Limited Liability Partnership Registration No. OC318479 (England and Wales)
PMM PARTNERS LLP
AMENDED ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PMM PARTNERS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PMM PARTNERS LLP
Limited Liability Partnership Registration No. OC318479
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,098
3,098
Current assets
Cash at bank and in hand
10,040
49,622
Creditors: amounts falling due within one year
4
(951)
(949)
Net current assets
9,089
48,673
Total assets less current liabilities and net assets attributable to members
12,187
51,771
Loans and other debts due to members within one year
11,187
50,771
Members' other interests
Members' capital classified as equity
1,000
1,000
12,187
51,771
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 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:
(a) ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.
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.
PMM PARTNERS LLP
Limited Liability Partnership Registration No. OC318479
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 22 January 2025 and are signed on their behalf by:
22 January 2025
G A F Avery
Designated member
PMM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information
PMM Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Royal Trust House, 54-56 Jermyn Street, London, SW1Y 6LX.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.
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.
1.2
Cash and cash equivalents
Cash at bank and in hand 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.
1.3
Financial instruments
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.
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.
1.4
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
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
PMM PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Fixed asset investments
Shares in group undertaking
£
Cost
At 1 April 2023 and 31 March 2024
3,098
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
Carrying amount
At 31 March 2024
3,098
At 31 March 2023
3,098
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
951
949
5
Amended Accounts
The revised accounts replace the original accounts for the year ended 31 March 24.
The revised accounts are not the statutory accounts for the year ended 31 March 2024.
The revised accounts have been prepared as at the date of the original accounts, and not as the date of the revision and accordingly do not deal with events between those dates.
The accounts have been amended to include section 477 of the companies act on the balance sheet.
PMM PARTNERS LLP
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Current Accounts Schedule
At 1 April 2023
Share of profits/(losses)
Drawings
At 31 March 2024
£
£
£
£
M J Northover
1,622
(409)
(217)
996
M Hilton
1,622
(409)
(217)
996
P Ruddle
8,039
(316)
(6,116)
1,607
W J Hilton
8,786
(7,789)
997
V Ruddle
8,038
(316)
(6,117)
1,605
A Northover
8,786
(7,789)
997
M A Weston
10,408
(409)
(8,006)
1,993
G A F Avery
1,735
(69)
(1,334)
332
S A Young
1,735
(69)
-
1,666
50,771
(1,999)
(37,585)
11,189
6
Capital Accounts Schedule
At 1 April 2023
At 31 March 2024
£
£
M J Northover
103
103
M Hilton
103
103
P Ruddle
158
158
W J Hilton
102
102
V Ruddle
158
158
A Northover
102
102
M A Weston
205
205
G A F Avery
35
35
S A Young
34
34
1,000
1,000