Limited Liability Partnership registration number OC366269 (England and Wales)
PAPA POWWOW LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PAPA POWWOW LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PAPA POWWOW LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,967
5,146
Current assets
Debtors
4
50,151
78,498
Cash at bank and in hand
4,051
5,320
54,202
83,818
Creditors: amounts falling due within one year
5
(45,294)
(69,214)
Net current assets
8,908
14,604
Total assets less current liabilities
12,875
19,750
Creditors: amounts falling due after more than one year
6
(11,875)
(18,750)
Net assets attributable to members
1,000
1,000
Represented by:
Members' other interests
Members' capital classified as equity
1,000
1,000
1,000
1,000
Total members' interests
Amounts due from members
(50,050)
(68,985)
Members' other interests
1,000
1,000
(49,050)
(67,985)

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 period 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.

PAPA POWWOW 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 25 November 2024 and are signed on their behalf by:
25 November 2024
Mr R Monaghan
Designated member
Limited Liability Partnership registration number OC366269 (England and Wales)
PAPA POWWOW LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Papa Powwow LLP is a limited liability partnership incorporated in England and Wales. The registered office is Glenside Mill Lane, Acaster Malbis, York, YO23 2UJ.

 

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.

The financial statements are not prepared on a going concern basis as the entity intends to strike off from the company register within 12 months of the end of the financial period. The non going concern basis includes, where applicable, writing the LLP's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No Provision has been made for future costs of terminating the LLP unless such costs were committed at the reporting date.

1.2
Reporting period

The previous period of financial statements was 1 May 2022 to 30 April 2023, and thus represented a period of 12 months. The current financial statements cover the period from 1 May 2023 to 31 March 2024, a period less than 12 months. As a consequence, the comparative amounts presented in the financial statements (including the related noted) are not entirely comparable.

1.3
Turnover

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

1.4
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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PAPA POWWOW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PAPA POWWOW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 and bank loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 May 2023 and 31 March 2024
79,240
Depreciation and impairment
At 1 May 2023
74,094
Depreciation charged in the period
1,179
At 31 March 2024
75,273
Carrying amount
At 31 March 2024
3,967
At 30 April 2023
5,146
PAPA POWWOW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Amounts owed by members
50,050
68,985
Other debtors
101
9,513
50,151
78,498
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,500
7,500
Trade creditors
-
41,003
Other creditors
37,794
20,711
45,294
69,214

Included within amounts due within one year is a Cororavirus Bounce Back Loan, totaling £7,500 (2023: £7,500) due within one year. The loan is due to be fully repaid within five years and has a Government-backed interest element for the first year.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,875
18,750

Included within amounts due after one year is a Cororavirus Bounce Back Loan, totaling £11,875 (2023: £18,750) due after one year. The loan is due to be fully repaid within five years and has a Government-backed interest element for the first year.

 

7
Loans and other debts due to members

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

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