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REGISTERED NUMBER: OC439377
Privatal International LLP
Filleted Unaudited Financial Statements
31 March 2024
Privatal International LLP
Financial Statements
Period from 1 November 2022 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Privatal International LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 Oct 22
Note
£
£
Fixed assets
Tangible assets
5
30,471
Current assets
Debtors
6
164,073
80,966
Cash at bank and in hand
77,118
77,921
---------
---------
241,191
158,887
Creditors: amounts falling due within one year
7
137,975
143,661
---------
---------
Net current assets
103,216
15,226
---------
--------
Total assets less current liabilities
133,687
15,226
---------
--------
Net assets
133,687
15,226
---------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
133,687
15,226
---------
--------
Members' other interests
Other reserves
---------
--------
133,687
15,226
---------
--------
Total members' interests
Loans and other debts due to members
8
133,687
15,226
Members' other interests
---------
--------
133,687
15,226
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Privatal International LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 25 June 2025 , and are signed on their behalf by:
Mr M Boguslavskiy
Designated Member
Registered number: OC439377
Privatal International LLP
Notes to the Financial Statements
Period from 1 November 2022 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4th Floor, Gresham Street, London, EC2V 7AB, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 2 (2022: 2 ).
5.
Tangible assets
Computer equipment
Office equipment
Total
£
£
£
Cost
At 1 November 2022
Additions
14,624
27,537
42,161
--------
--------
--------
At 31 March 2024
14,624
27,537
42,161
--------
--------
--------
Depreciation
At 1 November 2022
Charge for the period
5,529
6,161
11,690
--------
--------
--------
At 31 March 2024
5,529
6,161
11,690
--------
--------
--------
Carrying amount
At 31 March 2024
9,095
21,376
30,471
--------
--------
--------
At 31 October 2022
--------
--------
--------
6.
Debtors
31 Mar 24
31 Oct 22
£
£
Trade debtors
164,055
78,516
Other debtors
18
2,450
---------
--------
164,073
80,966
---------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Oct 22
£
£
Trade creditors
14,012
Other creditors
123,963
143,661
---------
---------
137,975
143,661
---------
---------
8.
Loans and other debts due to members
31 Mar 24
31 Oct 22
£
£
Amounts owed to members in respect of profits
133,687
15,226
---------
--------