Rlf 3pm LLP - Accounts to registrar (filleted) - small 18.2
Rlf 3pm LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2021 |
for |
RLF 3PM LLP |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Contents of the Financial Statements |
for the year ended 31 May 2021 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RLF 3PM LLP |
General Information |
for the year ended 31 May 2021 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditors |
3rd Floor |
Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Balance Sheet |
31 May 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 511,660 | 316,584 |
Loans and other debts due to members | 9 | 224,356 | 89,385 |
Members' other interests |
Capital accounts | 287,304 | 227,199 |
511,660 | 316,584 |
Total members' interests |
Loans and other debts due to members | 9 | 224,356 | 89,385 |
Members' other interests | 287,304 | 227,199 |
Amounts due from members | 6 | (65,629 | ) | (61,573 | ) |
446,031 | 255,011 |
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 |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Notes to the Financial Statements |
for the year ended 31 May 2021 |
1. | Statutory information |
Rlf 3pm LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. In light of COVID-19, the Directors have reviewed and considered relevant information and have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the LLP will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
2. | Accounting policies - continued |
Financial instruments |
The LLP 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. |
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 Statement of Comprehensive Income. |
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 LLP 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 a net basis or to realise the asset and settle the liability simultaneously. |
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. |
3. | Employee information |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 June 2020 |
and 31 May 2021 |
Amortisation |
At 1 June 2020 |
and 31 May 2021 |
Net book value |
At 31 May 2021 |
At 31 May 2020 |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 June 2020 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 May 2021 |
Depreciation |
At 1 June 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 May 2021 |
Net book value |
At 31 May 2021 |
At 31 May 2020 |
6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
RLF 3PM LLP (REGISTERED NUMBER: OC371363) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
9. | Loans and other debts due to members |
2021 | 2020 |
£ | £ |
Amounts owed to members in respect of profits | 224,356 | 89,385 |
Falling due within one year | 224,356 | 89,385 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Pension commitments |
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £24,016 (2020 - £26,993). Contributions totalling £4,836 (2020 - £9,543) were payable to the fund at the balance sheet date and are included in creditors. |
12. | Ultimate controlling party |
The designated members are deemed the controlling party of the partnership. |