Preiskel & Co LLP
Annual Report and Unaudited Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC306371 (England and Wales)
Preiskel & Co LLP
Limited Liability Partnership Information
Designated members
R Preiskel
D Preiskel
Preiskelegal Limited
Limited liability partnership number
OC306371
Registered office
4 King's Bench Walk
Temple
London
EC4Y 7DL
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Preiskel & Co LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Preiskel & Co LLP
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,103
29,814
Investments
4
20,310
71,742
36,413
101,556
Current assets
Debtors
5
1,728,682
1,441,297
Cash and cash equivalents
123,859
442,588
1,852,541
1,883,885
Creditors: amounts falling due within one year
6
(594,611)
(696,189)
Net current assets
1,257,930
1,187,696
Total assets less current liabilities and net assets attributable to members
1,294,343
1,289,252
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,294,243
1,289,152
Members' other interests
Members' capital classified as equity
100
100
1,294,343
1,289,252
Total members' interests
Amounts due from members
(642,526)
(347,268)
Loans and other debts due to members
1,294,243
1,289,152
Members' other interests
100
100
651,817
941,984

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Preiskel & Co LLP
Balance Sheet (Continued)
As at 31 March 2024
Page 2

For the financial period 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 complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

The financial statements were approved by the members and authorised for issue on 14 February 2025 and are signed on their behalf by:
14 February 2025
R Preiskel
D Preiskel
Designated member
Designated Member
Limited Liability Partnership Registration No. OC306371
Preiskel & Co LLP
Notes to the Financial Statements
For the period ended 31 March 2024
Page 3
1
Accounting policies
Limited liability partnership information

Preiskel & Co LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4 King's Bench Walk, Temple, London, EC4Y 7DL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

These financial statements are drawn up for a period of 9 months. The comparative amounts presented in the financial statements are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT and is recognised in line with the performance of these services.
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Preiskel & Co LLP
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 4

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% straight line
Computer equipment
33% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Preiskel & Co LLP
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
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.

1.14
Taxation
No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual member and not on the LLP.
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
20
21
Preiskel & Co LLP
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
142,537
Additions
1,794
Disposals
(27,149)
At 31 March 2024
117,182
Depreciation and impairment
At 1 July 2023
112,723
Depreciation charged in the period
15,505
Eliminated in respect of disposals
(27,149)
At 31 March 2024
101,079
Carrying amount
At 31 March 2024
16,103
At 30 June 2023
29,814
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
20,310
71,742
Preiskel & Co LLP
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
4
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
71,742
Disposals
(45,000)
At 31 March 2024
26,742
Impairment
At 1 July 2023
-
Impairment losses
6,432
At 31 March 2024
6,432
Carrying amount
At 31 March 2024
20,310
At 30 June 2023
71,742
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
574,929
502,429
Gross amounts owed by contract customers
351,030
418,736
Amounts owed by members
642,526
347,268
Other debtors
43,150
21,650
Prepayments and accrued income
117,047
151,214
1,728,682
1,441,297
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
289,719
410,769
Amounts owed to group undertakings
20,758
80,754
Taxation and social security
147,442
129,979
Other creditors
17,172
11,812
Accruals and deferred income
119,520
62,875
594,611
696,189
Preiskel & Co LLP
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 8
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Controlling party

The LLP is controlled by its members.

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