Registration number:
Pontis Finance LLP
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Pontis Finance LLP
Contents
Limited Liability Partnership information |
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Financial Statements |
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Statement of Financial Position |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Pontis Finance LLP
Limited Liability Partnership information
Designated members |
C S Erb R H A W Wientjens |
Members |
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Registered office |
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Principal place of business |
2nd Floor |
Accountants |
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Pontis Finance LLP
Statement of Financial Position as at 31 March 2024
Note |
31 March |
31 March |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets attributable to members |
( |
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Represented by: |
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Loans and other debts due to members |
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Members' current accounts |
32,304 |
501 |
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Members’ other interests |
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Other reserves |
( |
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(26,174) |
32,304 |
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Total members' interests |
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Loans and other debts due to members |
32,304 |
501 |
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Equity |
( |
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(26,174) |
32,304 |
For the period ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Pontis Finance LLP
Statement of Financial Position as at 31 March 2024
The financial statements of Pontis Finance LLP (registered number OC421180) were approved by the
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Registration number: OC421180
Pontis Finance LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' current accounts |
Total debt |
Total |
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Members' interest at 1 April 2023 |
31,803 |
31,803 |
501 |
501 |
32,304 |
Loss for the financial year available for discretionary division among members |
(58,478) |
(58,478) |
- |
- |
(58,478) |
Members' interests after total comprehensive income |
(26,675) |
(26,675) |
501 |
501 |
(26,174) |
Allocated (profits)/losses in respect of the prior period |
(31,803) |
(31,803) |
31,803 |
31,803 |
- |
At 31 March 2024 |
( |
(58,478) |
32,304 |
32,304 |
(26,174) |
Pontis Finance LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' current accounts |
Total debt |
Total |
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Members' interest at 1 March 2022 |
501 |
501 |
- |
- |
501 |
Profit for the financial period available for discretionary division among members |
31,803 |
31,803 |
- |
- |
31,803 |
Members' interests after total comprehensive income |
32,304 |
32,304 |
- |
- |
32,304 |
Allocated (profits)/losses in respect of the prior year |
(501) |
(501) |
501 |
501 |
- |
At 31 March 2023 |
31,803 |
31,803 |
501 |
501 |
32,304 |
Pontis Finance LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006, including the Statement of Recommended Practice (2021), ‘Accounting by Limited Liability Partnerships’.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is:
2nd Floor
Berkeley Square House
Berkeley Square
London
W1J 6BD
The principal activity of the limited liability partnership is that of the provision of bridging loan finance.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items may be shown at fair value.
The functional currency of the limited liability partnership is considered to be pounds sterling as that is the currency of the primary economic environment in which the entity operates. Foreign operations are included in accordance with the policies set out below.
Disclosure of long or short period
The financial statements are for the year ended 31 March 2024. The comparatives relate to the period from 1 March 2022 to 31 March 2023.
Going concern
The LLP made a loss for the year ended 31 March 2024 and had net liabilities at that date of £26,174.
The LLP’s working capital requirements are funded through supplier credit and loans from a connected LLP, with the latter amounting to £20,000 at the year end. No matters have been drawn to the attention of the members to suggest that this funding will not continue on acceptable terms in the future.
After making enquiries, the members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the members consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Pontis Finance LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Revenue from the rendering of services is measured by reference to the stage of completion of the services provided.
Members' remuneration and division of profits
Members' shares of profits are divided only after a decision by the LLP, so that the LLP has an unconditional right to refuse payment. These are classed as an appropriation of equity. Pending the allocation of profits and their division between members, drawings and on-account profit distributions are shown as "amounts due to members". Unallocated profits are shown in equity as other reserves.
Foreign currency
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction
over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Pontis Finance LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Office equipment |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Pontis Finance LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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- |
Other creditors |
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- |
Accruals and deferred income |
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Taxation and social security |
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