Registration number:
Prepared for the registrar
PAHM Services LLP
Annual Report and Unaudited Financial Statements
for the period from 6 May 2022 to 31 August 2023
PAHM Services LLP
(Registration number: OC442210)
Balance Sheet as at 31 August 2023
Note |
31 August 2023 |
|
Fixed assets |
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Tangible assets |
|
|
Current assets |
||
Debtors |
|
|
Cash and short-term deposits |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Net assets attributable to members |
|
|
Represented by: |
||
Loans and other debts due to members |
||
Loans and other debts due to members |
83,872 |
|
Members’ other interests |
||
Members' capital classified as equity |
3,500,000 |
|
Other reserves |
( |
|
3,367,078 |
||
3,450,950 |
||
Total members' interests |
||
Loans and other debts due to members |
83,872 |
|
Equity |
|
|
3,450,950 |
For the year ending 31 August 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, 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 Companies Act 2006, as applied to LLPs 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.
The financial statements of PAHM Services LLP (registered number OC442210) were approved by the members and authorised for issue on
P W Whale
PAHM Services LLP
Notes to the Financial Statements for the Period Ended 31 August 2023
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
6 Athena Court
Athena Drive
Tachbrook Park
Warwick
Warwickshire
CV34 6RT
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.
Basis of preparation
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
These financial statements do not contain any significant judgements or estimation uncertainty. |
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 profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
PAHM Services LLP
Notes to the Financial Statements for the Period Ended 31 August 2023 (continued)
2 |
Accounting policies (continued) |
Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
Straight line over 12 years |
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
PAHM Services LLP
Notes to the Financial Statements for the Period Ended 31 August 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of
the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party
and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Particulars of employees |
The average number of persons employed by the LLP during the period was
PAHM Services LLP
Notes to the Financial Statements for the Period Ended 31 August 2023 (continued)
Tangible fixed assets |
Plant and machinery |
|
Cost |
|
Additions |
|
At 31 August 2023 |
|
Depreciation |
|
Charge for the year |
|
At 31 August 2023 |
|
Net book value |
|
At 31 August 2023 |
|
Debtors |
31 August 2023 |
|
Trade debtors |
110,591 |
Other debtors |
2,960 |
Prepayments and accrued income |
63,746 |
177,297 |
Creditors: Amounts falling due within one year |
31 August 2023 |
|
Trade creditors |
136,848 |
Accruals and deferred income |
14,953 |
151,801 |