Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31The principal object of the LLP is to provide support services to its member, Petrus Advisers Limited.22023-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC349141 2023-04-01 2024-03-31 OC349141 2022-04-01 2023-03-31 OC349141 2024-03-31 OC349141 2023-03-31 OC349141 c:CurrentFinancialInstruments 2024-03-31 OC349141 c:CurrentFinancialInstruments 2023-03-31 OC349141 c:CurrentFinancialInstruments 2 2024-03-31 OC349141 c:CurrentFinancialInstruments 2 2023-03-31 OC349141 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC349141 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC349141 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 OC349141 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 OC349141 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 OC349141 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 OC349141 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC349141 e:FRS102 2023-04-01 2024-03-31 OC349141 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC349141 e:FullAccounts 2023-04-01 2024-03-31 OC349141 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC349141 c:WithinOneYear 2024-03-31 OC349141 c:WithinOneYear 2023-03-31 OC349141 6 2023-04-01 2024-03-31 OC349141 e:PartnerLLP1 2023-04-01 2024-03-31 OC349141 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC349141 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC349141 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC349141 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC349141 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC349141









PETRUS (UK) LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PETRUS (UK) LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 9


 
PETRUS (UK) LLP
REGISTERED NUMBER: OC349141

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
21,705
21,705

  
21,705
21,705

Current assets
  

Debtors
 5 
227,535
115,263

Cash at bank and in hand
 6 
26,335
60,821

  
253,870
176,084

Creditors: Amounts Falling Due Within One Year
 7 
(148,844)
(40,485)

Net current assets
  
 
 
105,026
 
 
135,599

Total assets less current liabilities
  
126,731
157,304

Provisions for liabilities
  

Other provisions
 9 
(40,000)
(34,200)

  
 
 
(40,000)
 
 
(34,200)

Net assets
  
86,731
123,104


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
163,427
187,750

  
163,427
187,750

Members' other interests
  

Other reserves classified as equity
  
(76,696)
(64,646)

  
 
(76,696)
 
(64,646)

  
86,731
123,104


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(52,906)
-

Loans and other debts due to members
 10 
163,427
187,750

Members' other interests
  
(76,696)
(64,646)

  
33,825
123,104


Page 1

 
PETRUS (UK) LLP
REGISTERED NUMBER: OC349141
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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 Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 

................................................
K Umek
Designated member

Date: 7 January 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
PETRUS (UK) LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 
163,427
163,427


Amounts due from members 

(71,696)
(71,696)


Balance at 1 April 2022 
(56,016)
(56,016)
91,731
91,731
35,715

Loss for the year transferred to other reserves
 
(8,630)
(8,630)
-
-
(8,630)

Members' interests after loss for the year
(64,646)
(64,646)
91,731
91,731
27,085

Amounts introduced by members
-
-
96,019
96,019
96,019

Amounts due to members
187,750
187,750

Balance at 31 March 2023
(64,646)
(64,646)
187,750
187,750
123,104

Loss for the year transferred to other reserves
 
(12,050)
(12,050)
-
-
(12,050)

Members' interests after loss for the year
(76,696)
(76,696)
187,750
187,750
111,054

Amounts withdrawn by members
-
-
(77,229)
(77,229)
(77,229)

Amounts due to members
163,427
163,427

Amounts due from members
 


(52,906)
(52,906)


Balance at 31 March 2024 
(76,696)
(76,696)
110,521
110,521
33,825

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Petrus (UK) LLP ("the LLP") is a Limited Liability Partnership incorporated on 1 October 2009 in England and Wales with registration number OC349141. Its registered office is Eighth Floor, 6 New Street Square, London EC4A 3AQ. Its principal place of business is 100 Pall Mall, 7th Floor, London SW1Y 5NQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the LLP will continue in operational existence for the foreseeable future. The members have reviewed the working capital requirements of the LLP and have agreed to provide such support to the LLP as is necessary for it to meets its liabilities for a period of at least twelve months from the date of signing these financial statements.

 
2.4

Turnover

Turnover comprises revenue recognised by the LLP in respect of rental and service charge re-charges.

 
2.5

Operating leases: the LLP as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to the Unaudited Profit and Loss Account on a straight line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.14

Taxation

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members.  Accordingly, any liability to taxation is that of the members themselves and not of the LLP.  Thus there is no provision for taxation in these financial statements.

  
2.15

Related party transaction exemption

The LLP has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with wholly owned subsidiaries.


3.


Employees




The average monthly number of employees, including members, during the year was 2 (2023 - 2).

Page 6

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in subsidiary company

£



Cost


At 1 April 2023
21,705



At 31 March 2024
21,705





5.


Debtors

2024
2023
£
£



Other debtors
109,937
106,932

Prepayments and accrued income
64,692
8,331

Amounts due from members
52,906
-

227,535
115,263



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,335
60,821



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
63,122
5,749

Amounts owed to group undertakings
21,705
21,705

Accruals and deferred income
64,017
13,031

148,844
40,485


Page 7

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
26,335
60,821




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Provisions





Other provision

£





At 1 April 2023
34,200


Charged to profit or loss
5,800



At 31 March 2024
40,000


10.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
163,427
187,750

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
163,427
187,750

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

Page 8

 
PETRUS (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
90,707


12.


Related party transactions

The following amounts were due from/(to) the member of the LLP at the year end:


2024
2023
£
£

Petrus Advisers Limited
52,906
(24,323)

During the year, Petrus Advisers Limited, a member of the LLP and a company under common control, received recharges from the LLP for £208,779 (2023- £194,120).


13.


Controlling party

The designated members consider that K Umek is the controlling party.

Page 9