Limited Liability Partnership registration number OC398794 (England and Wales)
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
200
200
Current assets
Debtors
5
121,525
36,203
Cash at bank and in hand
14,878
64
136,403
36,267
Creditors: amounts falling due within one year
6
(14,878)
(100)
Net current assets
121,525
36,167
Total assets less current liabilities and net assets attributable to members
121,725
36,367
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
200
200
Members' other interests
Other reserves classified as equity
121,525
36,167
121,725
36,367
Total members' interests
Amounts due from members
(121,525)
(36,167)
Loans and other debts due to members
200
200
Members' other interests
121,525
36,167
200
200
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

For the financial year 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.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 11 December 2024 and are signed on their behalf by:
11 December 2024
F S Butt
Designated member
Limited Liability Partnership registration number OC398794 (England and Wales)
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
36,167
200
(36,167)
(35,967)
200
Profit for the financial year available for discretionary division among members
121,525
-
-
-
121,525
Members' interests after profit for the year
157,692
200
(36,167)
(35,967)
121,725
Allocation of profit for the financial year
(36,167)
-
36,167
36,167
-
Drawings on account and distributions of profit
-
-
(121,525)
(121,525)
(121,525)
Members' interests at 31 March 2024
121,525
200
(121,525)
(121,325)
200
Amounts due to members
-
Amounts due from members, included in debtors
(121,525)
(121,525)
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
636,954
200
(636,954)
(636,754)
200
Profit for the financial year available for discretionary division among members
36,167
-
-
-
36,167
Members' interests after profit for the year
673,121
200
(636,954)
(636,754)
36,367
Allocation of profit for the financial year
(636,954)
-
636,954
636,954
-
Drawings on account and distributions of profit
-
-
(36,167)
(36,167)
(36,167)
Members' interests at 31 March 2023
36,167
200
(36,167)
(35,967)
200
Amounts due to members
-
Amounts due from members, included in debtors
(36,167)
(36,167)
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Pi I Partners Limited Liability Partnership is a limited liability partnership incorporated in England and Wales. The registered office is 33 Broadwick Street, London, W1F 0DQ.

 

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 January 2017, 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.2
Turnover

Turnover represents carried interest recoverable from the LLP’s investment in Pi Labs I Limited Partnership (the “Fund”) to the extent carried interest is based on the Fund’s realised cash flows and management has estimated it being highly probable that there is no risk of repayment of carried interest back to the Fund. Carried Interest is earned based on performance criteria within the Fund and is a variable consideration, it is recognised when the LLP is entitled to carried interest at the point of the Fund realising proceeds from its own activities.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Cash and cash equivalents

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.

1.5
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.

PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
200
200
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
121,525
36,167
Other debtors
-
36
121,525
36,203
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
14,878
100
PI I PARTNERS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
200
200
200
200

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

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