Silverfin false 31/03/2023 01/04/2022 31/03/2023 John Richard Pringle 13/12/2003 Penelope Richards 13/12/2003 13 March 2024 OC306340 2023-03-31 OC306340 bus:Director1 2023-03-31 OC306340 bus:Director2 2023-03-31 OC306340 core:CurrentFinancialInstruments 2023-03-31 OC306340 core:CurrentFinancialInstruments 2022-03-31 OC306340 2022-03-31 OC306340 2022-04-01 2023-03-31 OC306340 bus:FullAccounts 2022-04-01 2023-03-31 OC306340 bus:SmallEntities 2022-04-01 2023-03-31 OC306340 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC306340 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC306340 bus:Director1 2022-04-01 2023-03-31 OC306340 bus:Director2 2022-04-01 2023-03-31 OC306340 2021-04-01 2022-03-31 OC306340 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC306340 (England and Wales)

PRINGLE & RICHARDS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

PRINGLE & RICHARDS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

PRINGLE & RICHARDS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2023
PRINGLE & RICHARDS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2023
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
PRINGLE & RICHARDS LLP

BALANCE SHEET

As at 31 March 2023
PRINGLE & RICHARDS LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Current assets
Debtors 4 33,669 18,775
Cash at bank and in hand 5 7,927 67,275
41,596 86,050
Creditors: amounts falling due within one year 6 ( 2,500) ( 6,340)
Net current assets 39,096 79,710
Total assets less current liabilities 39,096 79,710
Net assets attributable to members 39,096 79,710
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

For the financial year ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Pringle & Richards LLP (registered number: OC306340) were approved and authorised for issue by the Board of Directors on 13 March 2024. They were signed on its behalf by:

Penelope Richards
Designated member
PRINGLE & RICHARDS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2023
PRINGLE & RICHARDS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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

PRINGLE & RICHARDS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
PRINGLE & RICHARDS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Revenue from property rental 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.

Impairment of assets

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 instruments

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

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'.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

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

4. Debtors

2023 2022
£ £
Other debtors 33,669 18,775

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 7,927 67,275

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 2,500 6,340

There are no amounts included above in respect of which any security has been given by the small entity.