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REGISTERED NUMBER: OC425882 (England and Wales)
















Unaudited Financial Statements

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

for

Pal Partners LLP

Pal Partners LLP (Registered number: OC425882)






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




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Pal Partners LLP

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







DESIGNATED MEMBERS: T- L Liu
Mrs M H W Liu





REGISTERED OFFICE: 59 Elliot Road
London
NW4 3DN





REGISTERED NUMBER: OC425882 (England and Wales)





ACCOUNTANTS: Shorts Chartered Accountants
Cedar House
63 Napier Street
Sheffield
S11 8HA

Pal Partners LLP (Registered number: OC425882)

Statement of Financial Position
31st March 2024

31.3.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,090,000 1,090,000

CURRENT ASSETS
Cash at bank 31,767 15,551
NET CURRENT ASSETS 31,767 15,551
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,121,767

1,105,551

LOANS AND OTHER DEBTS DUE TO
MEMBERS

5

1,121,767

1,105,551

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 1,121,767 1,105,551

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.

Pal Partners LLP (Registered number: OC425882)

Statement of Financial Position - continued
31st March 2024


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 12th November 2024 and were signed by:




Mrs M H W Liu - Designated member




T- L Liu - Designated member


Pal Partners LLP (Registered number: OC425882)

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

1. STATUTORY INFORMATION

Pal Partners 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Currency presentation
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial instruments
The 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 partnership's balance sheet when it becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 2 (2023 - 2 ) .

Pal Partners LLP (Registered number: OC425882)

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1st March 2023
and 31st March 2024 1,090,000
NET BOOK VALUE
At 31st March 2024 1,090,000
At 28th February 2023 1,090,000

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.