REGISTERED NUMBER: OC401909 (England and Wales)

Financial Statements for the Period 1 May 2024 to 31 December 2024

for

RCN LAW LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Designated members:

NewLaw Legal Limited

RCN Holdco Limited

Ms N Edwards

Registered office:

Helmont House

Churchill Way

Cardiff

CF10 2HE

Registered number:

OC401909 (England and Wales)

Auditors:

Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

Bankers:

Santander Commercial and Corporate Banking

Bridle Road

Bootle

Merseyside

L30 4GB

Current assets

Debtors

4

2,735,029

2,886,768

Cash at bank

236,310

159,820

2,971,339

3,046,588

Creditors

Amounts falling due within one year

5

(1,187,457

)

(1,234,660

)

Net current assets

1,783,882

1,811,928

Total assets less current liabilities

and

Net assets attributable to members

1,783,882

1,811,928

Loans and other debts due to members

6

1,783,880

1,811,926

Members' other interests

Capital accounts

2

2

1,783,882

1,811,928

Total members' interests

Loans and other debts due to members

6

1,783,880

1,811,926

Members' other interests

2

2

1,783,882

1,811,928

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 21 May 2025 and were signed by:

Ms N Edwards - Designated member

1.	Statutory information

RCN LAW 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.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the provision of legal services to customers.Turnover in respect of cases which are contingent on future events outside the control of the partnership is not recognised until the contingent event has occurred.

Accrued income

Profit is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. On fixed fee cases the profit included is calculated based on the proportion of the work carried out at the year end by recording turnover and related costs on each case. Turnover is calculated as that proportion of total case value which costs incurred to date bear to total costs for each case. The remaining revenue is only recognised on completion of the case.

On variable fee cases the profit is calculated based on the recoverable value of time worked on each case during the year less the related cost incurred on each case.

No value is placed on accrued income in respect of contingent fee cases in accordance with FRS102 where there is insufficient certainty as to the outcome of the case to justify the recognition as an asset.

Members' remuneration

Each corporate member may draw on account of the profits for each relevant accounting period and historic periods. If any member withdraws funds in excess of its profit share within an accounting period, the excess drawings must be repaid to the LLP immediately.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

3.	Employee information

The average number of employees during the period was NIL (2024 - NIL).

4.

Debtors: amounts falling due within one year

2024

2024

£

£

Trade debtors

316,780

436,624

Other debtors

1,834,656

1,912,244

Prepayments and accrued income

583,593

537,900

2,735,029

2,886,768

5.

Creditors: amounts falling due within one year

2024

2024

£

£

Trade creditors

-

5,291

VAT

48,476

31,997

Other creditors

1,094,953

1,139,823

Accrued expenses

44,028

57,549

1,187,457

1,234,660

6.

Loans and other debts due to members

Upon winding up of the LLP, amounts in loans and other debts due to members shall be paid by the liquidator on the basis of each member's respective entitlements after payment of all money due to the creditors of the LLP and after all expenses of the winding up.

There are no restrictions or limitations which exist on the ability of the members to reduce the amount of 'Members' other interests'.

7.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Victoria Carter (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors