REGISTERED NUMBER:
OC441120
Panoramic Growth Equity (GP3) LLP |
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Filleted Unaudited Financial Statements |
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Panoramic Growth Equity (GP3) LLP |
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Statement of Financial Position |
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31 March 2023
Current assets
Creditors: amounts falling due within one year |
6 |
160,604 |
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--------- |
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Net current liabilities |
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– |
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Represented by:
Loans and other debts due to members
Members' other interests
Other reserves |
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– |
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---- |
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– |
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---- |
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Total members' interests
Amounts due from members |
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(1,700) |
Loans and other debts due to members |
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– |
Members' other interests |
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– |
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------- |
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(1,700) |
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------- |
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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.
For the period ending 31 March 2023 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
17 November 2023
, and are signed on their behalf by:
PGE II (SC) Limited (signed by David Wilson, director of PGE II (SC) Limited)
Designated Member
Registered number:
OC441120
Panoramic Growth Equity (GP3) LLP |
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Notes to the Financial Statements |
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Period from 18 February 2022 to 31 March 2023
The LLP is registered in England and Wales. The address of the registered office is Office One, 1 Coldbath Square, Farringdon, London, EC1R 5HL, England.
2. |
Statement of compliance |
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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 2021 (SORP 2021).
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The Members have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents the priority profit share receivable.
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'.
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. Basic financial assets, which include other debtors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the entity assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the entity will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. |
Average number of employees |
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During the period the average number of employees was nil.
Other debtors |
160,604 |
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--------- |
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6.
Creditors:
amounts falling due within one year
Other creditors |
160,604 |
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--------- |
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7. |
Related party transactions |
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In the opinion of the members there is no controlling party as defined by FRS102. During the period a priority profit share of £158,904 was receivable from Panoramic Growth Fund 3 LP, a fund which this partnership is the General Partner. Investment management fees of £158,904 were payable by the partnership to Panoramic Growth Equity (Fund Management) LLP, a partnership in which the directors of this LLP's corporate members are also members. At the year end, the amount payable by Panoramic Growth Fund 3 LP was £158,904 and this was paid post year end. The partnership was due £158,904 to Panoramic Growth Equity (Fund Management) LLP at year end and this was paid post year end.