 122 Leadenhall Street, London, England, EC3V 4AB

2.

c/o Peter Hessellund-Jensen, Tower 45, Suite 2801, 120 West 45th Street, New York, NY 10036-4041

3.

c/o BDO, Paseo de Recoletos 37-41, Madrid 28004

4.

c/o Grant Thornton, Level 17, 383 Kent St, Sydney NSW 2000

5.

c/o BDO SA Route de Meyrin 123 - CP 24 - 1219 Chatelaine, Geneva, Switzerland

6.

TV 21 No. 98 05, Bogota, DC

7.

27F, No 9, Songgao Road, Xinyi District, Taipei City 110, Taiwan R.O.C

 

• (*) Held indirectly by RSHP Holdings Limited.

 

For the year ending 31 December 2023 RSHP4 Limited (company registration number 10248844), a subsidiary company, was entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies.

 

10     Debtors

 

Group

 

 

2023

2022

 

£

£

 

 

 

Trade debtors

2,820,606

4,125,487

Amounts owed by connected parties

69,508

194,349

Amounts owed by corporate member

5,092,338

5,722,156

Corporation tax

456

27,040

Other debtors

186,529

196,873

Prepayments and accrued income

8,195,073

6,982,167

Deferred taxation

74,829

46,457

 

 

 

 

16,439,339

17,294,529

 

LLP

 

 

2023

2022

 

£

£

Trade debtors

2,566,776

3,866,754

Amounts owed by group undertakings

3,403,980

2,491,742

Amounts owed by corporate member

5,092,338

5,722,156

Amounts owed by connected parties

5,241

120,264

Other debtors

102,255

123,814

Prepayments and accrued income

7,412,144

7,569,689

 

 

 

 

18,582,734

19,894,419

 

Amounts owed by group undertakings and connected parties are non-interest bearing and repayable on demand.

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

11     Creditors: amounts falling due within one year

 

Group

 

 

2023

2022

 

£

£

 

 

 

Bank loans and overdrafts (secured)

402,327

2,401,384

Trade creditors

2,120,961

1,852,529

Amounts owed to connected parties

2,887,777

2,260,909

Corporation tax

73,225

50,415

Other tax and social security

505,695

609,644

Finance leases

541,585

529,157

Other creditors

236,916

314,463

Accruals and deferred income

5,779,108

3,350,002

 

 

 

 

12,547,594

11,368,503

 

The bank overdraft of £402,327 (2022: £2,401,384) is secured by a fixed and floating charge over the assets of the LLP and its group arising now or in the future.

 

LLP

 

 

2023

2022

 

£

£

 

 

 

Bank loans and overdrafts (secured)

402,327

2,401,384

Trade creditors

2,073,902

1,819,727

Amounts owed to group undertakings

295,782

447,995

Amounts owed to connected parties

2,555,653

1,897,768

Other tax and social security

470,838

498,701

Finance leases

493,033

482,305

Other creditors

32,415

89,607

Accruals and deferred income

6,685,308

4,993,833

 

 

 

 

13,009,258

12,631,320

 

The bank overdraft of £402,327 (2022: £2,401,384) is secured by a fixed and floating charge over the assets of the LLP and its group arising now or in the future.

 

Details of leasing arrangements are provided in note 13.

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

12     Creditors: amounts falling due after more than one year

 

Group

 

 

2023

2022

 

£

£

 

 

 

Finance leases

73,086

281,654

 

 

 

 

73,086

281,654

 

LLP

 

 

2023

2022

 

£

£

 

 

 

Finance leases

25,311

182,290

 

 

 

 

25,311

182,290

 

Details of leasing arrangements are provided in note 13.

 

13     Financial Commitments

 

Group

 

a)     Finance leases - lessee

 

Finance leases relate to hire purchase arrangements for equipment and financing of professional indemnity insurance premiums. Total future minimum finance lease payments are as follows:

 

 

2023

2022

 

£

£

 

 

 

Not later than one year

541,585

529,157

Later than one and not later than two years

73,086

281,654

Later than two and not later than five years

-

-

 

 

 

 

614,671

810,811

 

b)     Operating leases lessee

 

Total future minimum lease payments under non-cancellable operating leases are as follows:

 

 

2023

2022

 

£

£

 

 

 

Not later than one year

1,575,216

1,193,271

Later than one and not later than five years

-

1,491,589

 

 

 

 

1,575,216

2,684,860

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

13     Financial Commitments (continued)

 

c)     Defined contribution pension plans

 

Total pensions commitments which are included in the balance sheet amount to £34,815 (2022 - £91,154).

 

LLP

 

a)     Finance leases - lessee

 

Finance leases relate to hire purchase arrangements for equipment. Total future minimum finance lease payments are as follows:

 

 

2023

2022

 

£

£

 

 

 

Not later than one year

493,033

482,305

Later than one and not later than two years

25,311

182,290

Later than two and not later than five years

-

-

 

 

 

 

518,344

664,595

 

b)     Operating leases lessee

 

Total future minimum lease payments under non-cancellable operating leases are as follows:

 

 

2023

2022

 

£

£

 

 

 

Not later than one year

1,575,216

1,193,271

Later than one and not later than five years

-

1,491,589

 

 

 

 

1,575,216

2,684,860

 

c)     Defined contribution pension plans

 

Total pensions commitments which are included in the balance sheet amount to £34,815 (2022 - £91,154).

 

14     Analysis of loans and other debts due to members

 

Group & LLP

 

 

2023

2022

 

£

£

 

 

 

Undrawn profits

488,219

1,844,992

 

 

 

 

488,219

1,844,992

 

 

In the event of winding up, amounts in ‘Loans and other debts due to members' would rank equally in relation to other creditors who are unsecured.

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

15     Reconciliation of profit to cash flow from operating activities

 

 

2023

2022

 

£

£

 

 

 

Profit / (loss) for the year / period

(154,953)

2,849

 

 

 

Members' remuneration charged as an expense

2,446,474

3,304,192

Income from shares and similar undertakings

-

-

Interest receivable and similar income

(8,499)

(3,273)

Interest payable and similar charges

33,685

42,707

Tax on profit in corporate subsidiaries

74,255

87,465

 

 

 

Operating profit

2,390,962

3,433,940

 

 

 

Depreciation and impairment of tangible fixed assets

534,605

622,270

(Profit) / loss on disposal of tangible fixed assets

-

-

 

 

 

Tax paid

(52,734)

(186,379)

(Increase)/decrease in debtors

823,858

(2,357,452)

Increase in creditors

3,621,401

(57,114)

Foreign exchange effects

(21,602)

90,907

 

 

 

Cash flow from operating activities

7,296,490

1,546,172

 

15A     Analysis of changes in net debt

 

 

2022

Cash flows

Finance

Non-cash

2023

 

 

 

leases

movements

 

 

£

£

£

£

£

 

 

 

 

 

 

Cash at bank

1,421,343

642,734

-

-

2,064,077

 

 

 

 

 

 

Bank overdrafts

(2,401,384)

1,999,057

-

-

(402,327)

 

 

 

 

 

 

Net cash/(debt)

(980,041)

2,641,791

-

-

1,661,750

 

 

 

 

 

 

Long-term

(281,654)

208,568

-

-

(73,086)

borrowings

 

 

 

 

 

 

 

 

 

 

 

Short-term

(529,157)

482,112

(494,540)

-

(541,585)

borrowings

 

 

 

 

 

 

 

 

 

 

 

Total net cash/(debt)

(1,790,852)

3,332,471

(494,540)

-

1,047,079

 

RSHP LLP

 

Notes to the Financial Statements

 

Year Ended 31 December 2023

 

16     Contingent liabilities

 

A cross guarantee has been given to HSBC Bank plc regarding the banking facilities provided to the LLP and the following entities, RSHP Group Limited, RSHP Architects Limited and RSHP Holdings Limited.

 

A guarantee has been given to Eidgenossiche Steuruerwaltung by HSBC Bank plc on behalf of the LLP for CHF 490,000 in respect of potential future tax liabilities arising with the LLP's subsidiary undertaking, RSHP Switzerland GmbH, as required by the Swiss tax authorities.

 

The liabilities arising from these guarantees are secured by fixed and floating charges over each of the above named entities. The net contingent liability at 31 December 2023 was £nil (2022: £nil).

 

17     Related party transactions

 

The immediate parent of the LLP is RSHP Architects Limited. The ultimate parent and the largest and smallest group financial statements that consolidate this LLP is RSHP Group Limited. These group accounts are available to the public from Companies House, Crown Way, Cardiff.

 

Information about related party transactions and outstanding balances is outlined below:

 

 

Sales

Purchases

Debtors

Creditors

 

£

£

£

£

 

 

 

 

 

Entities with control, joint control or significant

 

 

 

 

influence over the LLP

 

 

 

 

At 31 December 2023

847,815

30,021

5,092,338

179,903

At 31 December 2022

2,312,772

-

5,722,156

113,788

 

 

 

 

 

Other related parties

 

 

 

 

At 31 December 2023

19,555

1,218,908

87,297

2,707,874

At 31 December 2022

-

1,317,900

194,348

2,147,122

 

Outstanding balances due to and from the LLP are unsecured, interest free and repayable on demand.

 

The Group's and LLP's key management are the members of the LLP. No remuneration is paid to them under contracts of employment.

 

18     Financial instruments

 

The group and LLP have no financial instruments recognised at fair value through profit and loss.

 

19     Events after the Balance Sheet date

 

On 18 December 2023, the LLP's members approved a plan to restructure the business as a corporate group. On 1 January 2024, the LLP transferred the majority of its assets, liabilities and its business to a company under common control. The LLP ceased to trade after the end of the reporting period. The business of the Group continues under a new corporate group. The financial effect of this event is not estimated to be material.