IRIS Accounts Production v25.1.0.734 OC371363 designated member 1.6.23 31.5.24 31.5.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3713632023-05-31OC3713632024-05-31OC3713632023-06-012024-05-31OC3713632022-05-31OC3713632022-06-012023-05-31OC3713632023-05-31OC371363ns15:EnglandWales2023-06-012024-05-31OC371363ns14:PoundSterling2023-06-012024-05-31OC371363ns10:PartnerLLP12023-06-012024-05-31OC371363ns10:LimitedLiabilityPartnershipLLP2023-06-012024-05-31OC371363ns10:SmallEntities2023-06-012024-05-31OC371363ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31OC371363ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31OC371363ns10:LimitedLiabilityPartnershipsSORP2023-06-012024-05-31OC371363ns10:FullAccounts2023-06-012024-05-31OC37136312023-06-012024-05-31OC371363ns10:PartnerLLP22023-06-012024-05-31OC371363ns10:PartnerLLP32023-06-012024-05-31OC371363ns10:PartnerLLP42023-06-012024-05-31OC371363ns10:RegisteredOffice2023-06-012024-05-31OC371363ns5:CurrentFinancialInstruments2024-05-31OC371363ns5:CurrentFinancialInstruments2023-05-31OC371363ns5:NetGoodwill2023-06-012024-05-31OC371363ns5:NetGoodwill2023-05-31OC371363ns5:NetGoodwill2024-05-31OC371363ns5:NetGoodwill2023-05-31OC371363ns5:PlantMachinery2023-05-31OC371363ns5:PlantMachinery2023-06-012024-05-31OC371363ns5:PlantMachinery2024-05-31OC371363ns5:PlantMachinery2023-05-31OC371363ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31OC371363ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31OC371363ns5:WithinOneYear2024-05-31OC371363ns5:WithinOneYear2023-05-31OC371363ns5:BetweenOneFiveYears2024-05-31OC371363ns5:BetweenOneFiveYears2023-05-31OC371363ns5:AllPeriods2024-05-31OC371363ns5:AllPeriods2023-05-31
REGISTERED NUMBER: OC371363 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

RLF 3PM LLP

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RLF 3PM LLP

GENERAL INFORMATION
For The Year Ended 31 May 2024







DESIGNATED MEMBERS: Mr J Buckley-Walker
Mr R W Burborough
Ms S Howson
Mr P Watson





REGISTERED OFFICE: 2-4 Old Street Yard
London
EC1Y 8AF





REGISTERED NUMBER: OC371363 (England and Wales)





ACCOUNTANTS: BAND Advisory Group Limited
111 Charterhouse Street
London
EC1M 6AW

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 35,538 36,588
35,538 36,588

CURRENT ASSETS
Debtors 6 973,274 854,774
Cash at bank 84,687 264,967
1,057,961 1,119,741
CREDITORS
Amounts falling due within one year 7 506,696 558,823
NET CURRENT ASSETS 551,265 560,918
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

586,803

597,506

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

BALANCE SHEET - continued
31 May 2024

2024 2023
Notes £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

113,443

188,818

MEMBERS' OTHER INTERESTS
Capital accounts 473,360 408,688
586,803 597,506

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 113,443 188,818
Members' other interests 473,360 408,688
Amounts due from members 6 (133,521 ) (82,416 )
453,282 515,090

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 May 2025 and were signed by:





Mr P Watson - Designated member

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024


1. STATUTORY INFORMATION

Rlf 3pm LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the LLP will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair values less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

Members remuneration and capital
The members are compensated through a combination of salary, profit share, and performance-related bonuses as agreed in the LLP agreement.

Salaries and wages are recognised as an expense in the income statement in the period in which the service is rendered. Profit share and bonuses are recorded as appropriations of profit and are distributed to members according to the terms of the partnership agreement.

The profit share is allocated to members in proportion to their capital contributions, as outlined in the LLP agreement, after the determination of net profits for the period.

Profit share is treated as a distribution to members and is therefore accounted for as an appropriation of retained earnings, not as an expense.

Going concern
The members acknowledge that, with potential for change in the business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the members to represent a general inherent level of risk in relation to the going concern assumption, albeit not quantifiable at this time.

The financial statements have been prepared on the going concern basis. The members have considered the LLP's current financial position, future cash flows, profitability, and other factors that could affect the entity's ability to continue as a going concern. Based on this assessment, the directors believe that the LLP has adequate resources to continue in operational existence for the foreseeable future, and therefore, it is appropriate to prepare the financial statements on a going concern basis.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2023 - 18 ) .

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 100,016
AMORTISATION
At 1 June 2023
and 31 May 2024 100,016
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 June 2023 84,189
Additions 11,571
Disposals (1,150 )
At 31 May 2024 94,610
DEPRECIATION
At 1 June 2023 47,601
Charge for year 12,621
Eliminated on disposal (1,150 )
At 31 May 2024 59,072
NET BOOK VALUE
At 31 May 2024 35,538
At 31 May 2023 36,588

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 703,018 532,192
Amounts due from members 133,521 82,416
Amounts recoverable on
contracts 26,037 33,327
Other debtors 23,669 61,052
Prepayments 87,029 145,787
973,274 854,774

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 158,593 193,163
Taxation and social security 155,313 127,270
Other creditors 192,790 238,390
506,696 558,823

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 137,645 78,890
Between one and five years 371,618 3,945
509,263 82,835

The company took occupation of new offices on 6th June 2024 with a lease expiry of 23rd April 2028 and an annual rent of £196,647 per annum.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 113,443 188,818

Falling due within one year 113,443 188,818

10. ULTIMATE CONTROLLING PARTY

The designated members are deemed the controlling party of the partnership.

RLF 3PM LLP (REGISTERED NUMBER: OC371363)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


11. OVERDRAFT FACILITY

The company has an overdraft facility with Natwest Bank which provides credit of up to £100,000. The company also has an overdraft facility with Barclays Bank which provides credit of us to £10,000. The overdraft is classified as a current liability under financial liabilities and is initially recognised at its nominal value.