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Registration number: OC346998

Pearn Kandola LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Pearn Kandola LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 11

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Pearn Kandola LLP

Limited liability partnership information

Designated members

Prof R S Kandola

Mr S R S Duff
 

Registered office

Latimer House 1st Floor
Langford Business Park Langford Locks
Kidlington
England
OX5 1GG

Accountants

Wenn Townsend
Chartered Accountants
30 St Giles'
Oxford
OX1 3LE

 

Pearn Kandola LLP

(Registration number: OC346998)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

827,852

827,852

Tangible assets

4

56,362

84,152

Investments

5

6,401

5,872

 

890,615

917,876

Current assets

 

Stocks

6

90,948

52,448

Debtors

7

1,965,727

2,005,382

Cash and short-term deposits

 

658,977

771,813

 

2,715,652

2,829,643

Creditors: Amounts falling due within one year

8

(701,995)

(1,253,961)

Net current assets

 

2,013,657

1,575,682

Total assets less current liabilities

 

2,904,272

2,493,558

Creditors: Amounts falling due after more than one year

9

(68,574)

(137,148)

Net assets attributable to members

 

2,835,698

2,356,410

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,835,698

2,356,410

   

2,835,698

2,356,410

Total members' interests

 

Loans and other debts due to members

 

2,835,698

2,356,410

   

2,835,698

2,356,410

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

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.

 

Pearn Kandola LLP

(Registration number: OC346998)
Balance Sheet as at 31 March 2024

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 Pearn Kandola LLP (registered number OC346998 ) were approved by the Board and authorised for issue on 27 September 2024 . They were signed on behalf of the limited liability partnership by:

.........................................
Prof R S Kandola
Designated member

 

Pearn Kandola LLP

Statement of Changes in Members’ Interests
At 31 March 2024

       

Members' capital classified as a liability
£

Members' other amounts
£

Total
2024
 £

Members' interest at 1 April 2023

1,247,852

1,108,558

2,356,410

Members' remuneration charged as an expense

-

989,652

989,652

Members' interests after total comprehensive income

1,247,852

2,098,210

3,346,062

Movement in tax provision

-

(48,524)

(48,524)

Drawings (including tax payments)

-

(461,840)

(461,840)

At 31 March 2024

1,247,852

1,587,846

2,835,698


 

       

Members' capital classified as a liability
£

Members' other amounts
£

Total
2023
 £

Members' interest at 1 April 2022

1,247,852

1,478,448

2,726,300

Members' remuneration charged as an expense

-

619,519

619,519

Members' interests after total comprehensive income

1,247,852

2,097,967

3,345,819

Movement in tax provision

-

160,791

160,791

Drawings (including tax payments)

-

(828,755)

(828,755)

Transfer of capital to former members’ balances

-

(321,445)

(321,445)

At 31 March 2023

1,247,852

1,108,558

2,356,410

 

Pearn Kandola 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 and Wales 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 Pearn Kandola 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

Turnover comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the limited liability partnership's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The limited liability partnership recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the limited liability partnership's activities activities.

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

 

Pearn Kandola LLP

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

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance and 20% straight line

Computer equipment

33.3% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Pearn Kandola LLP

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

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 at the transaction price. 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 at the transaction price.

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.

 

Pearn Kandola LLP

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

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to other related parties and investments in non-puttable ordinary shares.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 50 (2023 - 44).

 

Pearn Kandola LLP

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

3

Intangible fixed assets

Goodwill
£

Total
£

Cost

At 1 April 2023

827,852

827,852

At 31 March 2024

827,852

827,852

Amortisation

At 31 March 2024

-

-

Net book value

At 31 March 2024

827,852

827,852

At 31 March 2023

827,852

827,852

4

Tangible fixed assets

Office equipment
£

Computer equipment
£

Total
£

Cost

At 1 April 2023

129,310

172,576

301,886

Revaluation

-

(3,029)

(3,029)

Additions

-

2,093

2,093

At 31 March 2024

129,310

171,640

300,950

Depreciation

At 1 April 2023

97,206

120,528

217,734

Charge for the year

4,816

22,544

27,360

Eliminated on disposals

-

(506)

(506)

At 31 March 2024

102,022

142,566

244,588

Net book value

At 31 March 2024

27,288

29,074

56,362

At 31 March 2023

32,104

52,048

84,152

 

Pearn Kandola LLP

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

5

Investments held as fixed assets

2024
£

2023
£

Other investments

6,401

5,872

Other investments

Subsidiary investment
£

Unlisted investments
£

Total
£

Cost

At 1 April 2023

3,780

2,092

5,872

Revaluation

-

529

529

At 31 March 2024

3,780

2,621

6,401

Net book value

At 31 March 2024

3,780

2,621

6,401

At 31 March 2023

3,780

2,092

5,872

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

Pearn Kandola Digital Solutions Limited

England and Wales

Ordinary shares

85%

that of digital consultancy activities

 

Pearn Kandola LLP

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

6

Stocks

2024
£

2023
£

Stocks

9,103

7,273

Work in progress

81,845

45,175

90,948

52,448

7

Debtors

2024
£

2023
£

Trade debtors

460,893

885,834

Other debtors

1,412,213

1,007,440

Prepayments and accrued income

92,621

112,108

Total current trade and other debtors

1,965,727

2,005,382

8

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

96,180

272,857

Other creditors

68,571

184,297

Accruals and deferred income

459,982

613,340

Taxation and social security

77,262

183,467

701,995

1,253,961

9

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Other creditors

68,574

137,148