Limited Liability Partnership registration number OC358046 (England and Wales)
P&V PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
P&V PARTNERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr P A Higgs
Mr ID Foster
LLP registration number
OC358046
Registered office
3 West Street
Hertford
Hertfordshire
United Kingdom
SG13 8EX
Accountants
Xeinadin London Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
P&V PARTNERS LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
P&V PARTNERS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P&V PARTNERS LLP FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 and you consider that the LLP is exempt from an audit.

 

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Xeinadin London Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
27 May 2025
P&V PARTNERS LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
455,000
455,000
Current assets
Debtors
4
4,500
4,500
Cash at bank and in hand
3,255
35,327
7,755
39,827
Creditors: amounts falling due within one year
5
(299,439)
(299,375)
Net current liabilities
(291,684)
(259,548)
Total assets less current liabilities and net assets attributable to members
163,316
195,452
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
163,316
195,452

For the financial year ended 31 March 2025 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 members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 27 May 2025 and are signed on their behalf by:
27 May 2025
Mr P A Higgs
Mr ID Foster
Designated member
Designated Member
Limited Liability Partnership registration number OC358046 (England and Wales)
P&V PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Limited liability partnership information

P&V Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 West Street, Hertford, Hertfordshire, United Kingdom, SG13 8EX.

 

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

1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Employees

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

2025
2024
Number
Number
Total
-
0
-
0
P&V PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
455,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by the partners. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
4,500
4,500
5
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
299,439
299,375
6
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 below unsecured creditors.

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