Limited Liability Partnership registration number OC394454 (England and Wales)
PETERSHAM ROAD LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PETERSHAM ROAD LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 6
PETERSHAM ROAD LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
21,809
21,809
Debtors
3
1,083
673
Cash at bank and in hand
125,291
447,186
148,183
469,668
Creditors: amounts falling due within one year
4
(21,891)
(27,204)
Net current assets and net assets attributable to members
126,292
442,464
Represented by:
Loans and other debts due to members within one year
Other amounts
(5,498,710)
(5,182,538)
Members' other interests
Members' capital classified as equity
5,625,002
5,625,002
126,292
442,464
Total members' interests
Loans and other debts due from members
(5,498,710)
(5,182,538)
Members' other interests
5,625,002
5,625,002
126,292
442,464

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 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small 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.

PETERSHAM ROAD LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 22 October 2024 and are signed on their behalf by:
22 October 2024
Banda Limited
R Marks
Designated member
Designated Member
Limited Liability Partnership Registration No. OC394454
PETERSHAM ROAD LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
2024
£
£
£
Members' interests at 1 April 2023
5,625,002
(5,182,538)
442,464
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(316,172)
(316,172)
Members' interests after profit and remuneration for the year
5,625,002
(5,498,710)
126,292
Members' interests at 31 March 2024
5,625,002
(5,498,710)
126,292
Amounts due to members
(5,498,710)
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
2023
£
£
£
Members' interests at 1 April 2022
5,625,002
(5,073,819)
551,183
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(108,719)
(108,719)
Members' interests after profit and remuneration for the year
5,625,002
(5,182,538)
442,464
Members' interests at 31 March 2023
5,625,002
(5,182,538)
442,464
(5,182,538)
Amounts due to members
(5,182,538)
PETERSHAM ROAD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Petersham Road LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2nd Floor 6 Burnsall Street, London, England, SW3 3ST.

 

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.

1.2
Turnover

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

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.

1.4
Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

PETERSHAM ROAD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Equity

The equity of the limited liability partnership comprises members’ capital classified as equity, revaluation reserve and unallocated profits.

 

Members’ capital is classified as equity only when the limited liability partnership has the right not to return the capital to the member except on dissolution of the limited liability partnership, otherwise it is classified as a financial liability.

2
Employees

There were no employees during the current or prior year.

PETERSHAM ROAD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
84
Other debtors
1,083
589
1,083
673
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
5,488
Other creditors
17,491
17,491
Accruals and deferred income
4,400
4,225
21,891
27,204
2024-03-312023-04-01false23 October 2024CCH SoftwareCCH Accounts Production 2024.200falsefalse0OC3944542023-04-012024-03-31OC3944542024-03-31OC394454bus:PartnerLLP12023-04-012024-03-31OC394454bus:PartnerLLP92023-04-012024-03-31OC394454bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC394454bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC394454bus:FRS1022023-04-012024-03-31OC394454bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC394454bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares