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REGISTERED NUMBER: OC437669 (England and Wales)















Unaudited Financial Statements

for the Period 1st January 2023 to 31st March 2024

for

Philip Pank Partnership LLP

Philip Pank Partnership LLP (Registered number: OC437669)






Contents of the Financial Statements
for the Period 1st January 2023 to 31st March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Philip Pank Partnership LLP

General Information
for the Period 1st January 2023 to 31st March 2024







DESIGNATED MEMBERS: L T Heyman
P J Reilly
T C Stalley
D M Wichall
D R Eldridge





REGISTERED OFFICE: 113 Euston Street
London
NW1 2EX





REGISTERED NUMBER: OC437669 (England and Wales)





ACCOUNTANTS: Sampson Fielding Ltd
34 - 35 Clarges Street
Mayfair
London
W1J 7EJ

Philip Pank Partnership LLP (Registered number: OC437669)

Balance Sheet
31st March 2024

31/3/24 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 156,880 173,751

CURRENT ASSETS
Debtors 5 952,609 1,204,045
Cash at bank 1,569,678 2,644,696
2,522,287 3,848,741
CREDITORS
Amounts falling due within one year 6 344,305 893,425
NET CURRENT ASSETS 2,177,982 2,955,316
TOTAL ASSETS LESS CURRENT LIABILITIES 2,334,862 3,129,067

CREDITORS
Amounts falling due after more than one year 7 - 56,244
NET ASSETS ATTRIBUTABLE TO MEMBERS 2,334,862 3,072,823

LOANS AND OTHER DEBTS DUE TO MEMBERS 9 2,334,862 3,072,823

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 2,334,862 3,072,823

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28th June 2024 and were signed by:





D M Wichall - Designated member

Philip Pank Partnership LLP (Registered number: OC437669)

Notes to the Financial Statements
for the Period 1st January 2023 to 31st March 2024

1. STATUTORY INFORMATION

Philip Pank Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Pound Sterling which is the functional currency of the company.

As previously recorded, the members of the LLP are satisfied that the relevant conditions for merger accounting within the SORP for LLPs were satisfied so that in the LLP's 2022 financial statements the net assets at 1 January 2022 from the unincorporated Philip Pank Partnership (the "Partnership") were introduced at their net book values and comparative results for the Partnership for the 12-month period to 31 December 2021 were included to be consistent and comparable with the LLP's financial statements.

Turnover
Turnover comprises revenue recognised by the LLP in respect of all services relating to quantity surveying, building surveying, party wall, construction, design and management(CDM) and site inspections undertaken during the year.Turnover is adjusted for amounts recoverable on contract and exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 39 (2022 - 42 ) .

Philip Pank Partnership LLP (Registered number: OC437669)

Notes to the Financial Statements - continued
for the Period 1st January 2023 to 31st March 2024

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 276,395 470,298 746,693
Additions 150,527 2,845 153,372
Disposals (233,219 ) - (233,219 )
At 31st March 2024 193,703 473,143 666,846
DEPRECIATION
At 1st January 2023 145,656 427,286 572,942
Charge for period 47,558 19,790 67,348
Eliminated on disposal (130,324 ) - (130,324 )
At 31st March 2024 62,890 447,076 509,966
NET BOOK VALUE
At 31st March 2024 130,813 26,067 156,880
At 31st December 2022 130,739 43,012 173,751

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/12/22
£    £   
Trade debtors 535,846 523,367
Amounts recoverable on contract 348,019 286,801
Other debtors 68,744 393,877
952,609 1,204,045

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/12/22
£    £   
Trade creditors 75,752 146,279
Taxation and social security 242,503 262,920
Other creditors 26,050 484,226
344,305 893,425

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/12/22
£    £   
Other creditors - 56,244

8. LOANS

An analysis of the maturity of loans is given below:

31/3/24 31/12/22
£    £   
Amounts falling due within one year or on demand:
Loans - 243,726

Amounts falling due between one and two years:
Loans - 56,244

Philip Pank Partnership LLP (Registered number: OC437669)

Notes to the Financial Statements - continued
for the Period 1st January 2023 to 31st March 2024

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
31/3/24 31/12/22
£    £   
Amounts owed to members in respect of profits 934,862 1,672,823
Capital account 1,400,000 1,400,000
2,334,862 3,072,823

Falling due within one year 2,334,862 3,072,823