Limited Liability Partnership Registration No. SO302540 (Scotland)
Rettie West End LLP
Annual report and unaudited financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Rettie West End LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 9
Rettie West End LLP
Statement of financial position
As at 30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,786
45,398
Current assets
Debtors
4
285,757
68,133
Cash at bank and in hand
332,339
516,018
618,096
584,151
Creditors: amounts falling due within one year
5
(282,769)
(275,995)
Net current assets
335,327
308,156
Total assets less current liabilities and net assets attributable to members
357,113
353,554
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
337,113
333,554
Members' other interests
Members' capital classified as equity
20,000
20,000
357,113
353,554

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.

The financial statements were approved by the members and authorised for issue on 20 February 2025 and are signed on their behalf by:
20 February 2025
Rettie Partnerships LLP
Designated member
Limited Liability Partnership registration number SO302540 (Scotland)
Rettie West End LLP
Reconciliation of members' interests
For the year ended 30 April 2024
2
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
333,554
Members' interests at 1 May 2023
20,000
333,554
333,554
353,554
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
387,908
387,908
387,908
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
20,000
721,462
721,462
741,462
Drawings
-
(384,349)
(384,349)
(384,349)
Members' interests at 30 April 2024
20,000
337,113
337,113
357,113
Amounts due to members
337,113
337,113
Rettie West End LLP
Reconciliation of members' interests (continued)
For the year ended 30 April 2024
3
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
540,573
Members' interests at 1 May 2022
20,000
540,573
540,573
560,573
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
385,478
385,478
385,478
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
20,000
926,051
926,051
946,051
Drawings
-
(592,497)
(592,497)
(592,497)
Members' interests at 30 April 2023
20,000
333,554
333,554
353,554
Amounts due to members
333,554
333,554
Rettie West End LLP
Notes to the financial statements
For the year ended 30 April 2024
4
1
Accounting policies
Limited liability partnership information

Rettie West End 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
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs.

1.3
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.

Rettie West End LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
25% straight line
Plant and machinery
25% straight line
Computer equipment
25% & 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

1.6
Cash at bank and in hand

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.

1.7
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.

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

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.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

Rettie West End LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
7
1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

In the event of the death or retirement of a Local Member on or prior to the second anniversary the date of the partnership agreement Rettie West End LLP shall, subject to drawings taken, repay to the Local Member on the second anniversary of the Local Members' Leaving Date the Local Member's capital then outstanding together with any accrued but unpaid interest thereon.

 

In the event of the death or retirement of the Local Member after the second anniversary of the date of this agreement Rettie West End LLP shall pay to that Member or to the deceased Member's personal representatives on his Leaving Date the par value of the Local Member's Capital Contribution (plus any accrued but unpaid interest); and subject to drawings taken Rettie West End LLP shall repay the Local Member Loan then outstanding together with any accrued but unpaid interest thereon and on the date five Business Days after the approval of the audited accounts of Rettie West End LLP for the Financial Year in which the second anniversary of the Local Member's Leaving Date falls the lower of (i) the Fair Price of the Local Member's Interest on the second anniversary of the Local Member's Leaving Date and (ii) the price arrived at by valuing Rettie West End LLP on a three times multiple of the Average Profits for the last three Financial Years and dividing that value by three.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.12
Website maintenance
Costs associated with the maintenance of the business website are expensed to the Profit and Loss account on an accruals basis. No amounts are able to be capitalised in accordance with UITF 29.
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 12 (2023: 14).

Rettie West End LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
8
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
88,452
53,079
28,389
169,920
Depreciation and impairment
At 1 May 2023
64,935
37,109
22,478
124,522
Depreciation charged in the year
11,065
8,112
4,435
23,612
At 30 April 2024
76,000
45,221
26,913
148,134
Carrying amount
At 30 April 2024
12,452
7,858
1,476
21,786
At 30 April 2023
23,517
15,970
5,911
45,398
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,877
44,334
Amounts owed by group undertakings
250,000
-
Other debtors
8,880
23,799
285,757
68,133
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,442
17,623
Amounts owed to group undertakings
69,405
136,274
Taxation and social security
14,750
2,324
Other creditors
180,172
119,774
282,769
275,995
6
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.

Rettie West End LLP
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
7
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the LLP for certain property and office equipment.

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Between two and five years
35,000
35,000
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