P&P SERVICES (UK) LLP Filleted accounts for Companies House (small and micro)

P&P SERVICES (UK) LLP Filleted accounts for Companies House (small and micro)

P & P SERVICES (UK) LLP - Company Information

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REGISTERED NUMBER: OC341621
P&P SERVICES (UK) LLP
Filleted Unaudited Financial Statements
5 April 2022
P&P SERVICES (UK) LLP
Statement of Financial Position
5 April 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
32,621
14,028
Current assets
Stocks
10,221
10,152
Debtors
6
61,127
55,155
Cash at bank and in hand
9,719
56,721
--------
---------
81,067
122,028
Creditors: amounts falling due within one year
7
75,358
74,791
--------
---------
Net current assets
5,709
47,237
--------
--------
Total assets less current liabilities
38,330
61,265
Creditors: amounts falling due after more than one year
8
17,401
50,000
--------
--------
Net assets
20,929
11,265
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
9
20,929
11,265
--------
--------
Members' other interests
Other reserves
–
–
--------
--------
20,929
11,265
--------
--------
Total members' interests
Amounts due from members
(7,079)
–
Loans and other debts due to members
9
20,929
11,265
Members' other interests
–
–
--------
--------
13,850
11,265
--------
--------
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 Section 1A of 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.
P&P SERVICES (UK) LLP
Statement of Financial Position (continued)
5 April 2022
For the year ending 5th April 2022 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 .
These financial statements were approved by the members and authorised for issue on 15 November 2022 , and are signed on their behalf by:
P Cunliffe
T M Cunliffe
Designated Member
Designated Member
Registered number: OC341621
P&P SERVICES (UK) LLP
Notes to the Financial Statements
Year ended 5th April 2022
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Unit 3a Maiden Mews, 9 Worsley Road, Swinton, Manchester, M27 5WN.
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 December 2018 (SORP 2018).
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
15% reducing balance
Equipment
-
20% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. 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.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2021: 3 ).
5.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 6th April 2021
66,754
1,500
68,254
Additions
23,995
–
23,995
Disposals
( 5,000)
–
( 5,000)
--------
-------
--------
At 5th April 2022
85,749
1,500
87,249
--------
-------
--------
Depreciation
At 6th April 2021
52,874
1,352
54,226
Charge for the year
2,560
30
2,590
Disposals
( 2,188)
–
( 2,188)
--------
-------
--------
At 5th April 2022
53,246
1,382
54,628
--------
-------
--------
Carrying amount
At 5th April 2022
32,503
118
32,621
--------
-------
--------
At 5th April 2021
13,880
148
14,028
--------
-------
--------
6.
Debtors
2022
2021
£
£
Trade debtors
53,005
54,225
Other debtors
8,122
930
--------
--------
61,127
55,155
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
5,520
–
Trade creditors
58,963
63,897
Social security and other taxes
8,510
8,744
Other creditors
2,365
2,150
--------
--------
75,358
74,791
--------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
17,401
50,000
--------
--------
9.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
20,929
11,265
--------
--------