ACCOUNTS - Final Accounts

PI PARTNERSHIP LIMITED - Company Information

Company registration number: 07718262

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2021

	PI PARTNERSHIP LIMITED


PI PARTNERSHIP LIMITED

COMPANY INFORMATION

Directors	A R Cooper
	J P Tyrrell
	A J Burden
	J A Cooper


Company secretary	G Mitchell


Registered number	07718262


Registered office	2nd Floor, Tuition House,
	27-37 St George's Road,
	Wimbledon,
	London
	SW19 4EU


Accountants	Menzies LLP
	Chartered Accountants
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


Bankers	Lloyds Bank plc
	95 George Street
	Croydon
	Surrey
	CR9 2NS


PI PARTNERSHIP LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 5


PI PARTNERSHIP LIMITED REGISTERED NUMBER:07718262

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Fixed assets
Investments	4		3,430,846		3,430,849
			3,430,846		3,430,849
Current assets
Cash at bank and in hand		158,977		146,687
		158,977		146,687
Creditors: amounts falling due within one year	5	(2,003,432)		(2,002,698)
Net current liabilities			(1,844,455)		(1,856,011)
Total assets less current liabilities			1,586,391		1,574,838

Net assets			1,586,391		1,574,838

Capital and reserves
Called up share capital		200	200
Share premium account	6	1,094,320	1,094,320
Other reserves	6	(5,534)	1,007
Profit and loss account	6	497,405	479,311
		1,586,391	1,574,838

Page 1


PI PARTNERSHIP LIMITED REGISTERED NUMBER:07718262

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A J Burden

Director

Date: 24 January 2022

The notes on pages 3 to 5 form part of these financial statements.

Page 2


PI PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1.	General information

Pi Partnership Limited is a private company limited by shares, registered in England and Wales. The address of the Company's registered office is given on the Company Information page. This address is also the company's principal place of business.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future despite the ongoing Covid-19 pandemic. For this reason the directors continue to adopt the going concern basis in preparing the annual financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3


PI PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.7

Employee benefit trust

An employee benefit trust is in place to facilitate employee shareholdings under remuneration schemes. Companies within the Pi Partnership group issue equity settled share based payments to employees and these are settled by the transfer of shares held in Pi Partnership Limited by the EBT. It is considered that the company has de facto control of the EBT. Therefore the assets and liabilities of the EBT are included within the financial statements of Pi Partnership Limited.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Employees	4	4

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2020	3,430,849
	Amounts written off	(3)
	At 31 July 2021	3,430,846

Page 4


PI PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	2,002,112	1,957,115
Corporation tax	-	176
Other taxation and social security	1,320	407
Other creditors	-	45,000
	2,003,432	2,002,698

Reserves

Other reserves

Other reserves recognises surpluses accumulated in the EBT.

Profit and loss account

This reserve records retained earnings and accumulated losses.

7.	Related party transactions
	At the year end the Pi Partnership Limited Employee Benefit Trust held 34.20% of the ordinary shares in the Company (2020 - 34.20%). Dividends of £17,852 (2020 - £13,376) were paid to the EBT. The Company has taken advantage of the exemption available under FRS 102 not to disclose transactions with those subsidiary undertakings where the Group controls 100% of those companies voting rights.

Page 5