PDSI Partners LLP Small abridged accounts
PDSI Partners LLP Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
REGISTERED NUMBER:
OC385626
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Abridged Financial Statements |
Period from 30 June 2016 to 31 July 2017
Contents |
Page |
Abridged statement of financial position |
1 |
Notes to the abridged financial statements |
3 |
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Abridged Statement of Financial Position |
31 Jul 17 |
29 Jun 16 |
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Note |
£ |
£ |
£ |
Current assets
Debtors |
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Creditors: amounts falling due within one year |
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--------- |
--------- |
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Net current liabilities |
(
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(
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--------- |
--------- |
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Total assets less current liabilities |
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--------- |
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Net assets |
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--------- |
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Represented by:
Loans and other debts due to members
Other amounts |
50,765 |
– |
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Members' other interests
Members' capital classified as equity |
200,000 |
200,000 |
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Other reserves |
– |
– |
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--------- |
--------- |
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250,765 |
200,000 |
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--------- |
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Total members' interests
Amounts due from members |
(367,843) |
(350,807) |
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Loans and other debts due to members |
50,765 |
– |
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Members' other interests |
200,000 |
200,000 |
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--------- |
--------- |
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(117,078) |
(150,807) |
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--------- |
--------- |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged income statement has not been delivered.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
members
and authorised for issue on
31 October 2017
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC385626
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Notes to the Abridged Financial Statements |
Period from 30 June 2016 to 31 July 2017
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is Elizabeth House, 39 York Road, London, SE1 7NJ.
2. |
Accounting policies |
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 30 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note .
Revenue recognition
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 abridged income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged 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 abridged income statement and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Financial instruments