Registered number
OC436739
Pemco Llp
Filleted Accounts
31 March 2024
Pemco Llp
Registered number: OC436739
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,343 5,377
Current assets
Debtors 4 188,082 26,436
Cash at bank and in hand 50,129 229,710
238,211 256,146
Creditors: amounts falling due within one year 5 (143,606) (140,436)
Net current assets 94,605 115,710
Total assets less current liabilities 209,948 121,087
Net assets attributable to members 209,948 121,087
Represented by:
Loans and other debts due to members 6 106,990 106,000
Members' other interests
Other reserves 102,958 15,087
209,948 121,087
Total members' interests
Loans and other debts due to members 6 106,990 106,000
Members' other interests 102,958 15,087
209,948 121,087
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 12 July 2024 and signed on their behalf by:
Keith West
Designated member
Pemco Llp
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 10 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 March 2024 22,249
Depreciation
Charge for the year 5,114
At 31 March 2024 6,906
Net book value
At 31 March 2024 15,343
4 Debtors 2024 2023
£ £
Trade debtors 188,082 26,436
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,287 44,676
Other taxes and social security costs 19,935 19,935
Other creditors 75,825 75,825
143,606 140,436
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 100,000 100,000
Amounts due to members in respect of profits 6,990 6,000
106,990 106,000
Amounts falling due within one year 106,990 106,000
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Pemco Llp is a limited liability partnership incorporated in England. Its registered office is:
Spa Lane Studio
1a Spa Lane
Harrogate
North Yorkshire
HG2 7JF
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