Professional Excellence Consulting LLP

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Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Professional Excellence Consulting LLP is a limited liability partnership, incorporated in England & Wales, registered number OC314502 . The Registered Office is 10 Kestrel Close, Burnham Market, King's Lynn, Norfolk, PE31 8EF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

The LLP's principal activity is the provision of training and consultancy services.

The trading activities during the year comprised the receipt of commission income arising from the principal activitiy.

The payment during the year of operating costs in excess of income received and of debt liabilities were met from cash provided by the Designated Members of the LLP.

Since the Accounting Date the Designated Members have provided capital to pay expenses and debt commitments as they fell due for payment. For the foreseeable future the LLP's continuing ability to pay for expenditure and meet debt payments is dependent on the Members providing further capital.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the time spent or costs incurred for work performed to date to the total estimated contract value. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Commission Income

Turnover from Commission Iincome is recognised when received.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and accumulated impairment losses.

An increase or decrease in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

Prior impairments are reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

...CONTINUED

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Professional Excellence Consulting LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Tangible Fixed Assets and Depreciation - continued

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Studio Construction	Nil
Motor Vehicles	25% on net book value
Fixtures & Fittings	20% on cost
Computers & Equipment	33.3% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Members' Participation Rights and Liabilities

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.

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'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

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.

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Professional Excellence Consulting LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)

4. Tangible Assets

	Land & Property
	Studio Construction	Motor Vehicles	Fixtures & Fittings	Computers & Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	45,260	23,274	200	200	68,934
Disposals	(45,260 )	(23,274 )	(200 )	(200 )	(68,934 )

As at 31 March 2025	-	-	-	-	-

Depreciation
As at 1 April 2024	-	13,922	100	100	14,122
Disposals	-	(13,922 )	(100 )	(100 )	(14,122 )

As at 31 March 2025	-	-	-	-	-

Net Book Value
As at 31 March 2025	-	-	-	-	-

As at 1 April 2024	45,260	9,352	100	100	54,812

5. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
VAT	-	364

6. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	2,041
Bank loans and overdrafts	9,932	9,806
Bank loan	773	-
Barclaycards	-	143
Accruals and deferred income	1,634	1,844

	12,339	13,834

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Professional Excellence Consulting LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	13,266
Bank loans	9,624	10,884

	9,624	24,150

The Bank Loan relates to Covid support and is repayable within a ten year period from the Balance Sheet Date.

8. Obligations Under Finance Leases and Hire Purchase

	31 March 2025	31 March 2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	2,041
Later than one year and not later than five years	-	13,266

	-	15,307

	-	15,307

9. Related Party Transactions

The Motor Vehicles were provided for the purposes of the LLP by the Designated Members who also arranged the necessary finance. The cost of the vehicles and finance liabilities were included in the LLP Accounts and interest on finance charged against the profits of the LLP.

The LLP Assets, including the vehicle and finance, were taken over by the LLP Members during the year at their estimated market value.

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		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		54,812

			-		54,812
CURRENT ASSETS
Debtors	5	-		364

		-		364
Creditors: Amounts Falling Due Within One Year	6	(12,339 )		(13,834 )

NET CURRENT ASSETS (LIABILITIES)			(12,339 )		(13,470 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(12,339 )		41,342

Creditors: Amounts Falling Due After More Than One Year	7		(9,624 )		(24,150 )

NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO MEMBERS			(21,963 )		17,192

REPRESENTED BY:
(Accumulated deficit) loans and other debts due to members within one year
Members' capital classified as a liability		(21,963)		17,192

			(21,963)		17,192

			(21,963)		17,192

TOTAL MEMBERS' INTEREST
(Accumulated deficit) loans and other debts due to members within one year			(21,963)		17,192

			(21,963)		17,192