The Ross Partnership LLP - LLP accounts 22.3

REGISTERED NUMBER: OC391037 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Period 1 March 2023 to 31 May 2023

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 period 1 March 2023 to 31 May 2023.

CESSATION OF TRADING

The LLP ceased to trade on 31st May 2023.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the period under review were:

I A J Ross

Mrs D L Ross

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The loss for the period before members' remuneration and profit shares was £2,118 (2023 - £6,260 loss).

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

24 July 2023

TURNOVER

768

57,891

Administrative expenses

2,890

64,151

OPERATING LOSS

4

(2,122

)

(6,260

)

Interest receivable and similar income

4

-

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

(2,118

)

(6,260

)

FIXED ASSETS

Tangible assets

5

-

42,255

CURRENT ASSETS

Debtors

6

-

1,648

Cash at bank

45,333

54,536

45,333

56,184

CREDITORS

Amounts falling due within one year

7

23,280

14,102

NET CURRENT ASSETS

22,053

42,082

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

22,053

84,337

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

22,053

84,337

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

22,053

84,337

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 period ended 31 May 2023.

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 24 July 2023 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.

Land and buildings

-

10% on cost

Plant and machinery etc

-

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

3.	EMPLOYEE INFORMATION

The average number of employees during the period was 2 (2023 - 2 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1.3.23

to

Year Ended

31.5.23

28.2.23

£

£

Depreciation - owned assets

-

15,224

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2023

24,036

119,334

143,370

Disposals

(24,036

)

(119,334

)

(143,370

)

At 31 May 2023

-

-

-

DEPRECIATION

At 1 March 2023

9,614

91,501

101,115

Eliminated on disposal

(9,614

)

(91,501

)

(101,115

)

At 31 May 2023

-

-

-

NET BOOK VALUE

At 31 May 2023

-

-

-

At 28 February 2023

14,422

27,833

42,255

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

28.2.23

£

£

Other debtors

-

1,648

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

28.2.23

£

£

Other creditors

23,280

14,102

8.

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.

9.	ULTIMATE CONTROLLING PARTY

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