14 false false false false false false false false false false false false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SO303659 2022-12-01 2024-03-31 SO303659 2024-03-31 SO303659 2022-11-30 SO303659 2021-12-01 2022-11-30 SO303659 2022-11-30 SO303659 2021-11-30 SO303659 core:FurnitureFittings 2022-12-01 2024-03-31 SO303659 core:MotorVehicles 2022-12-01 2024-03-31 SO303659 bus:Director1 2022-12-01 2024-03-31 SO303659 bus:Director3 2022-12-01 2024-03-31 SO303659 core:FurnitureFittings 2022-11-30 SO303659 core:MotorVehicles 2022-11-30 SO303659 core:FurnitureFittings 2024-03-31 SO303659 core:MotorVehicles 2024-03-31 SO303659 core:WithinOneYear 2024-03-31 SO303659 core:WithinOneYear 2022-11-30 SO303659 core:AfterOneYear 2024-03-31 SO303659 core:AfterOneYear 2022-11-30 SO303659 core:BetweenOneFiveYears 2024-03-31 SO303659 core:BetweenOneFiveYears 2022-11-30 SO303659 core:FurnitureFittings 2022-11-30 SO303659 core:MotorVehicles 2022-11-30 SO303659 bus:SmallEntities 2022-12-01 2024-03-31 SO303659 bus:AuditExemptWithAccountantsReport 2022-12-01 2024-03-31 SO303659 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2024-03-31 SO303659 bus:LimitedLiabilityPartnershipLLP 2022-12-01 2024-03-31 SO303659 bus:FullAccounts 2022-12-01 2024-03-31 SO303659 core:OtherPropertyPlantEquipment 2022-12-01 2024-03-31 SO303659 core:OtherPropertyPlantEquipment 2022-11-30 SO303659 core:OtherPropertyPlantEquipment 2024-03-31
REGISTERED NUMBER: SO303659
RTA Law LLP
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
RTA Law LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Nov 22
Note
£
£
£
Fixed assets
Tangible assets
5
54,403
81,331
Current assets
Work in progress
215,601
250,490
Debtors
6
663,051
582,680
Cash at bank and in hand
1,103,411
1,490,752
------------
------------
1,982,063
2,323,922
Creditors: amounts falling due within one year
7
929,320
1,085,042
------------
------------
Net current assets
1,052,743
1,238,880
------------
------------
Total assets less current liabilities
1,107,146
1,320,211
Creditors: amounts falling due after more than one year
8
24,407
42,931
------------
------------
Net assets
1,082,739
1,277,280
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
1,082,739
1,277,280
------------
------------
Members' other interests
Other reserves
------------
------------
1,082,739
1,277,280
------------
------------
Total members' interests
Loans and other debts due to members
9
1,082,739
1,277,280
Members' other interests
------------
------------
1,082,739
1,277,280
------------
------------
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 statement of comprehensive income has not been delivered.
For the period 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 .
RTA Law LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 7 November 2024 , and are signed on their behalf by:
B P Mitchell
L Blane
Designated Member
Designated Member
Registered number: SO303659
RTA Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 31 March 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is 5 Cherry Court, Cavalry Park, EH45 9BU, Peebles.
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 2021 (SORP 2021).
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. Going Concern The financial statements have been prepared on a going concern basis. The members have assessed the LLP's ability to continue as a going concern and have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Revenue recognition The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax. 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 statement of comprehensive income 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 statement of comprehensive income 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 statement of comprehensive income 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'. Tangible assets All fixed assets are recorded at cost. 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:
Fixtures and fittings - 20% straight line
Motor vehicles - 25% straight line
Equipment - 20% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Work in progress
Work in progress is valued on the basis of an average case win relative to the number of outstanding cases at year end. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 14 (2022: 16 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
12,959
107,534
39,490
159,983
Additions
47
21,466
232
21,745
Disposals
( 14,744)
( 14,744)
--------
---------
--------
---------
At 31 March 2024
13,006
114,256
39,722
166,984
--------
---------
--------
---------
Depreciation
At 1 December 2022
11,129
37,560
29,963
78,652
Charge for the period
1,056
34,282
4,604
39,942
Disposals
( 6,013)
( 6,013)
--------
---------
--------
---------
At 31 March 2024
12,185
65,829
34,567
112,581
--------
---------
--------
---------
Carrying amount
At 31 March 2024
821
48,427
5,155
54,403
--------
---------
--------
---------
At 30 November 2022
1,830
69,974
9,527
81,331
--------
---------
--------
---------
6.
Debtors
31 Mar 24
30 Nov 22
£
£
Trade debtors
628,593
547,689
Other debtors
34,458
34,991
---------
---------
663,051
582,680
---------
---------
7. Creditors: amounts falling due within one year
31 Mar 24
30 Nov 22
£
£
Trade creditors
114
4,124
Social security and other taxes
104,918
180,113
Other creditors
824,288
900,805
---------
------------
929,320
1,085,042
---------
------------
8. Creditors: amounts falling due after more than one year
31 Mar 24
30 Nov 22
£
£
Other creditors
24,407
42,931
--------
--------
9.
Loans and other debts due to members
31 Mar 24
30 Nov 22
£
£
Amounts owed to members in respect of profits
1,082,739
1,277,280
------------
------------
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
30 Nov 22
£
£
Not later than 1 year
19,790
14,340
Later than 1 year and not later than 5 years
25,223
24,560
--------
--------
45,013
38,900
--------
--------