Limited Liability Partnership registration number OC418756 (England and Wales)
PMBH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PMBH LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PMBH LLP
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2
270,000
-
Tangible assets
3
109,577
-
379,577
-
Current assets
Debtors
4
9,510,810
-
Cash at bank and in hand
9,979
-
9,520,789
-
Creditors: amounts falling due within one year
5
(5,110,430)
-
Net current assets
4,410,359
-
Total assets less current liabilities
4,789,936
-
Creditors: amounts falling due after more than one year
6
(1,754,476)
-
Net assets attributable to members
3,035,460
-
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,285,576
-
Members' other interests
Members' capital classified as equity
1,749,884
-
3,035,460
-

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

PMBH LLP
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 11 July 2024 and are signed on their behalf by:
11 July 2024
Ms F E McCarthy
Designated member
Limited Liability Partnership registration number OC418756 (England and Wales)
PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Limited liability partnership information

PMBH LLP is a limited liability partnership incorporated in England and Wales. The registered office is Mermaid House, 2 Puddle Dock, London, EC4V 3DB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

PMBH LLP was formed on 25 August 2017 and has been dormant since formation. On 1 February 2024, the business previously carried on by Pattinson and Brewer Solicitors, a partnership with unlimited liability under English Law, was transferred to PMBH LLP, trading as Pattinson and Brewer LLP.

 

The financial statements for PMBH LLP t/a Pattinson and Brewer LLP reflect the results for the year to 30 April 2024.

 

The transfer of the business previously carried on by the unlimited liability partnership has been accounted for in accordance with the principles of merger accounting since the members of PMBH LLP at the date of transfer were the same as the former partners of the Pattinson and Brewer Solicitors unlimited liability partnership and their rights, relative to each other, were unchanged. Hence the members had a continuing interest in the business, both before and after the incorporation of the limited liability partnership.

 

The assets and liabilities of the former unlimited liability partnership have been brought in at their book values. PMBH LLP have acquired goodwill of £315,000 from Pattinson and Brewer Solicitors unlimited liability partnership. The figures for the year ended 30 April 2024 represent the results of the business from the beginning of the financial year in which the business transferred from Pattinson and Brewer Solicitors.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

 

Revenue for services rendered is recognised as it is earned over time, for all matters which are not contingent.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. [Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year].

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its economic life.

 

Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition

and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
15% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Equipment
15% straight line

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 recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023
-
Additions
315,000
At 30 April 2024
315,000
Amortisation and impairment
At 1 May 2023
-
Amortisation charged for the year
45,000
At 30 April 2024
45,000
Carrying amount
At 30 April 2024
270,000
At 30 April 2023
-
PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings and equipment
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
-
-
-
-
Additions
54,484
10,496
77,049
142,029
At 30 April 2024
54,484
10,496
77,049
142,029
Depreciation and impairment
At 1 May 2023
-
-
-
-
Depreciation charged in the year
8,173
1,574
22,705
32,452
At 30 April 2024
8,173
1,574
22,705
32,452
Carrying amount
At 30 April 2024
46,311
8,922
54,344
109,577
At 30 April 2023
-
-
-
-
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,395,379
-
Other debtors
115,431
-
9,510,810
-
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
180,052
-
Trade creditors
2,649,295
-
Amounts owed to connected parties
383,294
-
Taxation and social security
299,457
-
Other creditors
1,598,332
-
5,110,430
-
PMBH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,536,948
-
Amounts owed to group undertakings
217,528
-
1,754,476
-

 

7
Operating lease arrangements

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £206,355 (2023 - £nil).

 

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