Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312025-05-202025-05-2102024-01-01falseThe principal activity of the limited liability partnership continued to be that of management of serviced offices0truetruefalse OC425258 2024-01-01 2024-12-31 OC425258 2023-01-01 2023-12-31 OC425258 2024-12-31 OC425258 2023-12-31 OC425258 c:Buildings c:ShortLeaseholdAssets 2024-01-01 2024-12-31 OC425258 c:Buildings c:ShortLeaseholdAssets 2024-12-31 OC425258 c:Buildings c:ShortLeaseholdAssets 2023-12-31 OC425258 c:FurnitureFittings 2024-01-01 2024-12-31 OC425258 c:FurnitureFittings 2024-12-31 OC425258 c:FurnitureFittings 2023-12-31 OC425258 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC425258 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC425258 c:CurrentFinancialInstruments 2024-12-31 OC425258 c:CurrentFinancialInstruments 2023-12-31 OC425258 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC425258 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC425258 d:FRS102 2024-01-01 2024-12-31 OC425258 d:Audited 2024-01-01 2024-12-31 OC425258 d:FullAccounts 2024-01-01 2024-12-31 OC425258 d:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC425258 c:WithinOneYear 2024-12-31 OC425258 c:WithinOneYear 2023-12-31 OC425258 c:BetweenOneFiveYears 2024-12-31 OC425258 c:BetweenOneFiveYears 2023-12-31 OC425258 c:MoreThanFiveYears 2024-12-31 OC425258 c:MoreThanFiveYears 2023-12-31 OC425258 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC425258 2 2024-01-01 2024-12-31 OC425258 d:PartnerLLP1 2024-01-01 2024-12-31 OC425258 d:PartnerLLP2 2024-01-01 2024-12-31 OC425258 c:FurtherSpecificReserve3ComponentTotalEquity 2024-12-31 OC425258 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC425258 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: OC425258









RB BOURNE LLP









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
RB BOURNE LLP
REGISTERED NUMBER: OC425258

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,970,252
3,510,902

  
2,970,252
3,510,902

Current assets
  

Debtors: amounts falling due within one year
 5 
732,808
767,733

Cash at bank and in hand
 6 
3,846,073
5,049,648

  
4,578,881
5,817,381

Creditors: Amounts Falling Due Within One Year
 7 
(6,231,696)
(6,546,186)

Net current liabilities
  
 
 
(1,652,815)
 
 
(728,805)

Total assets less current liabilities
  
1,317,437
2,782,097

  

Net assets
  
1,317,437
2,782,097


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
1,317,437
2,782,097

  
1,317,437
2,782,097

  

  
1,317,437
2,782,097


Total members' interests
  

Loans and other debts due to members
  
1,317,437
2,782,097

  
1,317,437
2,782,097


Page 1

 
RB BOURNE LLP
REGISTERED NUMBER: OC425258
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Ragusa Estates Limited
Bourne Office Space - JV Limited
Designated member
Designated member


Date: 20 May 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
RB BOURNE LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Other amounts
Total

£
£
£

Balance at 1 January 2023 
-
2,191,356
2,191,356

Profit for the year available for discretionary division among members
 
1,363,439
-
1,363,439

Members' interests after profit for the year
1,363,439
2,191,356
3,554,795

Allocation of profit for the financial year
(1,363,439)
1,363,439
-

Repayment of debt
 
-
(772,698)
(772,698)

Amounts due to members
2,782,097

Balance at 31 December 2023
-
2,782,097
2,782,097

Profit for the year available for discretionary division among members
 
1,317,437
-
1,317,437

Members' interests after profit for the year
1,317,437
2,782,097
4,099,534

Allocation of profit for the financial year
(1,317,437)
1,317,437
-

Repayment of debt
 
-
(2,782,097)
(2,782,097)

Amounts due to members
1,317,437

Balance at 31 December 2024 
-
1,317,437
1,317,437

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

RB Bourne LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4th Floor Millbank Tower, 21-24 Millbank, London, SW1P 4QP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least 12 months from the date of signing. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue represents licence fees and management fees receivable and related income net of VAT and trade discounts. Income is recognised when the service is provided. Licence fees and management fees charged in advance are deferred to the period to which they relate. 

 
2.4

Operating leases: the LLP as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the LLP as lessee

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, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Members' participating interests

Members' participation rigjhts 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 LLPs perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or othwerwise 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 classed as equity.

All amounts due to the members that are classed 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 tha are classified as equity are shown within 'Members' other interest'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loan and other debts due to members' to the extent they exceed debts due from a specific member.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property & improvements
-
The shorter of 10 years or the unexpired lease term
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 6

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The entity has no employees.

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 7

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold property & improvements
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
4,326,902
891,181
5,218,083


Additions
10,750
34,169
44,919



At 31 December 2024

4,337,652
925,350
5,263,002



Depreciation


At 1 January 2024
1,267,612
439,569
1,707,181


Charge for the year on owned assets
434,906
150,663
585,569



At 31 December 2024

1,702,518
590,232
2,292,750



Net book value



At 31 December 2024
2,635,134
335,118
2,970,252



At 31 December 2023
3,059,290
451,612
3,510,902


5.


Debtors

2024
2023
£
£


Trade debtors
85,923
99,274

Amounts owed by joint ventures and associated undertakings
-
15,840

Other debtors
83,868
93,436

Prepayments and accrued income
563,016
559,183

732,807
767,733


Page 8

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,846,073
5,049,648

3,846,073
5,049,648



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
61,485
116,304

Amounts owed to other participating interests
1,389,724
2,032,364

Other taxation and social security
205,903
174,966

Other creditors
1,495,480
1,590,119

Accruals and deferred income
3,079,104
2,632,433

6,231,696
6,546,186



8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,317,437
2,782,097

1,317,437
2,782,097


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

Page 9

 
RB BOURNE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Commitments under operating leases

At 31 December 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,849,742
2,128,873

Later than 1 year and not later than 5 years
7,480,104
7,097,070

Later than 5 years
4,789,962
11,301,259

14,119,808
20,527,202

The reduction in the commitment for 2024 relates to management's change in intention to exercise the break clause on 1 January 2029 for one of the properties.


10.


Related party transactions

During the year, the LLP paid management fees amounting to £1,653,462 (2023: £1,684,570) to Bourne Office Space Management Limited, a fellow subsidiary of a designated member. Included in creditors at the end of the year was £1,386,202 (2023: £2,032,364) which was due to Bourne Office Space Management Limited. 
During  the year, the LLP paid office rental costs of £1,006,330 (2023: £1,006,330) to Black Lion Investments Limited, an entity which has common ownership with the designated member Ragusa Estates Limited. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 21 May 2025 by Sonia Yeshin FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 10