REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ROTHMANS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ROTHMANS LLP |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ROTHMANS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,455,642 |
1,794,022 |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
1,255,642 |
1,494,022 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 200,000 | 300,000 |
1,455,642 | 1,794,022 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 1,255,642 | 1,494,022 |
Members' other interests | 200,000 | 300,000 |
1,455,642 | 1,794,022 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 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 |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
The financial statements were approved by the members of the LLP and authorised for issue on |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Rothmans LLP [the 'LLP'] was incorporated in England and Wales as a limited liability partnership on 27 February 2019 with registration number OC426207. |
The LLP operates from a number of offices. Its registered office is Avebury House, St Peter Street, Winchester, Hampshire, SO23 8BN. |
The financial statements are presented in £ sterling. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with the 2021 LLP SORP. |
Turnover |
Turnover is the amount receivable for the provision of services falling within the LLP's ordinary activities for the financial period, excluding value added tax. |
For non-contingent fees, income is recognised on the basis of time spent, subject to deduction of allowances for discounts, credit risk and other uncertainties relating to clients' willingness to pay. For matters where the ability to recover fees is contingent, income will not be recognised until completed. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases: |
Fixtures and fittings | 33% on cost |
Computer equipment | 33% on cost |
Improvements to property | 3 - 20 years straight line basis |
At each balance sheet date, the LLP reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to the profit and loss account in the period to which they relate. |
Going concern |
The LLP is financed by capital from the members, retained profits and bank facilities. The budgets and forecasts prepared by the LLP demonstrate that there is a reasonable expectation that the LLP has sufficient resources to meet its operational requirements for the foreseeable future. Accordingly, these financial statements have been prepared on a going concern basis. |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Members remuneration |
Members are permitted to drawings in anticipation of profits which will be allocated to them. The amount of such drawings is reviewed during the period, taking into account the anticipated cash needs of the LLP. |
Profits are automatically divided between all members. Profits are therefore shown as members' remuneration and charged as an expense in the profit and loss account. |
Financial instruments |
The LLP only has financial assets and liabilities of the kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at transaction value and are subsequently measured at amortised cost. |
Hire purchase and leasing commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Assets held under hire purchase contracts are capitalised at the original cost of the asset at the inception of the lease, with an equivalent liability categorised as appropriate under creditors due within and after more than one year. |
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease. |
3. | `EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Accrued income | 822,343 | 947,325 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2 to 5 years |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | SECURED DEBTS |
Bank loans and overdrafts of the LLP are secured by fixed and floating charges over the LLP. |
The bank loan is for a term of five years. Interest is charged at a rate of 2% over the bank's base rate. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'. |
10. | OPERATING LEASE COMMITMENTS |
At the period end the company had total commitments under operating leases expiring between 1 and 5 years of £83,541 (2023: £358,757). |
11. | ULTIMATE CONTROLLING PARTY |
In the opinion of the designated members there is no ultimate controlling party. |
12. | PROVISION FOR LIABILITIES |
Provision for dilapidation |
£ |
Balance at 1 April 2023 | 46,509 |
At 31 March 2024 | 46,509 |
Provisions for dilapidation are made on leasehold properties where the terms of the lease require the LLP to make good any changes made to the property during the period of the lease. |
13. | CONTINGENT LIABILITIES |
The LLP has entered into an agreement with a third party where monies are advanced to clients to settle the fees owed to the LLP. There is a right of recourse to the LLP if the clients fail to meet their obligations under their agreement. The amount of contingent liability was £4,571 at 31 March 2024 (2023: £1,654). |
The LLP has given undertakings to repay monies lent to members for the purpose of injecting capital into the LLP, if there are insufficient funds to repay the loans in full. The amount of this contingent liability at the balance sheet date was £60,544 (2023: £65,926). |
ROTHMANS LLP (REGISTERED NUMBER: OC426207) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | RELATED PARTY TRANSACTIONS |
Rothmans Audit LLP |
The audit work of Rothmans LLP is undertaken by Rothmans Audit LLP. Both Rothmans LLP and Rothmans Audit LLP are ultimately controlled by the same individuals. |
During the period Rothmans LLP invoiced Rothmans Audit LLP £932,608 (2023: £937,574). |
At the end of the period, the amount owed to Rothmans LLP by Rothmans Audit LLP was £278,281 (2023: £404,650). |
Rothmans CF Limited |
At the close-of-day on 31 March 2024 Opoho Ltd and Old Goaled & Black Ltd retired as members from Rothmans LLP. Their Chandlers Ford business was at the same time transferred to Rothmans CF Limited, a company controlled by Opoho Ltd and Old Goaled & Black Ltd, with the consideration for which being settlement of the relevant members' interests in full. |