Prytania Services LLP is a limited liability partnership incorporated in England and Wales. The registered office is One Curzon Street, London, W1J 5HD.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements have not been prepared on a going concern basis as the members expect the trade and assets of the company to be transferred to another group entity within a period of 12 months from the date of signing of these financial statements. As such the financial statements have been prepared on a basis other than the going concern basis. The limited liability partnership has net assets of £252,706 (2023: £2,732,669) indicating that it has sufficient assets to settle its liabilities as they fall due during this process.
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, and is recognised on an accruals basis.
Members' participation rights are the rights of a member against the LLP that arise under the Amended and Restated Limited Liability Partnership Agreement.
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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are liabilities. They are therefore treated as an expense and presented as members' remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities and rank ahead of all unsecured creditors.
Conversely, where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.
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 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.
Loans due to and from members are discharged before any distributions on the winding up of the entity.
Cash and cash equivalents are basic financial assets and include cash in hand.
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, which include debtors 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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
The partnership contributes towards a defined contribution scheme, with the amount charged to the statement of comprehensive income equal to the contributions payable in the year. Any differences between contributions payable and contributions paid are shown in debtors or creditors.
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average number of persons employed by the partnership during the year was:
On 1 October 2017 a new employee share scheme was created where shares in Prytania Solutions Limited (now Houlihan Lokey Valuation Solutions Limited) were granted to employees of Prytania Solutions Limited and the members of the LLP. The LLP recognised and measured its share based payment expense based on a reasonable allocation of the expense, based upon the number of members benefiting and the terms of each grant, including the following target conditions:
1. All shares allocated vested on specified future dates, agreed at the time of granting
2. Payment conditions and economic rights only accrued when shares were fully paid up at the strike price agreed at the time of granting.
The fair value of the shares was determined by the Black Scholes model in the absence of a public market for their Ordinary Shares, subject to final approval by the Board. The scheme has been wound up post year end.
Since the year end, on 29 October 2024, the limited liability partnership ceased trading and all trade and assets were transferred to the corporate member, Houlihan Lokey Valuation Solutions Limited (formerly Prytania Solutions Limited).