Company No:
Contents
Note | 31.03.2024 | 30.09.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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0 | 1,011 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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47,873 | 122,822 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current (liabilities)/assets | (1,315) | 32,933 | ||
Total assets less current liabilities | (1,315) | 33,944 | ||
Net (liabilities)/assets attributable to members | (
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | (33,940) | 33,944 | ||
(33,940) | 33,944 | |||
Members' other interests | ||||
Other reserves | 32,625 | 0 | ||
32,625 | 0 | |||
(1,315) | 33,944 | |||
Total members' interests | ||||
Loans and other debts due to members | (33,940) | 33,944 | ||
Members' other interests | 32,625 | 0 | ||
(1,315) | 33,944 |
Members' responsibilities:
The financial statements of PBS Collective LLP (registered number:
Dr Catriona Elizabeth Martin
Designated member |
Joanne Elizabeth Coulson
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
PBS Collective LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 24 Lauder Crescent, Perth, PH1 1SU, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
As required by FRS102, the members have prepared financial statements on the basis that the LLP is no longer a going concern. No adjustments arose as a result of ceasing to apply the going concern basis.
The financial statements have been prepared for the 6 month period to 31 March 2024, the date the LLP ceased trading. The comparative financial statements were prepared for the year to 30 September 2023. As such, the two periods are not entirely comparable.
Revenue is recognised when the company has the entitlement to the income in exchange for the provision of services.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Plant and machinery etc. |
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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 credited or charged to profit or loss.
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
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.
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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
Period from 01.10.2023 to 31.03.2024 |
Year ended 30.09.2023 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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Disposals | (
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 October 2023 |
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Charge for the financial period |
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Disposals | (
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 30 September 2023 |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Cash at bank and in hand |
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31.03.2024 | 30.09.2023 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
The LLP ceased trading on 31 March 2024 and it is the intention of the members to wind up the LLP.