Raymond Smith Partnership LLP - LLP accounts 24.3

REGISTERED NUMBER: OC302436 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Raymond Smith Partnership LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Profit and loss

4

Balance Sheet

5

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

Mr P M Smith

Mr S P Whitmill

REGISTERED OFFICE:

The Old Bank

5 High Street

Old Town

Eastbourne

East Sussex

BN21 1HG

REGISTERED NUMBER:

OC302436 (England and Wales)

ACCOUNTANTS:

SLP Advisory Limited

126 Wish Hill

Eastbourne

East Sussex

BN20 9HL

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of Chartered architects.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr P M Smith

Mr S P Whitmill

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £118,508 (2025 - £248,643 profit).

MEMBERS' INTERESTS

Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

Details of changes in members' capital in the ended 31 March 2021 are set out in the Reconciliation of Members' Interests.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

ON BEHALF OF THE MEMBERS:

Mr P M Smith - Designated member

3 July 2026

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Raymond Smith Partnership LLP for the year ended 31 March 2026 which comprise the Profit and loss, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Raymond Smith Partnership LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Raymond Smith Partnership LLP and state those matters that we have agreed to state to the members of Raymond Smith Partnership LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raymond Smith Partnership LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Raymond Smith Partnership LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Raymond Smith Partnership LLP. You consider that Raymond Smith Partnership LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Raymond Smith Partnership LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

SLP Advisory Limited

126 Wish Hill

Eastbourne

East Sussex

BN20 9HL

3 July 2026

TURNOVER

205,854

342,543

Cost of sales

8,576

6,691

GROSS PROFIT

197,278

335,852

Administrative expenses

78,571

86,761

OPERATING PROFIT

4

118,707

249,091

Interest payable and similar expenses

199

448

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS

118,508

248,643

FIXED ASSETS

Tangible assets

6

3,628

6,976

CURRENT ASSETS

Debtors

7

10,888

31,383

Cash at bank

36,909

51,199

47,797

82,582

CREDITORS

Amounts falling due within one year

8

9,535

14,095

NET CURRENT ASSETS

38,262

68,487

TOTAL ASSETS LESS CURRENT LIABILITIES

41,890

75,463

CREDITORS

Amounts falling due after more than one year

9

-

2,500

NET ASSETS ATTRIBUTABLE TO MEMBERS

41,890

72,963

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

41,890

72,963

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

41,890

72,963

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 March 2026.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 3 July 2026 and were signed by:

Mr P M Smith - Designated member

Mr S P Whitmill - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Members'

capital

Other

(classified

Other

reserves

as debt)

amounts

Total

£

Amount due to members

200

72,763

72,963

Amount due from members

-

Balance at 1 April 2025

-

200

72,763

72,963

Profit for the financial year available
for discretionary division among
members

118,508

-

118,508

Members' interests after profit for the
year

118,508

200

72,763

72,963

191,471

Other divisions of profit

(118,508

)

-

118,508

-

Drawings on account and distributions
of profit

-

(149,581

)

(149,581

)

(149,581

)

Amount due to members

200

41,690

41,890

Amount due from members

-

Balance at 31 March 2026

-

200

41,690

41,890

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Members'

capital

Other

(classified

Other

reserves

as debt)

amounts

Total

£

Amount due to members

200

78,516

78,716

Amount due from members

-

Balance at 1 April 2024

-

200

78,516

78,716

Profit for the financial year available
for discretionary division among
members

248,643

-

248,643

Members' interests after profit for the
year

248,643

200

78,516

78,716

327,359

Other divisions of profit

(248,643

)

-

248,643

-

Introduced by members

-

32,000

Drawings on account and distributions
of profit

-

(286,396

)

(286,396

)

(286,396

)

Amount due to members

200

72,763

72,963

Amount due from members

-

Balance at 31 March 2025

-

200

72,763

72,963

1.	STATUTORY INFORMATION

Raymond Smith Partnership 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

straight line over 3 years

Computer equipment

-

straight line over 3 years

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments

The Company 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.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost less impairment for all other investments.

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 Profit and loss account.

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 Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2025 - 4 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

Depreciation - owned assets

4,172

6,109

5.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

The average members' remuneration during the year was

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 April 2025

3,007

16,578

19,585

Additions

289

535

824

At 31 March 2026

3,296

17,113

20,409

DEPRECIATION

At 1 April 2025

1,917

10,692

12,609

Charge for year

766

3,406

4,172

At 31 March 2026

2,683

14,098

16,781

NET BOOK VALUE

At 31 March 2026

613

3,015

3,628

At 31 March 2025

1,090

5,886

6,976

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

-

12,360

VAT

-

1,387

Prepayments and accrued income

10,888

17,636

10,888

31,383

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Bank loans and overdrafts

2,500

10,000

VAT

3,485

-

Other creditors

1,960

2,355

Accrued expenses

1,590

1,740

9,535

14,095

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

Bank loans - 1-2 years

-

2,500

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2026

2025

£

Amounts owed to members in respect of profits

41,690

72,763

Capital account

200

41,890

72,963

Falling due within one year

41,890

72,963

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.