59 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC426871 2023-04-01 2024-03-31 OC426871 2024-03-31 OC426871 2023-03-31 OC426871 2022-04-01 2023-03-31 OC426871 2023-03-31 OC426871 2022-03-31 OC426871 core:PlantMachinery 2023-04-01 2024-03-31 OC426871 bus:Director2 2023-04-01 2024-03-31 OC426871 bus:Director3 2023-04-01 2024-03-31 OC426871 core:WithinOneYear 2024-03-31 OC426871 core:WithinOneYear 2023-03-31 OC426871 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC426871 core:PlantMachinery 2023-03-31 OC426871 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC426871 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 OC426871 core:PlantMachinery 2024-03-31 OC426871 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC426871 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC426871 core:AfterOneYear 2024-03-31 OC426871 core:AfterOneYear 2023-03-31 OC426871 core:BetweenOneFiveYears 2024-03-31 OC426871 core:BetweenOneFiveYears 2023-03-31 OC426871 core:MoreThanFiveYears 2024-03-31 OC426871 core:MoreThanFiveYears 2023-03-31 OC426871 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC426871 core:PlantMachinery 2023-03-31 OC426871 bus:SmallEntities 2023-04-01 2024-03-31 OC426871 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC426871 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC426871 bus:EntityNoLongerTradingButTradedInPast 2023-04-01 2024-03-31 OC426871 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC426871 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC426871
Rudlings Solicitors LLP
Unaudited financial statements
31 March 2024
Rudlings Solicitors LLP
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
235,658
133,855
Current assets
Debtors
6
1,918,625
1,724,263
Cash at bank and in hand
1,180,630
706,573
-----------
-----------
3,099,255
2,430,836
Creditors: Amounts falling due within one year
7
( 1,306,638)
( 1,121,573)
-----------
-----------
Net current assets
1,792,617
1,309,263
-----------
-----------
Total assets less current liabilities
2,028,275
1,443,118
Creditors: Amounts falling due after more than one year
Bank loans and overdrafts
( 132,037)
( 90,046)
-----------
-----------
Net assets
1,896,238
1,353,072
-----------
-----------
Represented by:
Loans and other debts due to members
Other amounts
8
1,896,238
1,353,072
-----------
-----------
Members' other interests
Other reserves
-----------
-----------
1,896,238
1,353,072
-----------
-----------
Total members' interests
Loans and other debts due to members
8
1,896,238
1,353,072
Members' other interests
-----------
-----------
1,896,238
1,353,072
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Rudlings Solicitors LLP
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 8 November 2024 , and are signed on their behalf by:
S McGrath
J R Sidney
Designated Member
Designated Member
Registered number: OC426871
Rudlings Solicitors LLP
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Walkes. The LLP registration number is OC426871 . The address of the registered office is 1 Well Street, Thetford, Norfolk, IP24 2BL. In addition to the above address, the LLP also trades out of the following addresses: 73 High Street, Brandon, Suffolk, IP27 0AY. 4 Hillside Business Park, Kempson Way, Bury St Edmunds, IP32 7EA. 8 Ber Street, Norwich, Norfolk, NR1 3EJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Taxation on all partnership profits is solely the personal liability of individual members. Consequently neither taxation nor deferred taxation arising in respect of Rudlings Solictors LLP is accounted for in these financial statements. Amounts retained for tax are treated in the same way as other profits of the partnership and so are included in debts to members.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Revenue recognition
Turnover is measured at the fair value of services provided during the period on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on the time spent, skills and expertise provided and expenses incurred. Turnover excludes Value Added Tax. Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding the Value Added Tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligation. For such contracts the amount of revenue reflects the accrual of the right to consideration be reference to the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included as creditors. Fee income which is contingent on events outside the control of the firm is recognised when the contingent event occurs.
Members' participation rights
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's 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 payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 income statement 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'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment and software
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 59 (2023: 51 ).
5.
Tangible assets
Land and buildings
Short leasehold property
Computer equipment and software
Total
£
£
£
£
Cost or valuation
At 1 April 2023
116,168
35,538
151,706
Additions
17,752
12,498
30,250
Revaluations
83,832
83,832
---------
-------
-------
---------
At 31 March 2024
200,000
17,752
48,036
265,788
---------
-------
-------
---------
Depreciation
At 1 April 2023
17,851
17,851
Charge for the year
12,279
12,279
---------
-------
-------
---------
At 31 March 2024
30,130
30,130
---------
-------
-------
---------
Carrying amount
At 31 March 2024
200,000
17,752
17,906
235,658
---------
-------
-------
---------
At 31 March 2023
116,168
17,687
133,855
---------
-------
-------
---------
Freehold property is not depreciated.
6.
Debtors
2024
2023
£
£
Trade debtors
1,758,926
1,369,095
Prepayments and accrued income
159,699
354,979
Other debtors
189
-----------
-----------
1,918,625
1,724,263
-----------
-----------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
116,283
257,239
Trade creditors
46,678
20,793
Accruals and deferred income
186,402
92,190
Social security and other taxes
313,084
258,379
Other creditors
49,931
48,301
Tax provision
594,260
444,671
-----------
-----------
1,306,638
1,121,573
-----------
-----------
The bank loan is secured by a floating charge over the LLP's assets and a fixed charge over freehold property owned by the LLP.
8.
Loans and other debts due to members
2024
2023
£
£
Loans from members
1,050,000
1,050,000
Amounts owed to members in respect of profits
846,238
303,072
-----------
-----------
1,896,238
1,353,072
-----------
-----------
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
59,930
48,850
Later than 1 year and not later than 5 years
213,070
202,900
Later than 5 years
59,333
92,402
---------
---------
332,333
344,152
---------
---------