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REGISTERED NUMBER: OC385491
Osterwald Rathbone & Partners LLP
Filleted Unaudited Financial Statements
31 March 2024
Osterwald Rathbone & Partners LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
Osterwald Rathbone & Partners LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The LLP trades as Osterwald Rathbone & Partners and focuses on providing industry-led professional consulting advice to corporate entities & their legal representatives in a variety of situations, ranging from mergers & acquisitions through to policy & regulatory advice.
Designated members
The designated members who served the LLP during the year were as follows:
Mr E J Osterwald
Mr P B Rathbone
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 25 March 2025 and signed on behalf of the members by:
Mr E J Osterwald
Mr P B Rathbone
Designated Member
Designated Member
Registered office:
3rd Floor
5 Chancery Lane
London
England
EC4A 1BL
Osterwald Rathbone & Partners LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
253
1,607
Current assets
Debtors
6
469,901
763,393
Cash at bank and in hand
749
55,548
---------
---------
470,650
818,941
Creditors: amounts falling due within one year
7
367,384
538,450
---------
---------
Net current assets
103,266
280,491
---------
---------
Total assets less current liabilities
103,519
282,098
Creditors: amounts falling due after more than one year
8
20,045
30,373
---------
---------
Net assets
83,474
251,725
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
9
80,000
80,000
Other amounts
9
3,474
171,725
--------
---------
83,474
251,725
--------
---------
Members' other interests
Other reserves
--------
---------
83,474
251,725
--------
---------
Total members' interests
Amounts due from members
(297)
Loans and other debts due to members
9
83,474
251,725
Members' other interests
--------
---------
83,177
251,725
--------
---------
These financial statements 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.
Osterwald Rathbone & Partners LLP
Statement of Financial Position (continued)
31 March 2024
For the year ending 31 March 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 financial statements .
These financial statements were approved by the members and authorised for issue on 25 March 2025 , and are signed on their behalf by:
Mr E J Osterwald
Mr P B Rathbone
Designated Member
Designated Member
Registered number: OC385491
Osterwald Rathbone & Partners LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 3rd Floor, 5 Chancery Lane, London, EC4A 1BL, England.
2.
Statement of compliance
These financial statements 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 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Members' participation rights
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 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.
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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
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.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 7 (2023: 7 ).
5.
Tangible assets
Equipment
£
Cost
At 1 April 2023 and 31 March 2024
15,869
--------
Depreciation
At 1 April 2023
14,262
Charge for the year
1,354
--------
At 31 March 2024
15,616
--------
Carrying amount
At 31 March 2024
253
--------
At 31 March 2023
1,607
--------
6.
Debtors
2024
2023
£
£
Trade debtors
376,605
677,340
Other debtors
93,296
86,053
---------
---------
469,901
763,393
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
230,157
236,128
Trade creditors
49,817
124,094
Social security and other taxes
15,008
109,423
Other creditors
72,402
68,805
---------
---------
367,384
538,450
---------
---------
The LLP has an overdraft facility available which if utilised is secured by a fixed and floating charge over all the assets of the LLP.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,045
30,373
--------
--------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
3,474
171,725
Other amounts
80,000
80,000
--------
---------
83,474
251,725
--------
---------