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Registration number: OC421180

Pontis Finance LLP

Unaudited Annual Report and Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Pontis Finance 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 Finance 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 Finance LLP

Statement of Financial Position as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

3

355

711

Current assets

 

Cash and short-term deposits

 

5,462

45,460

Creditors: Amounts falling due within one year

4

(31,991)

(13,867)

Net current (liabilities)/assets

 

(26,529)

31,593

Net (liabilities)/assets attributable to members

 

(26,174)

32,304

Represented by:

 

Loans and other debts due to members

 

Members' current accounts

 

32,304

501

Members’ other interests

 

Other reserves

 

(58,478)

31,803

   

(26,174)

32,304

Total members' interests

 

Loans and other debts due to members

 

32,304

501

Equity

 

(58,478)

31,803

   

(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 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: OC421180

 

Pontis Finance 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' current accounts
£

Total debt
£

Total
£

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)

(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

   

Other reserves
£

Total equity
£

Members' current accounts
£

Total debt
£

Total
£

 

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

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 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

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 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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2023 - 1).

3

Tangible fixed assets

Office equipment
 £

Cost

At 1 April 2023

1,067

At 31 March 2024

1,067

Depreciation

At 1 April 2023

356

Charge for the year

356

At 31 March 2024

712

Net book value

At 31 March 2024

355

At 31 March 2023

711

 

Pontis Finance LLP

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

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

4,353

-

Other creditors

23,023

-

Accruals and deferred income

3,000

12,480

Taxation and social security

1,615

1,387

31,991

13,867