Rennie Welch LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO300881 (Scotland)

Rennie Welch LLP

Financial Statements

for the Year Ended 31st October 2020

Page

General Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DESIGNATED MEMBERS:

M S Thomson

G S Chisholm

Mrs G L Adamson

C Crombie

M Thompson

Mrs M F Drummond

P J Evans

REGISTERED OFFICE:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

REGISTERED NUMBER:

SO300881 (Scotland)

ACCOUNTANTS:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

FIXED ASSETS

Intangible assets

4

456,466

327,105

Tangible assets

5

120,344

77,467

576,810

404,572

CURRENT ASSETS

Debtors

6

1,405,382

1,352,134

Investments

7

100

100

Cash at bank and in hand

138,671

130,717

1,544,153

1,482,951

CREDITORS

Amounts falling due within one year

8

403,487

276,060

NET CURRENT ASSETS

1,140,666

1,206,891

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,717,476

1,611,463

LOANS AND OTHER DEBTS DUE TO MEMBERS

1,717,476

1,611,463

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

1,717,476

1,611,463

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 31st October 2020.

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 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 23rd July 2021 and were signed by:

G S Chisholm - Designated member

1.	STATUTORY INFORMATION

Rennie Welch LLP is registered in Scotland. 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 the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Goodwill

In the past, goodwill arising on some acquisitions has been written off in equal annual instalments.

The members consider that subsequent goodwill additions, including that purchased in the year to 31st October 2020, should be carried at cost with no amortisation.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures & equipment

-

20% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and accruals.

Trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 Income Statement.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members remuneration

Profits and losses are automatically divided between members in accordance with the terms of the LLP agreement, and hence there are no unallocated profits or losses.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 41 (2019 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2019

345,772

Additions

129,361

At 31st October 2020

475,133

AMORTISATION

At 1st November 2019

and 31st October 2020

18,667

NET BOOK VALUE

At 31st October 2020

456,466

At 31st October 2019

327,105

5.	TANGIBLE FIXED ASSETS

Improvements

to

Fixtures

Computer

property

& equipment

equipment

Totals

£

£

£

£

COST

At 1st November 2019

-

225,523

84,816

310,339

Additions

30,833

8,417

42,174

81,424

Disposals

-

(177,149

)

-

(177,149

)

At 31st October 2020

30,833

56,791

126,990

214,614

DEPRECIATION

At 1st November 2019

-

199,775

33,097

232,872

Charge for year

3,083

6,833

28,631

38,547

Eliminated on disposal

-

(177,149

)

-

(177,149

)

At 31st October 2020

3,083

29,459

61,728

94,270

NET BOOK VALUE

At 31st October 2020

27,750

27,332

65,262

120,344

At 31st October 2019

-

25,748

51,719

77,467

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

447,914

515,862

Amounts recoverable on contract

885,346

769,429

Other debtors

72,122

66,843

1,405,382

1,352,134

7.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Unlisted investments

100

100

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

85,213

68,994

Taxation and social security

222,407

130,064

Other creditors

95,867

77,002

403,487

276,060

9.	LEASING AGREEMENTS

The LLP has a commitment under operating leases for rent to pay the sum of £72,500 in the year to 31st October 2021 (2020 £76,700).

10.	RELATED PARTY DISCLOSURES

G S Chisholm and G Adamson are directors and shareholders of Rennie Welch Audit Limited. During the year to 31st October 2020, Rennie Welch LLP received the sum of £82,850 (2019 £77,475) by way of a management charge from Rennie Welch Audit Limited. At 31st October 2020 there were no outstanding balances between Rennie Welch LLP and Rennie Welch Audit Limited (2019 £Nil).