Company No:
Contents
Note | 30.09.2023 | 30.09.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,011 | 724 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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122,822 | 71,688 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 32,933 | 35,913 | ||
Total assets less current liabilities | 33,944 | 36,637 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 33,944 | 36,637 | ||
33,944 | 36,637 | |||
Members' other interests | ||||
0 | 0 | |||
33,944 | 36,637 | |||
Total members' interests | ||||
Loans and other debts due to members | 33,944 | 36,637 | ||
33,944 | 36,637 |
Members' responsibilities:
The financial statements of PBS Collective LLP (registered number:
Nicholas Barratt
Designated member |
Dr Catriona Elizabeth Martin
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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Other reserves | Other amounts | Total | |
£ | £ | £ | |
Balance at 22 September 2021 | 0 | 0 | 0 |
Profit for the financial year/period available for discretionary division among members | 90,637 | 0 | 90,637 |
Members' interest after profit for the financial year/period | 90,637 | 0 | 90,637 |
Division of profit | (90,637) | 90,637 | 0 |
Drawings | 0 | (54,000) | (54,000) |
Amounts due to members | 36,637 | ||
Balance at 30 September 2022 | 0 | 36,637 | 36,637 |
Profit for the financial year/period available for discretionary division among members | 37,307 | 0 | 37,307 |
Members' interest after profit for the financial year/period | 37,307 | 36,637 | 73,944 |
Division of profit | (37,307) | 37,307 | 0 |
Drawings | 0 | (40,000) | (40,000) |
Amounts due to members | 33,944 | ||
Balance at 30 September 2023 | 0 | 33,944 | 33,944 |
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 period, unless otherwise stated.
PBS Collective LLP (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 24 Lauder Crescent, Perth, PH1 1SU, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared for the year to 30 September 2023. The comparative financial statements were prepared for the period from the date of incorporation on 22 September 2021 to 30 September 2022. As such, the two periods are not entirely comparable.
Revenue is recognised when the company has the entitlement to the income in exchange for the provision of services.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
Non-financial assets
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
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.
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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. 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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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'.
Year ended 30.09.2023 |
Period from 22.09.2021 to 30.09.2022 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated depreciation | |||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||
At 30 September 2023 |
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At 30 September 2022 |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.