PBM Partnership LLP LLP accounts

PBM Partnership LLP LLP accounts

PBM PARTNERSHIP LLP - Company Information

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REGISTERED NUMBER: OC384851
PBM Partnership LLP
Filleted Unaudited Financial Statements
30 April 2020
PBM Partnership LLP
Financial Statements
Year ended 30 April 2020
Contents
Page
Members' report
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
PBM Partnership LLP
Members' Report
Year ended 30 April 2020
The members present their report and the unaudited financial statements of the LLP for the year ended 30 April 2020 .
Principal activities
The principal activity of the company during the year was that of a public house.
Designated members
The designated members who served the LLP during the year were as follows:
Mr N Pickles
Pickles Business Management Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 7 August 2020 and signed on behalf of the members by:
Mr N Pickles
Designated Member
Registered office:
High Wood Head Farm
High Wood Head
Bank Lane
Riddlesden
Keighley
England
BD20 5QU
PBM Partnership LLP
Statement of Financial Position
30 April 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
4
348,000
406,000
Current assets
Debtors
5
136,861
192,121
Cash at bank and in hand
9
3,947
---------
---------
136,870
196,068
---------
---------
Net current assets
136,870
196,068
---------
---------
Total assets less current liabilities
484,870
602,068
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
–
–
Members' other interests
Members' capital classified as equity
484,870
602,068
Other reserves
–
–
---------
---------
484,870
602,068
---------
---------
Total members' interests
Amounts due from members
(136,861)
(178,275)
Loans and other debts due to members
–
–
Members' other interests
484,870
602,068
---------
---------
348,009
423,793
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 30 April 2020 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
PBM Partnership LLP
Statement of Financial Position (continued)
30 April 2020
These financial statements were approved by the members and authorised for issue on 7 August 2020 , and are signed on their behalf by:
Mr N Pickles
Designated Member
Registered number: OC384851
PBM Partnership LLP
Reconciliation of Members' Interests
Year ended 30 April 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2020
£
£
£
£
£
£
Balance at 1 May 2019
602,068
–
602,068
(178,275)
(178,275)
423,793
Loss for the financial year available for discretionary division among members
(61,970)
(61,970)
(61,970)
---------
--------
---------
---------
---------
---------
Members' interests after loss for the year
602,068
(61,970)
540,098
(178,275)
(178,275)
361,823
Other division of profits
61,970
61,970
(61,970)
(61,970)
–
Introduced by members
91,117
91,117
–
–
91,117
Repayments of capital
(84,220)
(84,220)
–
(84,220)
Reclassifications
(124,095)
–
(124,095)
–
–
(124,095)
User defined movement in reserves 2
–
–
–
103,384
103,384
103,384
---------
--------
---------
---------
---------
---------
Balance at 30 April 2020
484,870
–
484,870
(136,861)
(136,861)
348,009
---------
--------
---------
---------
---------
---------
PBM Partnership LLP
Reconciliation of Members' Interests (continued)
Year ended 30 April 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2019
£
£
£
£
£
£
Balance at 1 May 2018
589,966
–
589,966
(116,356)
(116,356)
473,610
Loss for the financial year available for discretionary division among members
(61,918)
(61,918)
(61,918)
---------
--------
---------
---------
---------
---------
Members' interests after loss for the year
589,966
(61,918)
528,048
(116,356)
(116,356)
411,692
Other division of profits
61,918
61,918
(61,918)
(61,918)
–
Introduced by members
72,327
72,327
–
–
72,327
Repayments of capital
(60,225)
(60,225)
–
(60,225)
Reclassifications
–
–
–
–
–
–
User defined movement in reserves 2
–
–
–
(1)
(1)
(1)
---------
--------
---------
---------
---------
---------
Balance at 30 April 2019
602,068
–
602,068
(178,275)
(178,275)
423,793
---------
--------
---------
---------
---------
---------
PBM Partnership LLP
Notes to the Financial Statements
Year ended 30 April 2020
1.
General information
The LLP is registered in England and Wales. The address of the registered office is High Wood Head Farm, High Wood Head, Bank Lane, Riddlesden, Keighley, BD20 5QU, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
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.
PBM Partnership LLP
Notes to the Financial Statements (continued)
Year ended 30 April 2020
3. Accounting policies (continued)
Members' participation rights (continued)
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
Goodwill
£
Cost
At 1 May 2019 and 30 April 2020
580,000
---------
Amortisation
At 1 May 2019
174,000
Charge for the year
58,000
---------
At 30 April 2020
232,000
---------
Carrying amount
At 30 April 2020
348,000
---------
At 30 April 2019
406,000
---------
5.
Debtors
2020
2019
£
£
Other debtors
136,861
192,121
---------
---------