Registration number:
Rosekirk LLP
for the Year Ended 30 June 2024
Rosekirk LLP
Contents
Members' Report |
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Accountants' Report |
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Abridged Financial Statements |
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Abridged Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Abridged Financial Statements |
Rosekirk LLP
Members' Report for the Year Ended 30 June 2024
The members present their report and the unaudited abridged financial statements for the year ended 30 June 2024.
Going concern
The LLP had sufficient funds to pay its creditors and meet its ongoing liabilities at 30 June 2024.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
The members are entitled to draw on account of profit, such sums as may from time to time be mutually agreed. The capital requisite for carrying on the business of the LLP shall be agreed and contributed by the members from time to time.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Rosekirk LLP
for the Year Ended 30 June 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 Rosekirk LLP for the year ended 30 June 2024 set out on pages 3 to 12 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 Rosekirk 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 Rosekirk LLP and state those matters that we have agreed to state to the members of Rosekirk 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 Rosekirk LLP and its members as a body for our work or for this report.
It is your duty to ensure that Rosekirk 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 Rosekirk LLP. You consider that Rosekirk LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Rosekirk 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.
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The Blade, Abbey Square,
READING
RG1 3BE
Rosekirk LLP
(Registration number: OC441776)
Abridged Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Work in Progress |
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|
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Debtors |
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|
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Cash and short-term deposits |
|
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|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities attributable to members |
( |
( |
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Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
(3,432) |
1,000 |
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Members’ other interests |
|||
Other reserves |
- |
( |
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(3,432) |
(4,880) |
||
Total members' interests |
|||
Loans and other debts due to members |
(3,432) |
1,000 |
|
Equity |
- |
( |
|
(3,432) |
(4,880) |
For the year ending 30 June 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 and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. 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.
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.
All of the limited liability partnership's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006, as applied to limited liability partnerships.
Rosekirk LLP
(Registration number: OC441776)
Abridged Balance Sheet as at 30 June 2024
The financial statements of Rosekirk LLP (registered number OC441776) were approved by the
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Rosekirk LLP
Statement of Changes in Members’ Interests
At 30 June 2024
Equity |
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Other reserves |
Total equity |
Total |
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Loss for the financial year available for discretionary division among members |
(5,880) |
(5,880) |
(5,880) |
At 30 June 2023 |
( |
(5,880) |
(5,880) |
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
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 abridged 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 & WALES under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These abridged 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 Rosekirk 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.
The presentational currency is Great British Pounds Sterling (GBP). Some amounts originate in Australian Dollars (AUD) and have been converted to GBP. Rounding is to the nearest whole pound.
Exemption from preparing group accounts
The limited liability partnership has taken advantage of the exemption provided by Section 400 of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.
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 members.
The profits are allocated in accordance with actual equity ownership and no fixed profit shares have been allocated to the profit/loss statement.
Foreign currency
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
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.
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 |
Over 3 years |
Research and development
Research and development expenditure is written off as incurred.
Patents and trademarks
Research and development expenditure is written off as incurred.
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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 at the transaction price.
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.
Trade creditors are recognised at the transaction price.
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.
Post-retirement payments to former members
There are no post-retirement payments to former members.
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Profit/(loss) for the year before members' remuneration and profit shares |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Auditor's remuneration |
Year ended 30 June 2024 |
Year ended 30 June 2024 |
1 April 2022 to 30 June 2023 |
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Estimated money value of benefits in kind for audit services |
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Tangible fixed assets |
Total |
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Cost |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Net book value |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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Related party transactions |
Income and receivables from related parties
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
2024 |
Entities with joint control or significant influence |
Receipt of services |
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2023 |
Entities with joint control or significant influence |
Receipt of services |
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Expenditure with and payables to related parties
2024 |
Entities with joint control or significant influence |
Rendering of services |
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Amounts payable to related party |
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2023 |
Entities with joint control or significant influence |
Rendering of services |
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Loans from related parties
Rosekirk LLP
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
2024 |
Entities with joint control or significant influence |
At start of period |
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Repaid |
( |
Interest charged |
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Interest paid |
( |
At end of period |
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2023 |
Entities with joint control or significant influence |
Advanced |
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Repaid |
( |
Interest charged |
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Interest paid |
( |
At end of period |
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Terms of loans from related parties
Loan from Nexia Canberra to Rosekirk LLP. Nexia Canberra is a related entity to Rosekirk LLP. Interest rates are equal to the rate of interest incurred by Nexia Canberra on its overdraft.
The loan is unsecured.
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.