REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2025 |
for |
PCF Partnership LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2025 |
for |
PCF Partnership LLP |
PCF Partnership LLP (Registered number: SO302648) |
Contents of the Financial Statements |
for the year ended 31 January 2025 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PCF Partnership LLP |
General Information |
for the year ended 31 January 2025 |
Designated members: |
Olivia Castella |
Daniel Castella |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
PCF Partnership LLP (Registered number: SO302648) |
Balance Sheet |
31 January 2025 |
2025 | 2024 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors: amounts falling due within one year |
7 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 982,005 | 983,113 |
Loans and other debts due to members | 8 | 508,704 | 524,529 |
Members' other interests |
Capital accounts | 100,000 | 100,000 |
Other reserves |
982,005 | 983,113 |
Total members' interests |
Loans and other debts due to members | 8 | 508,704 | 524,529 |
Members' other interests | 473,301 | 458,584 |
982,005 | 983,113 |
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. |
PCF Partnership LLP (Registered number: SO302648) |
Balance Sheet - continued |
31 January 2025 |
The financial statements were approved by the members of the LLP and authorised for issue on |
PCF Partnership LLP (Registered number: SO302648) |
Notes to the Financial Statements |
for the year ended 31 January 2025 |
1. | Statutory information |
PCF Partnership LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). |
Significant judgements and estimates |
In applying the LLP's accounting policies, the members are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The members' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the LLP's accounting policies |
The critical judgement that the members have made in the process of applying the LLP's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment assets, the members have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
(i) Recoverability of receivables |
The LLP establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the members consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Turnover |
Turnover represents income from sale of properties and gross rental income and is recognised in the period to which the income relates. |
PCF Partnership LLP (Registered number: SO302648) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2025 |
3. | Accounting policies - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair values is recognised in profit or loss. The members consider this to be a fair value for the investment property. |
No depreciation is provided for in respect of investment properties in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
Taxation |
Taxation on all partnership results is solely the personal liability of the individual members. |
Consequently neither taxation, nor deferred taxation arising in respect of the partnership are accounted for in these financial statements. |
Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
4. | Employee information |
The average number of employees during the year was NIL (2024 - NIL). |
5. | Investment property |
Total |
£ |
Fair value |
At 1 February 2024 |
and 31 January 2025 |
Net book value |
At 31 January 2025 |
At 31 January 2024 |
Fair value at 31 January 2025 is represented by: |
£ |
Valuation in 2018 | 681,000 |
The property was valued by the Designated members on an open market basis. |
PCF Partnership LLP (Registered number: SO302648) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2025 |
6. | Debtors: amounts falling due within one year |
2025 | 2024 |
£ | £ |
VAT |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2025 | 2024 |
£ | £ |
Accrued expenses |
8. | Loans and other debts due to members |
In the event of winding up the amounts included in 'Loans and other debts due to members' will rank equally with unsecured creditors. |
9. | Ultimate controlling party |
The ultimate controlling party is |