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Registration number: OC431323

Pearce Brothers Mobility Services LLP

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Pearce Brothers Mobility Services LLP

Contents

Limited liability partnership information

1

Abridged Financial Statements

2 to 6

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

4

 

Pearce Brothers Mobility Services LLP

Limited liability partnership information

Designated members

J J Payne

J Payne

D L Base

D A Pearce
 

Registered office

2 Stover Road
Yate
Bristol
BS37 5JN

Accountants

Foxmain Associates Limited
Chartered Accountants & Tax Advisers
60 Stoke Lane
Westbury on Trym
Bristol
BS9 3SW

 

Pearce Brothers Mobility Services LLP

(Registration number: OC431323)
Abridged Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

24,149

9,764

Current assets

 

Stocks

166,799

167,048

Debtors

26,800

57,088

Cash and short-term deposits

 

115,626

40,487

 

309,225

264,623

Prepayments and accrued income

 

-

897

Creditors: Amounts falling due within one year

(111,396)

(99,846)

Net current assets

 

197,829

165,674

Total assets less current liabilities

 

221,978

175,438

Accruals and deferred income

 

(2,641)

(1,795)

Net assets attributable to members

 

219,337

173,643

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

219,337

173,643

   

219,337

173,643

Total members' interests

 

Loans and other debts due to members

 

219,337

173,643

   

219,337

173,643

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’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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.

 

Pearce Brothers Mobility Services LLP

(Registration number: OC431323)
Abridged Balance Sheet as at 31 March 2023 (continued)

The financial statements of Pearce Brothers Mobility Services LLP (registered number OC431323) were approved by the Board and authorised for issue on 21 November 2023. They were signed on behalf of the limited liability partnership by:


J J Payne
Designated member

 

Pearce Brothers Mobility Services LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2023

1

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales 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.

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Pearce Brothers Mobility 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.

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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

Plant and machinery

at varying rates on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Pearce Brothers Mobility Services LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Members' interests

Members' participation rights in the earning or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. 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 to the Profit and Loss account in the relevant year. To the extent they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or it's 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 Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same was 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 are classified as liabilities and are presented in the Balance Sheet with 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 7 (2022 - 7).

 

Pearce Brothers Mobility Services LLP

Notes to the Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

3

Tangible fixed assets

Total
£

Cost

At 1 April 2022

93,263

Additions

22,561

At 31 March 2023

115,824

Depreciation

At 1 April 2022

83,499

Charge for the year

8,176

At 31 March 2023

91,675

Net book value

At 31 March 2023

24,149

At 31 March 2022

9,764

4

Loans and other debts to members

In the event of a winding up, amounts due to members may be set-off against amounts due from members but would otherwise rank (with individual members' capital) after unsecured creditors..

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.