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Registration number: OC423340

PPM West Coast LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

PPM West Coast LLP

Contents

Financial Statements

1 to 7

Balance Sheet

1

Statement of Changes in Members’ Interests

3

Notes to the Financial Statements

4

 

PPM West Coast LLP

(Registration number: OC423340)
Balance Sheet as at 31 July 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

27,132

425

Current assets

 

Stocks

1,015,973

1,020,000

Debtors

4

2,643

2,986

Cash and short-term deposits

 

14,171

34,658

 

1,032,787

1,057,644

Creditors: Amounts falling due within one year

6

(1,950)

(1,806)

Net current assets

 

1,030,837

1,055,838

Net assets attributable to members

 

1,057,969

1,056,263

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

1,057,969

1,056,263

   

1,057,969

1,056,263

Total members' interests

 

Equity

 

1,057,969

1,056,263

   

1,057,969

1,056,263

 

PPM West Coast LLP

(Registration number: OC423340)
Balance Sheet as at 31 July 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

For the year ending 31 July 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.

The financial statements of PPM West Coast LLP (registered number OC423340) were approved by the Board and authorised for issue on 8 April 2024. They were signed on behalf of the limited liability partnership by:


Mr PR Brace
Designated member

 

PPM West Coast LLP

Statement of Changes in Members’ Interests
At 31 July 2023

 

Equity

 

Members' capital
£

Total
2023
 £

Members' interest at 1 August 2022

1,056,263

1,056,263

Loss for the financial year available for discretionary division among members

(260)

(260)

Members’ capital introduced

1,966

1,966

At 31 July 2023

1,057,969

1,057,969

 

Equity

 

Members' capital
£

Total
2022
 £

Members' interest at 1 August 2021

1,055,741

1,055,741

Loss for the financial year available for discretionary division among members

(1,300)

(1,300)

Members’ capital introduced

1,966

1,966

Members' Drawings

(144)

(144)

At 31 July 2022

1,056,263

1,056,263

 

PPM West Coast LLP

Notes to the Financial Statements for the Year Ended 31 July 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 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.

These 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.

Going concern

The partners have reviewed the LLP's key customers and the capital resources available and consider that the LLP has adequate resources in place to continue preparing its financial statements on a going concern basis.

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 and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

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.

 

PPM West Coast LLP

Notes to the Financial Statements for the Year Ended 31 July 2023

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

5% reducing balance and 15% reducing balance

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 3 (2022 - 3).

 

PPM West Coast LLP

Notes to the Financial Statements for the Year Ended 31 July 2023

3

Tangible fixed assets

Plant and machinery
 £

Total
£

Cost

At 1 August 2022

500

500

Additions

28,180

28,180

At 31 July 2023

28,680

28,680

Depreciation

At 1 August 2022

75

75

Charge for the year

1,473

1,473

At 31 July 2023

1,548

1,548

Net book value

At 31 July 2023

27,132

27,132

At 31 July 2022

425

425

4

Stocks

2023
£

2022
£

Work in progress - land costs

1,015,973

1,020,000

5

Debtors

2023
 £

2022
 £

Other debtors

1,649

1,649

Prepayments and accrued income

994

1,337

Total current trade and other debtors

2,643

2,986

6

Creditors: Amounts falling due within one year

2023
£

2022
£

Accruals and deferred income

1,950

1,806

 

PPM West Coast LLP

Notes to the Financial Statements for the Year Ended 31 July 2023

7

Related party transactions

Loans to related parties

2023

Key management
£

At start of period

1,649

2022

Key management
£

Advanced

1,649

8

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.