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Registration number: OC400410

Rushford & McCarville LLP

Annual Report and Unaudited Financial Statements

for the period from 6 April 2023 to 30 March 2024

 

Rushford & McCarville LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 9

Balance Sheet

4

Notes to the Financial Statements

6

 

Rushford & McCarville LLP

Limited liability partnership information

Designated members

Miss G Rushford

Mr JJ McCarville
 

Registered office

Brewery House
84 High Street
Newport Pagnell
Buckinghamshire
MK16 8AQ

Accountants

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Rushford & McCarville LLP

Members' Report for the period from 6 April 2023 to 30 March 2024

The members present their report and the unaudited financial statements for the period from 6 April 2023 to 30 March 2024.

Designated members

The members who held office during the period were as follows:

Miss G Rushford

Mr JJ McCarville

Approved by the Board on 31 October 2024 and signed on its behalf by:

.........................................
Miss G Rushford
Designated member

.........................................
Mr JJ McCarville
Designated member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Rushford & McCarville LLP
for the Period Ended 30 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Rushford & McCarville LLP for the period ended 30 March 2024 set out on pages 4 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Rushford & McCarville LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rushford & McCarville LLP and state those matters that we have agreed to state to the members of Rushford & McCarville LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rushford & McCarville LLP and its members as a body for our work or for this report.

It is your duty to ensure that Rushford & McCarville LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rushford & McCarville LLP. You consider that Rushford & McCarville LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Rushford & McCarville LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

31 October 2024

 

Rushford & McCarville LLP

(Registration number: OC400410)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

6,320

8,693

Current assets

 

Debtors

4

112,733

79,759

Cash and short-term deposits

 

230,749

273,588

 

343,482

353,347

Creditors: Amounts falling due within one year

5

(21,712)

(17,192)

Net current assets

 

321,770

336,155

Total assets less current liabilities

 

328,090

344,848

Creditors: Amounts falling due after more than one year

6

(6,951)

(6,951)

Net assets attributable to members

 

321,139

337,897

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

232,614

227,871

Members’ other interests

 

Other reserves

 

88,525

110,026

   

321,139

337,897

Total members' interests

 

Loans and other debts due to members

 

232,614

227,871

Equity

 

88,525

110,026

   

321,139

337,897

For the year ending 30 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

Rushford & McCarville LLP

(Registration number: OC400410)
Balance Sheet as at 30 March 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Rushford & McCarville LLP (registered number OC400410) were approved by the Board and authorised for issue on 31 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Miss G Rushford
Designated member

.........................................
Mr JJ McCarville
Designated member

 

Rushford & McCarville LLP

Notes to the Financial Statements for the Period from 6 April 2023 to 30 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Rushford & McCarville LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Rushford & McCarville LLP

Notes to the Financial Statements for the Period from 6 April 2023 to 30 March 2024

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% on cost

Fixtures and fittings

25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 8 (2023 - 8).

 

Rushford & McCarville LLP

Notes to the Financial Statements for the Period from 6 April 2023 to 30 March 2024

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 6 April 2023

17,916

34,038

51,954

Additions

180

4,171

4,351

Disposals

-

(5,032)

(5,032)

At 30 March 2024

18,096

33,177

51,273

Depreciation

At 6 April 2023

16,164

27,097

43,261

Charge for the year

929

2,496

3,425

Eliminated on disposals

-

(1,733)

(1,733)

At 30 March 2024

17,093

27,860

44,953

Net book value

At 30 March 2024

1,003

5,317

6,320

At 5 April 2023

1,752

6,941

8,693

4

Debtors

2024
£

2023
£

Trade debtors

91,194

71,599

Prepayments and accrued income

21,539

8,160

Total current trade and other debtors

112,733

79,759

 

Rushford & McCarville LLP

Notes to the Financial Statements for the Period from 6 April 2023 to 30 March 2024

5

Creditors: Amounts falling due within one year

30 March 2024
 £

5 April 2023
 £

Other creditors

225

225

Accruals and deferred income

1,985

1,994

PAYE and NIC creditor

4,775

4,382

VAT Control account

14,727

10,591

21,712

17,192

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Other creditors

6,951

6,951

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.