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Registered number: OC353406 THE PILCHER HERSHMAN PARTNERSHIP LLP UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
THE PILCHER HERSHMAN PARTNERSHIP LLP REGISTERED NUMBER: OC353406 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 19,542 |  | 21,094
|  |  | 19,542 |  | 21,094
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 59,287 |  | 31,997 |
Cash at bank and in hand | 6 | 1,447,806 |  | 490,007 |
|  | 1,507,093 |  | 522,004 |
Creditors: Amounts Falling Due Within One Year | 7 | (140,781) |  | (47,746) |
Net current assets |  |  | 1,366,312 |  | 474,258
Total assets less current liabilities |  |  | 1,385,854 |  | 495,352
Net assets |  |  | 1,385,854 |  | 495,352
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 8 |  | 1,385,854 |  | 495,352
|  |  | 1,385,854 |  | 495,352
|  |  | 1,385,854 |  | 495,352
Total members' interests |  |  |  |  |
Loans and other debts due to members | 8 |  | 1,385,854 |  | 495,352
|  |  | 1,385,854 |  | 495,352
Page 1
THE PILCHER HERSHMAN PARTNERSHIP LLP REGISTERED NUMBER: OC353406 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The entity 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. The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
D M Jackson
Designated member
S A Rinder Designated member
Date: 11 November 2025
The notes on pages 3 to 7 form part of these financial statements. Page 2
THE PILCHER HERSHMAN PARTNERSHIP LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The Pilcher Hershman Partnership LLP is a limited liability partnership, incorporated in England and Wales, registration number OC353406. The registered office is 10 Golden Square, London, England, W1F 9JA. The financial statements are presented in pound sterling (GBP), which is the functional currency of the LLP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
In assessing the ability of the LLP to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the LLP is in a net asset position, the members have assessed that the company will continue to have adequate funds to meets its obligations. As a result, the members consider it appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Revenue
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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the LLP will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
THE PILCHER HERSHMAN PARTNERSHIP LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
| 2.6 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures, fittings and equipment | - | 20% reducing balance basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | 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. Page 4
THE PILCHER HERSHMAN PARTNERSHIP LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 5 (2024 - 5).
4. | Tangible fixed assets
|  | Fixtures, fittings and equipment
|  | £
| Cost or valuation |
| At 1 April 2024 | 92,355
| At 31 March 2025 | 92,355
| Depreciation |
| At 1 April 2024 | 71,261
| Charge for the year on owned assets | 1,552
| At 31 March 2025 | 72,813
| Net book value |
| At 31 March 2025 | 19,542
| At 31 March 2024 | 21,094
Page 5
THE PILCHER HERSHMAN PARTNERSHIP LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 55,609 | 15,239
| Other debtors | 803 | 2,536
| Prepayments and accrued income | 2,875 | 14,222
|  | 59,287 | 31,997
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,447,806 | 490,007
|  | 1,447,806 | 490,007
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other taxation and social security | 133,158 | 47,412
| Other creditors | 577 | 334
| Accruals and deferred income | 7,046 | -
|  | 140,781 | 47,746
Page 6
THE PILCHER HERSHMAN PARTNERSHIP LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 1,385,854 | 495,352
|  | 1,385,854 | 495,352
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 1,385,854 | 495,352
|  | 1,385,854 | 495,352
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
9. | Pension commitments
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £3,667 (2024: £3,715). Contributions totalling £576 (2024: £334) were payable to the fund at the year-end and are included in creditors.
Page 7