REGISTERED NUMBER: OC437669 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2025

for

Philip Pank Partnership LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

L T Heyman

P J Reilly

T C Stalley

D M Wichall

D R Eldridge

REGISTERED OFFICE:

113 Euston Street

London

NW1 2EX

REGISTERED NUMBER:

OC437669 (England and Wales)

ACCOUNTANTS:

Sampson Fielding Ltd

34 - 35 Clarges Street

Mayfair

London

W1J 7EJ

FIXED ASSETS

Tangible assets

4

149,675

156,880

CURRENT ASSETS

Debtors

5

1,236,945

1,163,926

Cash at bank

1,544,824

1,569,678

2,781,769

2,733,604

CREDITORS

Amounts falling due within one year

6

464,185

344,303

NET CURRENT ASSETS

2,317,584

2,389,301

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,467,259

2,546,181

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

2,467,259

2,546,181

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

2,467,259

2,546,181

Amounts due from members

5

-

(211,317

)

2,467,259

2,334,864

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 4th June 2025 and were signed by:

D M Wichall - Designated member

1.	STATUTORY INFORMATION

Philip Pank Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Pound Sterling which is the functional currency of the company.

As previously recorded, the members of the LLP are satisfied that the relevant conditions for merger accounting within the SORP for LLPs were satisfied so that in the LLP's 2022 financial statements the net assets at 1 January 2022 from the unincorporated Philip Pank Partnership (the "Partnership") were introduced at their net book values and comparative results for the Partnership for the 12-month period to 31 December 2021 were included to be consistent and comparable with the LLP's financial statements.

Turnover

Turnover comprises revenue recognised by the LLP in respect of all services relating to quantity surveying, building surveying, party wall, construction, design and management(CDM) and site inspections undertaken during the year.Turnover is adjusted for amounts recoverable on contract and exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 49 (2024 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st April 2024

193,703

473,143

666,846

Additions

40,000

2,688

42,688

Disposals

-

(349,583

)

(349,583

)

At 31st March 2025

233,703

126,248

359,951

DEPRECIATION

At 1st April 2024

62,890

447,076

509,966

Charge for year

42,704

7,189

49,893

Eliminated on disposal

-

(349,583

)

(349,583

)

At 31st March 2025

105,594

104,682

210,276

NET BOOK VALUE

At 31st March 2025

128,109

21,566

149,675

At 31st March 2024

130,813

26,067

156,880

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

749,798

535,846

Amounts recoverable on contract

306,458

348,019

Other debtors

180,689

280,061

1,236,945

1,163,926

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

170,831

75,750

Taxation and social security

261,810

242,503

Other creditors

31,544

26,050

464,185

344,303

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank equally with other unsecured creditors in the event of a winding up.