Registration number:
Pearn Kandola LLP
for the Year Ended 31 March 2024
Pearn Kandola LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Pearn Kandola LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Pearn Kandola LLP
(Registration number: OC346998)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
2,835,698 |
2,356,410 |
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2,835,698 |
2,356,410 |
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Total members' interests |
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Loans and other debts due to members |
2,835,698 |
2,356,410 |
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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
.........................................
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 |
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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 |
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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
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Pearn Kandola LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible fixed assets |
Goodwill |
Total |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 31 March 2024 |
- |
- |
Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Tangible fixed assets |
Office equipment |
Computer equipment |
Total |
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Cost |
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At 1 April 2023 |
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Revaluation |
- |
( |
( |
Additions |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposals |
- |
( |
( |
At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Pearn Kandola LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Investments held as fixed assets |
2024 |
2023 |
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Other investments |
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Other investments
Subsidiary investment |
Unlisted investments |
Total |
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Cost |
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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 |
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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 |
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England and Wales |
Ordinary shares |
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that of digital consultancy activities |
Pearn Kandola LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Stocks |
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Work in progress |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
1,965,727 |
2,005,382 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Other creditors |
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