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REGISTERED NUMBER: OC318959
Smith Price RRG LLP
Filleted Unaudited Accounts
30 April 2024
Smith Price RRG LLP
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
21,531
26,262
Current assets
Debtors
6
539,814
526,170
Cash at bank and in hand
369,243
717,293
---------
------------
909,057
1,243,463
Creditors: amounts falling due within one year
7
( 460,754)
( 754,072)
---------
------------
Net current assets
448,303
489,391
---------
---------
Total assets less current liabilities
469,834
515,653
---------
---------
Net assets
469,834
515,653
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
8
110,000
110,000
Other amounts
8
359,834
405,653
---------
---------
469,834
515,653
---------
---------
Members' other interests
Other reserves
---------
---------
469,834
515,653
---------
---------
Total members' interests
Amounts due from members
(12,202)
Loans and other debts due to members
8
469,834
515,653
Members' other interests
---------
---------
457,632
515,653
---------
---------
These accounts 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 year ending 30 April 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 accounts .
Smith Price RRG LLP
Statement of Financial Position (continued)
30 April 2024
These accounts were approved by the members and authorised for issue on 10 March 2025 , and are signed on their behalf by:
J R Loveday
J P Mortimer
Designated Member
Designated Member
M Cherry
S Gregory
Designated Member
Designated Member
Registered number: OC318959
Smith Price RRG LLP
Notes to the Accounts
Year ended 30 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Gilmoora House, 57-61 Mortimer Street, London, W1W 8HS, England.
2.
Statement of compliance
These accounts 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 2022).
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the Members the LLP is a going concern and the accounts have been prepared on this basis. The Members consider the business to be in a strong position to take full advantage of future trading opportunities as they arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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 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 Income statement 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. 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 income statement and are equity appropriations in the Statement of financial position.
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 income statement 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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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, fittings & equipment
-
15% - 33.3% reducing balance
Motor vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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 instruments 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 11 (2023: 9 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
56,439
49,095
105,534
Additions
4,608
4,608
--------
--------
---------
At 30 April 2024
61,047
49,095
110,142
--------
--------
---------
Depreciation
At 1 May 2023
36,594
42,678
79,272
Charge for the year
7,735
1,604
9,339
--------
--------
---------
At 30 April 2024
44,329
44,282
88,611
--------
--------
---------
Carrying amount
At 30 April 2024
16,718
4,813
21,531
--------
--------
---------
At 30 April 2023
19,845
6,417
26,262
--------
--------
---------
6.
Debtors
2024
2023
£
£
Trade debtors
468,885
460,568
Other debtors
70,929
65,602
---------
---------
539,814
526,170
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,488
26,723
Social security and other taxes
73,211
89,607
Other creditors
377,055
637,742
---------
---------
460,754
754,072
---------
---------
In the event of a winding up, the LLP's creditors are paid from any surplus assets prior to their distribution to members.
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
359,834
405,653
Other amounts
110,000
110,000
---------
---------
469,834
515,653
---------
---------
9.
Related party transactions
The LLP remains under the control of its designated members. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.