Limited Liability Partnership Registration No. SO302523 (Scotland)
Rettie Partnerships LLP
Annual report and unaudited financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Rettie Partnerships LLP
Contents
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
Rettie Partnerships LLP
Statement of financial position
As at 30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
90,032
90,032
Current assets
Debtors
4
494,671
731,401
Cash at bank and in hand
37,542
50
532,213
731,451
Creditors: amounts falling due within one year
5
(2,285)
(1,745)
Net current assets
529,928
729,706
Total assets less current liabilities
619,960
819,738
Creditors: amounts falling due after more than one year
6
(103,847)
(206,475)
Net assets attributable to members
516,113
613,263
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
426,081
523,231
Members' other interests
Members' capital classified as equity
90,032
90,032
516,113
613,263

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 30 April 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.

Rettie Partnerships LLP
Statement of financial position (continued)
As at 30 April 2024
2
The financial statements were approved by the members and authorised for issue on 20 March 2025 and are signed on their behalf by:
20 March 2025
Simon Rettie
Designated member
Limited Liability Partnership registration number SO302523 (Scotland)
Rettie Partnerships LLP
Reconciliation of members' interests
For the year ended 30 April 2024
3
Current financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital (classified as equity)
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
523,231
Members' interests at 1 May 2023
90,032
523,231
523,231
613,263
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
310,150
310,150
310,150
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
90,032
833,381
833,381
923,413
Drawings
-
(407,300)
(407,300)
(407,300)
Members' interests at 30 April 2024
90,032
426,081
426,081
516,113
Amounts due from members
426,081
426,081
Rettie Partnerships LLP
Reconciliation of members' interests (continued)
For the year ended 30 April 2024
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital (classified as equity)
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
384,859
Members' interests at 1 May 2022
90,032
384,859
384,859
474,891
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
518,372
518,372
518,372
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
90,032
903,231
903,231
993,263
Drawings
-
(380,000)
(380,000)
(380,000)
Members' interests at 30 April 2023
90,032
523,231
523,231
613,263
Amounts due to members
523,231
523,231
Rettie Partnerships LLP
Notes to the financial statements
For the year ended 30 April 2024
5
1
Accounting policies
Limited liability partnership information

Rettie Partnerships LLP is a limited liability partnership incorporated in Scotland. The registered office is Deuchrie, Dunbar, East Lothian, EH42 1TG.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.3
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.

Rettie Partnerships LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
6
1.4
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.

Basic financial assets

Basic financial assets, which include debtors, 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.

Rettie Partnerships LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
7
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.

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.

1.5
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 2 (2023: 2).

 

3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
90,032
90,032
Rettie Partnerships LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
8
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
494,671
731,401

Other debtors include loans due from related parties, which are repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,285
1,745
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
103,847
206,475

Other creditors include loans due to related parties, which are repayable on demand.

 

Interest is charged at variable rates on these loans.

 

Interest charged during the year amounted to £Nil (2023: £Nil).

7
Loans and other debts due to members

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

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