Limited Liability Partnership registration number OC358807 (England and Wales)
P3P CAPITAL LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
P3P CAPITAL LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr R Lywood
Mr J Harris
LLP registration number
OC358807
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Auditor
BKL Audit LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
P3P CAPITAL LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 16
P3P CAPITAL LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of fund promotion or fund operation services provided during the year.

Members' drawings, contributions and repayments

Class A members' subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

 

Class B members are not required to subscribe to the capital of the LLP.

 

Details of changes in members’ capital in the year ended 31 March 2025 are set out in the reconciliation of members interests.

 

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between the members after finalisation of the financial statements.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Lywood
Mr J Harris
Auditor

The auditor, BKL Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period.

 

In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

P3P CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 17 July 2025 and signed on behalf by:
17 July 2025
Mr R Lywood
Designated Member
P3P CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P3P CAPITAL LLP
- 3 -
Opinion

We have audited the financial statements of P3P Capital LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

P3P CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF P3P CAPITAL LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above,to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Capability of the audit in detecting irregularities, including fraud:

 

Based on our understanding of the entity and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, FCA regulations and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risk was related to posting inappropriate journals. Audit procedures performed by the auditors included:

 

 

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

P3P CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF P3P CAPITAL LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Pugh FCA (Senior Statutory Auditor)
For and on behalf of BKL Audit LLP
17 July 2025
Chartered Accountants
Statutory Auditor
5 Fleet Place
London
EC4M 7RD
P3P CAPITAL LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
Turnover
2
124,745
124,745
Cost of sales
(50,745)
(50,745)
Gross profit
74,000
74,000
Administrative expenses
(26,605)
(27,464)
Operating profit
47,395
46,536
Interest receivable and similar income
1,030
1,016
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
48,425
47,552

The profit and loss account has been prepared on the basis that all operations are continuing operations.

P3P CAPITAL LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
6
185,051
133,778
Cash at bank and in hand
77,796
78,397
262,847
212,175
Creditors: amounts falling due within one year
7
(70,522)
(68,275)
Net current assets and net assets attributable to members
192,325
143,900
Represented by:
Loans and other debts due to members within one year
Other amounts
93,900
46,348
Members' other interests
Members' capital classified as equity
50,000
50,000
Other reserves classified as equity
48,425
47,552
192,325
143,900
The financial statements were approved by the members and authorised for issue on 17 July 2025 and are signed on their behalf by:
17 July 2025
Mr R Lywood
Designated member
Limited Liability Partnership registration number OC358807 (England and Wales)
P3P CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
50,000
47,552
97,552
46,348
46,348
143,900
Profit for the financial year available for discretionary division among members
-
48,425
48,425
-
-
48,425
Members' interests after profit for the year
50,000
95,977
145,977
46,348
46,348
192,325
Allocation of profit
-
(47,552)
(47,552)
47,552
47,552
-
Members' interests at 31 March 2025
50,000
48,425
98,425
93,900
93,900
192,325
P3P CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
46,843
49,505
96,348
-
-
96,348
Profit for the financial year available for discretionary division among members
-
47,552
47,552
-
-
47,552
Members' interests after profit for the year
46,843
97,057
143,900
-
-
143,900
Allocation of profit
3,157
(49,505)
(46,348)
46,348
46,348
-
Members' interests at 31 March 2024
50,000
47,552
97,552
46,348
46,348
143,900
P3P CAPITAL LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
11
38,719
37,366
Investing activities
Provision of loan financing
(40,350)
(58,500)
Interest received
1,030
1,016
Net cash used in investing activities
(39,320)
(57,484)
Net decrease in cash and cash equivalents
(601)
(20,118)
Cash and cash equivalents at beginning of year
78,397
98,515
Cash and cash equivalents at end of year
77,796
78,397
P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Limited liability partnership information

P3P Capital LLP is a limited liability partnership incorporated in England and Wales and is regulated by the Financial Conduct Authority (FCA). The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

 

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.

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.

1.2
Going concern

The long-term financing of the LLP is provided by capital introduced by the members and by profits retained within the firm. The LLP produces annual budgets and forecasts which take account of expected changes in the LLP's trading performance, and these demonstrate that the LLP will be able to operate within its current level of facilities.

 

On this basis the members consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue related to fund operation or fund promotion is recognised over the periods of the contracts for these services.

 

Revenue arising in respect of recharges of trail fees are recognised over the period which the trail fee commission is incurred.

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.

P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

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.

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.

Distributions of profits to members are classified within financing activities in the cash flow statement.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Provision of services
124,745
124,745
P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Turnover
(Continued)
- 14 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
54,000
54,000
Guernsey
70,745
70,745
124,745
124,745
2025
2024
£
£
Other significant revenue
Interest income
1,030
1,016
3
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
9,750
9,125
For other services
All other non-audit services
6,300
9,975
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was nil (2024: nil).

5
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
2
2
2025
2024
£
£
Average members' remuneration
24,213
23,776

Key management personnel are considered to be the members of the LLP.

P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
31,200
16,200
Other debtors
98,850
58,500
Prepayments and accrued income
55,001
59,078
185,051
133,778
7
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
2,510
2,530
Accruals and deferred income
68,012
65,745
70,522
68,275
8
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.

9
Related party transactions

Included in turnover is £54,000 (2024: £54,000) of annual fees charged to P3P Partners LLP, an entity in which a designated member has an interest. At the balance sheet date £16,200 (2024: £16,200) was included in trade debtors in respect of amounts invoiced in the year.

 

Included in turnover is £70,745 (2024: £70,745) of annual fees charged to Brehon Property Unit Trust, an entity in which a designated member has an interest. At the balance sheet date £15,000 (2024: £Nil) was included in trade debtors in respect of amounts invoiced in the year.

 

Included in other debtors is £98,850 (2024: £58,500) due from P3P Finance Limited, an entity in which a designated member has an interest. The balance is unsecured, interest free and repayable on demand.

10
Ultimate controlling party

The ultimate controlling parties are the designated members of the LLP.

P3P CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
11
Cash generated from operations
2025
2024
£
£
Profit after taxation
48,425
47,552
Adjustments for:
Investment income recognised in profit or loss
(1,030)
(1,016)
Movements in working capital:
Increase in debtors
(10,923)
(10,800)
Increase in creditors
2,247
1,630
Cash generated from operations
38,719
37,366
12
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
78,397
(601)
77,796
Loans and other debts due to members:
- Other amounts due to members
(46,348)
(47,552)
(93,900)
Balances including members' debt
32,049
(48,153)
(16,104)
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