Ralli Solicitors LLP
Ralli Solicitors LLP
Registered number: OC354973
Unaudited ABRIDGED Financial Statements
For The Year Ended
30 June 2020
Brian Shafar consultancy
Chartered accountants & registered auditors
14 Branksome Ave
Prestwich
Manchester
M25 1AG
Ralli Solicitors LLP
Unaudited Abridged Financial Statements
For The Year Ended
30 June 2020
Unaudited Abridged Financial Statements
Contents | |
Page | |
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Abridged Statement of Financial Position | 1—2 |
Notes to the Abridged Financial Statements | 3—5 |
Ralli Solicitors LLP
Abridged Statement of Financial Position
As at
30 June 2020
Abridged Statement of Financial Position
Registered number:
OC354973
For the year ending 30 June 2020 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 applicable to LLP's subject to the small LLPs regime.)
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Work in progress |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | (557,129) | (507,129) | |||
NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
( |
( |
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REPRESENTED BY: | |||||
Loans and other debts due to members within one year | |||||
Members' capital classified as a liability | (319,793) | (167,432) | |||
Other amounts | 189,112 | 131,864 | |||
(130,681) | (35,568) | ||||
...CONTINUED
Page 1
Ralli Solicitors LLP
Abridged Statement of Financial Position (continued)
As at
30 June 2020
Equity | |||||
Members' other interests | |||||
Other reserves | - | 1 | |||
- | 1 | ||||
(130,681) | (35,567) | ||||
TOTAL MEMBERS' INTEREST | |||||
Amounts due from members | (42,447) | - | |||
Loans and other debts due to members within one year | (130,681) | (35,568) | |||
Members' other interests | - | 1 | |||
(173,128) | (35,567) | ||||
Member's responsibilities:
-
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 accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. - The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Income Statement.
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All of the LLP's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 30 June 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the members
Designated Member
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Designated Member
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Ralli Solicitors LLP
Notes to the Abridged Financial Statements
For The Year Ended
30 June 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
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Motor Vehicles |
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Fixtures & Fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
Page 3
Ralli Solicitors LLP
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 June 2020
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including members, during the year was as follows:
2020 | 2019 | ||
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Office and administration |
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Sales, marketing and distribution |
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3.
Intangible Assets
Total | |||
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£ | |||
Cost | |||
As at
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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Page 4
Ralli Solicitors LLP
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 June 2020
4.
Tangible Assets
Total | |
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£ | |
Cost | |
As at
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Additions |
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As at
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Depreciation | |
As at
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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5.
Obligations Under Finance Leases and Hire Purchase
2020 | 2019 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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( |
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( |
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( |
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6.
General Information
Ralli Solicitors LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC354973
. The Registered Office is Greg's Buildings, 64-72 Spring Gardens1 Booth Street, Manchester, M2 4DU.
Page 5