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Registration number: OC413160

Richard J Smith & Co LLP
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Richard J Smith & Co LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 9
Balance Sheet | 2
Notes to the Financial Statements | 4

Richard J Smith & Co LLP

Limited liability partnership information

Designated members | S Bailey J Trembath

Registered office | 53 Fore Street Ivybridge Devon PL21 9AE

Accountants | Westcotts Plym House, 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT

Richard J Smith & Co LLP

(Registration number: OC413160)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 1,543 | 1,800
Tangible assets | 5 | 27,832 | 24,717
|  | 29,375 | 26,517
Current assets |  |  |
Debtors | 6 | 84,469 | 221,486
Cash and short-term deposits |  | 182,731 | 33,959
|  | 267,200 | 255,445
Creditors: Amounts falling due within one year | 7 | (151,541) | (50,649)
Net current assets |  | 115,659 | 204,796
Net assets attributable to members |  | 145,034 | 231,313
Represented by: |  |  |
Loans and other debts due to members |  |  |
Members' capital classified as a liability |  | (49,966) | (68,687)
Capital Accounts |  | 195,000 | 300,000
|  | 145,034 | 231,313
|  | 145,034 | 231,313
Total members' interests |  |  |
Loans and other debts due to members |  | 145,034 | 231,313
|  | 145,034 | 231,313

Richard J Smith & Co LLP

(Registration number: OC413160)
Balance Sheet as at 31 March 2025

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Richard J Smith & Co LLP (registered number OC413160) were approved by the Board and authorised for issue on 6 November 2025. They were signed on behalf of the limited liability partnership by:

......................................... S Bailey Designated member

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Richard J Smith & Co LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Revenue recognition

Turnover represents fees and disbursements invoiced excluding value added tax.
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress. Work in progress has been included in the balance sheet within debtors.

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Amortisation method and rate
Website | 7 years Straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Asset class | Depreciation method and rate
Land and buildings | 20% Straight line
Plant and machinery | 20% Straight line

Impairment of assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors 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 the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2 | Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation | 5,703 | 6,037
Amortisation | 257 | -

3 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 12 (2024 - 12).

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

4 | Intangible fixed assets

| Website £ | Total £
Cost |  |
At 1 April 2024 | 1,800 | 1,800
At 31 March 2025 | 1,800 | 1,800
Amortisation |  |
Charge for the year | 257 | 257
At 31 March 2025 | 257 | 257
Net book value |  |
At 31 March 2025 | 1,543 | 1,543
At 31 March 2024 | 1,800 | 1,800

5 | Tangible fixed assets

| Land and buildings £ | Plant and machinery £ | Total £
Cost |  |  |
At 1 April 2024 | 2,295 | 83,352 | 85,647
Additions | - | 8,818 | 8,818
At 31 March 2025 | 2,295 | 92,170 | 94,465
Depreciation |  |  |
At 1 April 2024 | 2,295 | 58,635 | 60,930
Charge for the year | - | 5,703 | 5,703
At 31 March 2025 | 2,295 | 64,338 | 66,633
Net book value |  |  |
At 31 March 2025 | - | 27,832 | 27,832
At 31 March 2024 | - | 24,717 | 24,717

Richard J Smith & Co LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 64,848 | 199,381
Other debtors | 1,425 | 1,425
Prepayments and accrued income | 18,196 | 20,680
Total current trade and other debtors | 84,469 | 221,486

7 | Creditors: Amounts falling due within one year

| 2025 £ | 2024 £
Trade creditors | 8,692 | 16,205
Other creditors | 104,783 | -
Accruals and deferred income | 7,830 | 12,492
Taxation and social security | 30,236 | 21,952
| 151,541 | 50,649

8 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 5,196 | 8,808