Paisy Services LLP - Period Ending 2023-03-31
Paisy Services LLP - Period Ending 2023-03-31
Registration number:
Prepared for the registrar
Paisy Services LLP
Annual Report and
Unaudited
Financial Statements
for the
Year Ended 31 March 2023
Paisy Services LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Paisy Services LLP
Limited liability partnership information
Designated members |
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Registered office |
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Bankers |
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Accountants |
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Paisy Services LLP
(Registration number: OC363529)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
45,197 |
55,684 |
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Current assets |
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Debtors |
519,569 |
1,060,125 |
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Cash and short-term deposits |
524,035 |
432,265 |
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1,043,604 |
1,492,390 |
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Creditors: Amounts falling due within one year |
(53,811) |
(72,107) |
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Net current assets |
989,793 |
1,420,283 |
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Net assets attributable to members |
1,034,990 |
1,475,967 |
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Represented by: |
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Loans and other debts due to members |
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Loans and other debts due to members |
1,034,990 |
1,475,967 |
|
1,034,990 |
1,475,967 |
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Total members' interests |
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Loans and other debts due to members |
1,034,990 |
1,475,967 |
|
1,034,990 |
1,475,967 |
For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
These accounts have been delivered in accordance with the provisions applicable to limited liability partnerships subject to the small entities regime and the option not to file the profit and loss account has been taken.
The financial statements of Paisy Services LLP (registered number OC363529) were approved by the
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Paisy Services LLP
Notes to the Financial Statements
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
The financial statements have been prepared under the historical cost convention, modified to include certain
items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the
Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by
Limited Liability Partnerships (issued January 2017).
The functional currency of Paisy Services LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Judgements
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members remuneration
A members share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation net of depreciation and any provision for impairment.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
20% reducing balance |
Buildings |
0% |
Trade debtors
Trade debtors are amounts due for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Paisy Services LLP
Notes to the Financial Statements (continued)
1 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Paisy Services LLP
Notes to the Financial Statements (continued)
1 |
Accounting policies (continued) |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Particulars of employees |
The average number of persons employed by the LLP (including members) during the year was
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Tangible fixed assets |
Buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 April 2022 |
21,330 |
49,111 |
90,947 |
161,388 |
Additions |
- |
659 |
- |
659 |
Disposals |
- |
(25,080) |
- |
(25,080) |
At 31 March 2023 |
21,330 |
24,690 |
90,947 |
136,967 |
Depreciation |
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At 1 April 2022 |
- |
36,724 |
68,980 |
105,704 |
Charge for the year |
- |
2,521 |
5,492 |
8,013 |
Eliminated on disposals |
- |
(21,947) |
- |
(21,947) |
At 31 March 2023 |
- |
17,298 |
74,472 |
91,770 |
Net book value |
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At 31 March 2023 |
21,330 |
7,392 |
16,475 |
45,197 |
At 31 March 2022 |
21,330 |
12,387 |
21,967 |
55,684 |
Paisy Services LLP
Notes to the Financial Statements (continued)
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
43,469 |
585,125 |
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Other debtors |
476,100 |
475,000 |
|
519,569 |
1,060,125 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Trade creditors |
- |
17,815 |
Other taxes and social security |
45,065 |
52,292 |
Accruals and deferred income |
8,746 |
2,000 |
53,811 |
72,107 |
Loans and debts due to members |
2023 |
2022 |
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Amounts owed to members in respect of profits |
1,034,990 |
1,475,967 |
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.
Related party transactions |
At 31 March 2023 the LLP was owed £476,100 (2022 - £475,000) by Third Generation Investments Ltd, a company related by virtue of the member P S Roberts. The loan is interest free and repayable on demand.