Limited Liability Partnership Registration No. OC338376 (England and Wales)
RAYNER ESSEX LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
(ABRIDGED FILLETED)
RAYNER ESSEX LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RAYNER ESSEX LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr A Federer
Mr M Moore
Mr S Essex
Mr N Heyes
Mr L Al-Hilfi
Mr D Hill
Members
Mrs P Strods
Mrs L Ghawss (appointed 1 October 2023)
LLP registration number
OC338376
Registered office
Tavistock House South
Tavistock Square
London
WC1H 9LG
RAYNER ESSEX LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
545,901
638,348
Current assets
Debtors
3,829,964
3,418,325
Cash at bank and in hand
340,099
261,840
4,170,063
3,680,165
Creditors: amounts falling due within one year
4
(1,421,400)
(1,638,961)
Net current assets
2,748,663
2,041,204
Total assets less current liabilities
3,294,564
2,679,552
Creditors: amounts falling due after more than one year
6
(178,383)
(325,343)
Net assets attributable to members
3,116,181
2,354,209
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
404,000
404,000
Other amounts
2,712,181
1,950,209
3,116,181
2,354,209

In accordance with section 444 of the Companies Act 2006 as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008, all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (SI 2008/1912)(a).

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

RAYNER ESSEX LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 14 August 2024 and are signed on their behalf by:
14 August 2024
Mr A Federer
Mr S Essex
Designated member
Designated Member
Limited Liability Partnership registration number OC338376 (England and Wales)
RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Rayner Essex LLP is a limited liability partnership incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

 

The principal activities of the limited liability partnership continued to be that of chartered accountants and business advisors.

1.1
Reporting period

The reporting period is for the 18 months ended 31 March 2024 to bring the period end date in line with HMRC's basis period reform. The comparative amounts presented are for the 12 months ended 30 September 2022

1.2
Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

 

The principal accounting policies adopted are set out below:

1.3
Going concern

These financial statements have been prepared on a going concern basis.

 

The current economic conditions present increased risks for all businesses. In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

 

Based on assessment, the members consider that the limited liability partnership maintains an appropriate level of liquidity, sufficient to meet the demands of the business, including any capital and servicing obligations and external debt liabilities.

 

In addition, the limited liability partnership's assets are assessed for recoverability on a regular basis, and the members consider that the limited liability partnership is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

 

On this basis the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements

 

1.4
Fee income

Fee income represents the amounts receivable for services provided during the year, net of value added tax.

 

Fees are recognised when the right to consideration has arisen through the performance of each assignment undertaken. Consideration accrues as the assignment progresses by reference to the value of the work performed. Fees which had not been invoiced at the year end are shown in debtors.

RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within "Loans and other debts due to members' and where such an amount relates to current year profits, they are recognised within members' remuneration charged as an expense in arriving at the relevant year's result

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the lease term
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

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.

RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Operating lease rentals are charged to the profit and loss account on a straight line basis over the term of the lease. The aggregate benefit of lease incentives are recognised as a reduction to the expense over the lease term on a straight line basis.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14
Members' remuneration
Profits are allocated to members in agreed profit sharing ratios. The investment income is allocated to the designated members only. No profits are allocated at the discretion of the LLP.
1.15
Taxation
Taxation on all LLP profits is solely the liability of individual members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements. Amounts retained for the personal taxation liabilities of members are treated in the same way as other profits of the LLP and so are included in amounts due to members.
RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2022
Number
Number
Total
87
78
3
Tangible fixed assets
Total
£
Cost
At 1 October 2022
1,221,708
Additions
73,924
At 31 March 2024
1,295,632
Depreciation and impairment
At 1 October 2022
583,360
Depreciation charged in the period
166,371
At 31 March 2024
749,731
Carrying amount
At 31 March 2024
545,901
At 30 September 2022
638,348
Included in fixed assets are assets with a net book value of £408,673 (2022 £535,960) held under finance leases and hire purchase.
4
Creditors: amounts falling due within one year
2024
2022
£
£
Obligations under finance leases
7
81,565
125,095
Trade creditors
188,071
283,245
Other taxation and social security
701,961
590,406
Other creditors
139,100
289,002
Accruals and deferred income
310,703
351,213
1,421,400
1,638,961
5
Secured Borrowings
The bank facilities are secured by a bank debenture in standard form creating a fixed and floating charge over the limited liability partnerships' assets.
RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Hire purchase and obligations under finance leases
7
178,383
325,343
7
Finance lease obligations
2024
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
81,565
125,095
Within two and five years
178,383
325,343
259,948
450,438

Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and amounts owed to members" will rank equally with unsecured creditors.

Members capital classified as a liability of £502,100 (2022 £404,000) falls due for repayment after more than one year.
9
Drawings Policy

The limited liability partnership operates a drawings policy which has regard to a cautious estimate of budgeted profits. Drawings are restricted to prudent levels, taking into account working capital performance. In addition the partnership further restricts drawings in circumstances where the cash requirements of the business need to take priority over the drawings of the members.

RAYNER ESSEX LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
10
Operating lease commitments

Operating lease commitments represent the total rentals payable by the LLP for its properties and leased motor vehicles up until the end of the lease terms.

At the reporting end date the LLP had outstanding commitments for future minimum lease payments under these non-cancellable operating leases, as follows:

2024
2022
£
£
Within one year
460,227
359,427
Between two and five years
1,213,832
1,030,601
In over five years
590,954
809,967
2,265,013
2,199,995
2024-03-312022-10-01falseCCH SoftwareCCH Accounts Production 2024.210falsefalseOC3383762022-10-012024-03-31OC338376bus:PartnerLLP12022-10-012024-03-31OC338376bus:PartnerLLP22022-10-012024-03-31OC338376bus:PartnerLLP32022-10-012024-03-31OC338376bus:PartnerLLP42022-10-012024-03-31OC338376bus:PartnerLLP52022-10-012024-03-31OC338376bus:PartnerLLP62022-10-012024-03-31OC3383762024-03-31OC3383762021-10-012022-09-30OC338376bus:LimitedLiabilityPartnershipLLP2022-10-012024-03-31OC338376bus:SmallCompaniesRegimeForAccounts2022-10-012024-03-31OC338376bus:FRS1022022-10-012024-03-31OC338376bus:AuditExempt-NoAccountantsReport2022-10-012024-03-31OC338376bus:FullAccounts2022-10-012024-03-31xbrli:purexbrli:shares