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 2021
P&P SERVICES (UK) LLP
Statement of Financial Position
5 April 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
14,028
18,690
Current assets
Stocks
10,152
24,623
Debtors
6
55,155
16,811
Cash at bank and in hand
56,721
4,529
---------
--------
122,028
45,963
Creditors: amounts falling due within one year
7
74,791
51,181
---------
--------
Net current assets/(liabilities)
47,237
( 5,218)
--------
--------
Total assets less current liabilities
61,265
13,472
Creditors: amounts falling due after more than one year
8
50,000
5,971
--------
--------
Net assets
11,265
7,501
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
9
11,265
7,501
--------
-------
Members' other interests
Other reserves
–
–
--------
-------
11,265
7,501
--------
-------
Total members' interests
Loans and other debts due to members
9
11,265
7,501
Members' other interests
–
–
--------
-------
11,265
7,501
--------
-------
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 2021
For the year ending 5th April 2021 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 3 November 2021 , 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 2021
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
-
25% 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 (2020: 3 ).
5.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 6th April 2020 and 5th April 2021
66,754
1,500
68,254
--------
-------
--------
Depreciation
At 6th April 2020
48,248
1,316
49,564
Charge for the year
4,626
36
4,662
--------
-------
--------
At 5th April 2021
52,874
1,352
54,226
--------
-------
--------
Carrying amount
At 5th April 2021
13,880
148
14,028
--------
-------
--------
At 5th April 2020
18,506
184
18,690
--------
-------
--------
6.
Debtors
2021
2020
£
£
Trade debtors
54,225
16,068
Other debtors
930
743
--------
--------
55,155
16,811
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
63,897
31,665
Social security and other taxes
8,744
13,385
Other creditors
2,150
6,131
--------
--------
74,791
51,181
--------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
50,000
–
Other creditors
–
5,971
--------
-------
50,000
5,971
--------
-------
9.
Loans and other debts due to members
2021
2020
£
£
Amounts owed to members in respect of profits
11,265
7,501
--------
-------