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Registration number: OC334272

Photons LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Photons LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Statement of Changes in Members’ Interests

6

Notes to the Financial Statements

7 to 9

 

Photons LLP

Limited liability partnership information

Designated members

Dawn Imaging Limited

Menon Radiology Services Limited

Oz Radiology Limited
 

Members

Dr K B M Colquhoun

Dr C U Ihezue

Dr F Witham

JA Imaging Limited

Radiology Assistance Limited
 

Registered office

Wellesley House 204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Photons LLP

Members' Report for the Year Ended 31 March 2024

The members present their report and the unaudited financial statements for the year ended 31 March 2024.

Designated members

The members who held office during the year were as follows:

Dawn Imaging Limited

Menon Radiology Services Limited

Oz Radiology Limited

Members' drawings and the subscription and repayment of members' capital

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 7 August 2024 and signed on its behalf by:

.........................................
Dawn Imaging Limited
Designated member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Photons LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Photons LLP for the year ended 31 March 2024 set out on pages 4 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Photons LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Photons LLP and state those matters that we have agreed to state to the members of Photons LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Photons LLP and its members as a body for our work or for this report.

It is your duty to ensure that Photons LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Photons LLP. You consider that Photons LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Photons LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

8 August 2024

 

Photons LLP

(Registration number: OC334272)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

84,801

61,718

Cash and short-term deposits

 

1,292

1,181

 

86,093

62,899

Creditors: Amounts falling due within one year

4

(210)

(282)

Net assets attributable to members

 

85,883

62,617

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

85,883

62,617

   

85,883

62,617

Total members' interests

 

Loans and other debts due to members

 

85,883

62,617

   

85,883

62,617

For the year ending 31 March 2024 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.

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.

The financial statements of Photons LLP (registered number OC334272) were approved by the Board and authorised for issue on 7 August 2024. They were signed on behalf of the limited liability partnership by:

 

Photons LLP

(Registration number: OC334272)
Balance Sheet as at 31 March 2024

.........................................
Dawn Imaging Limited
Designated member

 

Photons LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Loans and other debts due to/(from) members

   

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

62,617

62,617

62,617

Members' remuneration charged as an expense

319,084

319,084

319,084

Members' interests after total comprehensive income

381,701

381,701

381,701

Other amounts introduced by members

18,116

18,116

18,116

Drawings (including tax payments)

(313,934)

(313,934)

(313,934)

At 31 March 2024

85,883

85,883

85,883

 

Loans and other debts due to/(from) members

   

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 April 2022

57,610

57,610

57,610

Members' remuneration charged as an expense

313,410

313,410

313,410

Members' interests after total comprehensive income

371,020

371,020

371,020

Other amounts introduced by members

17,955

17,955

17,955

Drawings (including tax payments)

(326,358)

(326,358)

(326,358)

At 31 March 2023

62,617

62,617

62,617

 

Photons LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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 under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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.

The functional currency of Photons LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

 

Photons LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Photons LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Debtors

2024
£

2023
£

Trade debtors

84,801

61,718

Total current trade and other debtors

84,801

61,718

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

210

282

5

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.