The Ross Partnership LLP - LLP accounts 20.1

REGISTERED NUMBER: OC391037 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 28 February 2022

for

The Ross Partnership LLP

Page

General Information

1

Report of the Members

2

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

I A J Ross

Mrs D L Ross

REGISTERED OFFICE:

12 Holly Crescent

Windsor

Berkshire

SL4 5SL

REGISTERED NUMBER:

OC391037 (England and Wales)

ACCOUNTANTS:

Two Rivers Accountancy

38 Eton Wick Road

Eton Wick

Windsor

Berkshire

SL4 6JL

The members present their report with the financial statements of the LLP for the year ended 28 February 2022.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of independent financial advisers

DESIGNATED MEMBERS

The designated members during the year under review were:

I A J Ross

Mrs D L Ross

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £266,502 (2021 - £348,549 profit).

MEMBERS' INTERESTS

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 the FRSs. A member's participation rights result 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

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 an expense. They are, therefore, shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

ON BEHALF OF THE MEMBERS:

I A J Ross - Designated member

11 April 2022

TURNOVER

360,331

450,831

Administrative expenses

91,190

100,138

OPERATING PROFIT

4

269,141

350,693

Income from fixed asset investments

-

1,624

269,141

352,317

Interest payable and similar expenses

2,639

3,768

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

266,502

348,549

FIXED ASSETS

Tangible assets

5

57,479

72,443

CURRENT ASSETS

Debtors

6

1,484

1,849

Cash at bank

65,197

46,182

66,681

48,031

CREDITORS

Amounts falling due within one year

7

1,501

29,633

NET CURRENT ASSETS

65,180

18,398

TOTAL ASSETS LESS CURRENT LIABILITIES

122,659

90,841

CREDITORS

Amounts falling due after more than one year

8

-

38,056

NET ASSETS ATTRIBUTABLE TO MEMBERS

122,659

52,785

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

122,659

52,785

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

122,659

52,785

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 28 February 2022.

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 11 April 2022 and were signed by:

I A J Ross - Designated member

Mrs D L Ross - Designated member

1.	STATUTORY INFORMATION

The Ross 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 represents commissions receivable for services provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2021 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

28.2.22

28.2.21

£

£

Depreciation - owned assets

16,964

4,961

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2021

24,036

118,966

143,002

Additions

-

2,000

2,000

Disposals

-

(1,632

)

(1,632

)

At 28 February 2022

24,036

119,334

143,370

DEPRECIATION

At 1 March 2021

4,807

65,752

70,559

Charge for year

2,404

14,560

16,964

Eliminated on disposal

-

(1,632

)

(1,632

)

At 28 February 2022

7,211

78,680

85,891

NET BOOK VALUE

At 28 February 2022

16,825

40,654

57,479

At 28 February 2021

19,229

53,214

72,443

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2021

100,742

Transfer to ownership

(100,742

)

At 28 February 2022

-

DEPRECIATION

At 1 March 2021

51,015

Transfer to ownership

(51,015

)

At 28 February 2022

-

NET BOOK VALUE

At 28 February 2022

-

At 28 February 2021

49,727

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Other debtors

1,484

1,849

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Hire purchase contracts

-

28,132

Other creditors

1,501

1,501

1,501

29,633

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.22

28.2.21

£

£

Hire purchase contracts

-

38,056

9.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.22

28.2.21

£

£

Hire purchase contracts

-

66,188

Hire purchase debts are secured on the asset concerned.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

11.	ULTIMATE CONTROLLING PARTY

The controlling parties are the members of the company, Mr I A J and Mrs D L Ross.