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REGISTERED NUMBER: OC317845
Rubinstein Phillips Lewis LLP
Filleted Unaudited Financial Statements
31 May 2024
Rubinstein Phillips Lewis LLP
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Current assets
Debtors
4
7,247
7,247
Creditors: amounts falling due within one year
5
500
500
-------
-------
Net current assets
6,747
6,747
-------
-------
Total assets less current liabilities
6,747
6,747
-------
-------
Net assets
6,747
6,747
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
6
6,747
6,747
-------
-------
Members' other interests
Other reserves
-------
-------
6,747
6,747
-------
-------
Total members' interests
Loans and other debts due to members
6
6,747
6,747
Members' other interests
-------
-------
6,747
6,747
-------
-------
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 income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Rubinstein Phillips Lewis LLP
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the members and authorised for issue on 28 February 2025 , and are signed on their behalf by:
Mr M Lewis
Designated Member
Registered number: OC317845
Rubinstein Phillips Lewis LLP
Notes to the Financial Statements
Year ended 31 May 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 38 Craven Street, London, WC2N 5PB.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
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, '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 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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 statement of income and retained earnings 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'.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4.
Debtors
2024
2023
£
£
Other debtors
7,247
7,247
-------
-------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
500
500
----
----
6.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
6,747
6,747
-------
-------
7.
Related party transactions
At the year end, the LLP was owed £7,247 by Phillips Lewis Smith Ltd (2023: £7,247), a company in which a number of the LLP members were directors or shareholders of that company during the year.