RLF 3pm LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC371363 (England and Wales)

Financial Statements

for the Year Ended 31 May 2022

for

RLF 3PM LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Designated members:

Mr P J Watson

Mr R W Burborough

Registered office:

1 Oliver's Yard

55-71 City Road

London

EC1Y 1HQ

Registered number:

OC371363 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditors

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

38,195

34,746

38,195

34,746

Current assets

Debtors

6

883,086

675,675

Cash at bank and in hand

129,813

92,888

1,012,899

768,563

Creditors

Amounts falling due within one year

7

396,294

291,649

Net current assets

616,605

476,914

Total assets less current liabilities

and

Net assets attributable to members

654,800

511,660

Loans and other debts due to members

9

306,804

224,356

Members' other interests

Capital accounts

347,996

287,304

654,800

511,660

Total members' interests

Loans and other debts due to members

9

306,804

224,356

Members' other interests

347,996

287,304

Amounts due from members

6

(60,505

)

(65,629

)

594,295

446,031

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 30 January 2023 and were signed by:

Mr P J Watson - Designated member

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

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.

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.

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

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

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 15 (2021 - 14 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 June 2021

and 31 May 2022

100,016

Amortisation

At 1 June 2021

and 31 May 2022

100,016

Net book value

At 31 May 2022

-

At 31 May 2021

-

5.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 June 2021

2,794

29,362

29,723

61,879

Additions

92

-

12,385

12,477

At 31 May 2022

2,886

29,362

42,108

74,356

Depreciation

At 1 June 2021

1,083

8,014

18,036

27,133

Charge for year

401

2,936

5,691

9,028

At 31 May 2022

1,484

10,950

23,727

36,161

Net book value

At 31 May 2022

1,402

18,412

18,381

38,195

At 31 May 2021

1,711

21,348

11,687

34,746

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

636,462

417,620

Amounts recoverable on contract

34,117

82,109

Other debtors

212,507

175,946

883,086

675,675

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

136,793

98,418

Taxation and social security

148,115

91,174

Other creditors

111,386

102,057

396,294

291,649

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

78,890

78,890

Between one and five years

157,780

236,670

236,670

315,560

9.

Loans and other debts due to members

2022

2021

£

£

Amounts owed to members in respect of profits

306,804

224,356

Falling due within one year

306,804

224,356

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.

Mr. Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Haines Watts

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 £24,244 (2021 - £24,016). Contributions totalling £3,899 (2021 - £4,836) 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.