P Knight LLP is a limited liability partnership incorporated in England and Wales. The registered office is Forge Farm, Northleigh, Colyton, Devon, EX24 6BJ.
The limited liability partnership's principal activities are disclosed in the Members' Report.
The financial statements presented are for a period of less than twelve months and hence the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in May 2024, 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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
Turnover represents amounts receivable for the provision of property rental services.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, 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.
The average number of persons (excluding members) employed by the partnership during the period was:
Members believe that the fair value of the investment properties had not materially changed between acquisition date and the balance sheet date.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
Included within other creditors is deferred consideration of £2,440,000 (2025: 2,440,000) payable to a member of the limited liability partnership in respect of the acquisition of the beneficial interest in the investment properties.
During the period £44,719 (2025: £37,225) was paid to S Harding, a member of the limited liability partnership, in respect of property maintenance services.