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Registration number: OC420490

Pontis Capital Management LLP

Unaudited Annual Report and Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Pontis Capital Management LLP

Contents

Limited Liability Partnership information

1

Financial Statements

2 to 9

Statement of Financial Position

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

6

 

Pontis Capital Management LLP

Limited Liability Partnership information

Designated members

C S Erb

R H A W Wientjens
 

Members

S J Levene

Registered office

2nd Floor
Berkeley Square House
Berkeley Square
London
W1J 6BD

Principal place of business

2nd Floor
Berkeley Square House
London
W1J 6BD

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Pontis Capital Management LLP

Statement of Financial Position as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

538

-

Current assets

 

Debtors

5

45,095

24,601

Cash and short-term deposits

 

26,200

11,846

 

71,295

36,447

Creditors: Amounts falling due within one year

6

(12,863)

(9,909)

Net current assets

 

58,432

26,538

Total assets less current liabilities

 

58,970

26,538

Creditors: Amounts falling due after more than one year

7

(30,841)

(35,968)

Net assets/(liabilities) attributable to members

 

28,129

(9,430)

Represented by:

 

Loans and other debts due to members

 

Members' loan accounts

 

148,521

232,715

Members' current accounts

(302,145)

(262,353)

 

(153,624)

(29,638)

Members’ other interests

 

Other reserves

 

181,753

20,208

   

28,129

(9,430)

Total members' interests

 

Loans and other debts due to members

 

(153,624)

(29,638)

Equity

 

181,753

20,208

   

28,129

(9,430)

For the year 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’.

 

Pontis Capital Management LLP

Statement of Financial Position as at 31 March 2024

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.

The financial statements of Pontis Capital Management LLP (registered number OC420490) were approved by the Board and authorised for issue on 31 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
C S Erb
Designated member

Registration number: OC420490

 

Pontis Capital Management LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Other reserves
£

Total equity
£

Members' loan accounts
£

Members' current accounts
£

Total debt
£

Total
£

Members' interest at 1 April 2023

20,208

20,208

232,715

(262,353)

(29,638)

(9,430)

Profit for the financial year available for discretionary division among members

181,753

181,753

-

-

-

181,753

Members' interests after profit for the year

201,961

201,961

232,715

(262,353)

(29,638)

172,323

Allocated (profits)/losses in respect of the prior period

(20,208)

(20,208)

-

20,208

20,208

-

Members’ loans repayments

-

-

(90,000)

-

(90,000)

(90,000)

Interest accrued on members' loans

-

-

5,806

-

5,806

5,806

Members' drawings

-

-

-

(60,000)

(60,000)

(60,000)

At 31 March 2024

181,753

181,753

148,521

(302,145)

(153,624)

28,129

 

Pontis Capital Management LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Other reserves
£

Total equity
£

Members' loan accounts
£

Members' current accounts
£

Total debt
£

Total
£

Members' interest at 1 February 2022

-

-

216,797

(262,353)

(45,556)

(45,556)

Profit for the financial period available for discretionary division among members

20,208

20,208

-

-

-

20,208

 
 

Members' interests after total comprehensive income

20,208

20,208

216,797

(262,353)

(45,556)

(25,348)

Members’ loans advances

-

-

120,000

-

120,000

120,000

Members’ loans repayments

-

-

(115,000)

-

(115,000)

(115,000)

Interest accrued on members' loans

-

-

10,918

-

10,918

10,918

 
 

At 31 March 2023

20,208

20,208

232,715

(262,353)

(29,638)

(9,430)

 

Pontis Capital Management LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 financial advisory services.

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 February 2022 to 31 March 2023.

Going concern

The LLP made a profit for the year ended 31 March 2024 and had net assets at that date of £28,129.

The LLP’s working capital requirements are funded by loans from the members.

After making enquiries, the members have a reasonable expectation 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.

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.

 

Pontis Capital Management LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Transactions in foreign currencies are initially recorded at the presentational currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in the foreign currencies are retranslated into the presentational currency of the entity at the rates prevailing on the reporting period date.

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Pontis Capital Management LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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.

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

Year ended 31 March 2024
 £

1 February 2022 to 31 March 2023
 £

Depreciation

32

-

Government grants receivable

-

(193)

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

4

Tangible fixed assets

Office equipment
 £

Cost

Additions

570

At 31 March 2024

570

Depreciation

Charge for the year

32

At 31 March 2024

32

Net book value

At 31 March 2024

538

 

Pontis Capital Management LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Debtors

31 March
2024
£

31 March
2023
£

Other debtors

20,000

-

Prepayments and accrued income

25,095

24,601

45,095

24,601

6

Creditors: Amounts falling due within one year

31 March
2024
£

31 March
2023
£

Bank loans and overdrafts

5,136

5,135

Trade creditors

3,900

-

Accruals and deferred income

3,827

4,774

12,863

9,909

7

Creditors: Amounts falling due after more than one year

31 March
2024
£

31 March
2023
£

Bank loans and overdrafts

30,841

35,968