Company No:
Contents
DESIGNATED MEMBERS | John Richard Pringle |
Penelope Richards |
REGISTERED OFFICE | The Old Lodge |
Bishops Avenue | |
London | |
SW6 6EE | |
United Kingdom |
REGISTERED NUMBER | OC306340 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 2023 | 2022 | ||
£ | £ | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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41,596 | 86,050 | |||
Creditors: amounts falling due within one year | 6 | (
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(
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Net current assets | 39,096 | 79,710 | ||
Total assets less current liabilities | 39,096 | 79,710 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 0 | 29,710 | ||
0 | 29,710 | |||
Members' other interests | ||||
Members' capital classified as equity | 50,000 | 50,000 | ||
Other reserves | (10,904) | 0 | ||
39,096 | 50,000 | |||
39,096 | 79,710 | |||
Total members' interests | ||||
Loans and other debts due to members | 0 | 29,710 | ||
Members' other interests | 39,096 | 50,000 | ||
39,096 | 79,710 |
Members' responsibilities:
The financial statements of Pringle & Richards LLP (registered number:
Penelope Richards
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | |
Amounts due to members | 1,050,385 | ||||
Balance at 01 April 2021 | 50,000 | (10,004) | 39,996 | 1,050,385 | 1,090,381 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 5,065 | 5,065 |
Profit for the financial year available for discretionary division among members | 0 | 10,004 | 10,004 | 0 | 10,004 |
Members' interest after profit for the financial year | 50,000 | 0 | 50,000 | 1,055,450 | 1,105,450 |
Drawings | 0 | 0 | 0 | (1,025,740) | (1,025,740) |
Amounts due to members | 29,710 | ||||
Balance at 31 March 2022 | 50,000 | 0 | 50,000 | 29,710 | 79,710 |
Loss for the financial year available for discretionary division among members | 0 | (31,858) | (31,858) | 0 | (31,858) |
Members' interest after loss for the financial year | 50,000 | (31,858) | 18,142 | 29,710 | 47,852 |
Division of loss | 0 | 20,954 | 20,954 | (20,954) | 0 |
Drawings | 0 | 0 | 0 | (8,756) | (8,756) |
Balance at 31 March 2023 | 50,000 | (10,904) | 39,096 | 0 | 39,096 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Pringle & Richards LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Old Lodge, Bishops Avenue, London, SW6 6EE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
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 Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
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 Profit and Loss Account 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'.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
2023 | 2022 | ||
Number | Number | ||
Average number of members during the financial year | 2 | 2 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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