REGISTERED NUMBER:
OC367647
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2025
Current assets
|
Debtors |
4 |
130,737 |
|
90,149 |
|
|
Cash at bank and in hand |
300,262 |
|
347,584 |
|
|
---------- |
|
---------- |
|
|
430,999 |
|
437,733 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
172,123 |
|
126,988 |
|
|
---------- |
|
---------- |
|
|
Net current assets |
|
258,876 |
|
310,745 |
|
|
---------- |
|
---------- |
|
Total assets less current liabilities |
|
258,876 |
|
310,745 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
Represented by:
Loans and other debts due to members
|
Other amounts |
6 |
|
258,876 |
|
310,745 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
Members' other interests
|
Other reserves |
|
– |
|
– |
|
|
---------- |
|
---------- |
|
|
258,876 |
|
310,745 |
|
|
---------- |
|
---------- |
|
|
|
|
|
Total members' interests
|
Loans and other debts due to members |
6 |
|
258,876 |
|
310,745 |
|
Members' other interests |
|
– |
|
– |
|
|
---------- |
|
---------- |
|
|
258,876 |
|
310,745 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 March 2025 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
.
|
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
members
and authorised for issue on
9 December 2025
, and are signed on their behalf by:
|
Mr A Cooper |
|
Designated Member |
|
Registered number:
OC367647
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
PFM Townends LLP
is a limited liability partnership, registered in England & Wales, The address of the registered office is Fulford Lodge, 1 Heslington Lane, Fulford, York, YO10 4HW
|
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).
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
Going concern
The UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the LLP's trading results to a greater or lesser extent. At the date of signing these financial statements, the members have considered the effect of these matters on the LLP with the information available to it, and do not believe that it will affect the ability of the LLP to continue to trade for the foreseeable future. On this basis, the members have prepared these financial statements on a going concern basis.
(c)
Revenue recognition
Turnover represents the contractual value of work carried out by the LLP during the year, valued at its recoverable amount. Amounts included in turnover which have not been invoiced at the balance sheet date are included in debtors as "Amounts recoverable on contracts" to the extent that there is reasonable certainty that those sums will be recovered.
(d)
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 comprehensive income 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 comprehensive income 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 comprehensive income 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'.
(e)
Financial instruments
Financial Instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity investments. An equity investment is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
14,037 |
9,019 |
|
Other debtors |
116,700 |
81,130 |
|
---------- |
-------- |
|
130,737 |
90,149 |
|
---------- |
-------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Accruals and deferred income |
31,437 |
42,143 |
|
Other creditors |
140,686 |
84,845 |
|
---------- |
---------- |
|
172,123 |
126,988 |
|
---------- |
---------- |
|
|
|
|
6. |
Loans and other debts due to members |
|
|
|
2025 |
2024 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
258,876 |
310,745 |
|
---------- |
---------- |
|
|
|
|
7. |
Related party transactions |
|
|
PFM Townends LLP
was under the control of Townends Accountants LLP throughout the year ended 31st March 2025.