| P&PA LLP |
| Registered number: |
OC307867 |
| Balance Sheet |
| as at 31 October 2019 |
| Notes |
|
2019 |
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
29,489 |
|
58,354 |
| Current assets |
|
|
|
|
|
| Debtors |
4 |
|
1,346,625 |
|
1,574,045 |
| Cash at bank and in hand |
|
|
123,461 |
|
144,568 |
|
|
|
1,470,086 |
|
1,718,613 |
|
| Creditors: amounts falling due within one year |
5 |
|
(871,056) |
|
(855,631) |
|
| Net current assets |
|
|
599,030 |
|
862,982 |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
628,519 |
|
921,336 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
- |
|
(94,220) |
|
| Net assets attributable to members |
628,519 |
|
827,116 |
|
|
|
|
|
|
| Represented by: |
| Loans and other debts due to members |
7 |
|
500,519 |
|
639,116 |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
128,000 |
|
188,000 |
|
|
|
|
|
|
|
|
|
628,519 |
|
827,116 |
|
|
|
|
|
|
| Total members' interests |
| Loans and other debts due to members |
7 |
|
500,519 |
|
639,116 |
| Members' other interests |
|
|
128,000 |
|
188,000 |
|
|
|
|
628,519 |
|
827,116 |
|
|
|
|
|
|
| For the period ended 31 October 2019 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 22 July 2020 and signed on their behalf by: |
|
|
|
| G B S Penoyre |
| Designated member |
|
| P&PA LLP |
| Notes to the Accounts |
| for the period from 1 June 2018 to 31 October 2019 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration receivable for the rendering of services plus rechargeable costs, and is stated net of value added tax. Turnover is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Improvements to property |
over the lease term |
|
Fixtures and fittings |
over 4 years |
|
Office furniture and equipment |
over 3 or 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
|
Leased assets |
|
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the LLP |
28 |
|
32 |
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Improvements to property |
|
Fixtures and fittings |
|
Office furniture and equipment |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2018 |
94,200 |
|
120,178 |
|
835,936 |
|
1,050,314 |
|
Additions |
3,210 |
|
- |
|
14,261 |
|
17,471 |
|
At 31 October 2019 |
97,410 |
|
120,178 |
|
850,197 |
|
1,067,785 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2018 |
94,200 |
|
112,096 |
|
785,664 |
|
991,960 |
|
Charge for the period |
3,210 |
|
4,876 |
|
38,250 |
|
46,336 |
|
At 31 October 2019 |
97,410 |
|
116,972 |
|
823,914 |
|
1,038,296 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2019 |
- |
|
3,206 |
|
26,283 |
|
29,489 |
|
At 31 May 2018 |
- |
|
8,082 |
|
50,272 |
|
58,354 |
|
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
783,223 |
|
1,120,181 |
|
Amounts recoverable on contracts |
422,913 |
|
294,616 |
|
Other debtors |
2,008 |
|
4,801 |
|
Prepayments |
138,481 |
|
154,447 |
|
|
|
|
|
|
1,346,625 |
|
1,574,045 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Loan |
- |
|
129,370 |
|
Payments in advance |
238,109 |
|
106,762 |
|
Trade creditors |
224,747 |
|
185,557 |
|
Social security costs and other taxes |
205,540 |
|
154,917 |
|
Other creditors |
115,787 |
|
18,712 |
|
Accruals and deferred income |
86,873 |
|
260,313 |
|
|
|
|
|
|
871,056 |
|
855,631 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Loan |
- |
|
94,220 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans and other debts due to members |
2019 |
|
2018 |
| £ |
£ |
|
|
Amounts due to members in respect of profits |
500,519 |
|
639,116 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
500,519 |
|
639,116 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
| 8 |
Other financial commitments |
2019 |
|
2018 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
- |
|
2,845,960 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other information |
|
|
P&PA LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
c/o Gorman Darby & Co Limited |
|
39 Hatton Garden |
|
London |
|
EC1N 8EH |
