Limited Liability Partnership registration number OC344396 (England and Wales)
PHILLIPS FRITH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PHILLIPS FRITH LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
I Chalmers
J Webb
A Sole
Limited liability partnership number
OC344396
PHILLIPS FRITH LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PHILLIPS FRITH LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
640,000
640,000
Tangible assets
5
45,302
25,595
Current assets
Debtors
6
483,852
500,626
Cash at bank and in hand
18,858
76,947
502,710
577,573
Creditors: amounts falling due within one year
7
(70,737)
(104,131)
Net current assets
431,973
473,442
Total assets less current liabilities
1,117,275
1,139,037
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,117,275
1,139,037
Total members' interests
Loans and other debts due to members
1,117,275
1,139,037

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).

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.

PHILLIPS FRITH 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 31 December 2024 and are signed on their behalf by:
31 December 2024
I Chalmers
J Webb
Designated member
Designated Member
A Sole
Designated Member
Limited Liability Partnership Registration No. OC344396
PHILLIPS FRITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Phillips Frith LLP is a limited liability partnership incorporated in England and Wales. The registered office is 9 Tregarne Terrace, St Austell, Cornwall, PL25 4DD.

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
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

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
Intangible fixed assets - goodwill

Goodwill is recognised as an asset at market value. No amortisation is provided, the asset is subject to impairment testing on an annual basis.

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.

PHILLIPS FRITH 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:

Office equipment
15% on the reducing balance method
Office furniture
10% on the reducing balance method
Computer equipment
25% on the reducing balance method

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
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Debtors and creditors receivable/payable within one year

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.

1.8
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
18
PHILLIPS FRITH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 31 March 2024
640,000
Amortisation and impairment
At 1 May 2023 and 31 March 2024
-
Carrying amount
At 31 March 2024
640,000
At 30 April 2023
640,000
5
Tangible fixed assets
Office equipment
Office furniture
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
35,480
35,742
143,548
214,770
Additions
23,027
394
4,727
28,148
At 31 March 2024
58,507
36,136
148,275
242,918
Depreciation and impairment
At 1 May 2023
27,490
29,338
132,347
189,175
Depreciation charged in the Period
5,764
(1,056)
3,733
8,441
At 31 March 2024
33,254
28,282
136,080
197,616
Carrying amount
At 31 March 2024
25,253
7,854
12,195
45,302
At 30 April 2023
7,990
6,404
11,201
25,595
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
108,046
154,875
Other debtors
375,806
345,751
483,852
500,626
PHILLIPS FRITH LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,462
19,646
Taxation and social security
58,563
80,140
Other creditors
4,712
4,345
70,737
104,131
8
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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