PET&R LLP - LLP accounts 22.3

REGISTERED NUMBER: OC362388 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 5 April 2022

for

PET&R LLP

Page

General Information

1

Report of the Members

2

Abridged Income Statement

3

Abridged Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

P R Hammond

Mrs L E Hammond

REGISTERED OFFICE:

6 Fen Moor Close

Hemlington

Middlesbrough

Cleveland

TS8 9RQ

REGISTERED NUMBER:

OC362388 (England and Wales)

ACCOUNTANTS:

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

The members present their report with the financial statements of the LLP for the year ended 5 April 2022.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of training and management consultancy.

DESIGNATED MEMBERS

The designated members during the year under review were:

P R Hammond

Mrs L E Hammond

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £50,091 (2021 - £36,670 profit).

MEMBERS' INTERESTS

The initial capital was contributed as specified by the Members Agreement and is retained within the amounts due to members in the balance sheet. The amounts due to members are maintained to leave sufficient working capital for the business and ongoing trading requirements, drawings are only made out of surplus funds.

ON BEHALF OF THE MEMBERS:

Mrs L E Hammond - Designated member

21 October 2022

GROSS PROFIT

73,285

56,464

Administrative expenses

23,195

19,799

OPERATING PROFIT

4

50,090

36,665

Interest receivable and similar income

1

5

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

50,091

36,670

FIXED ASSETS

Tangible assets

5

20,783

27,174

CURRENT ASSETS

Debtors

9,214

6,357

Cash at bank and in hand

52,438

38,414

61,652

44,771

CREDITORS

Amounts falling due within one year

9,011

11,522

NET CURRENT ASSETS

52,641

33,249

TOTAL ASSETS LESS CURRENT
LIABILITIES

73,424

60,423

CREDITORS

Amounts falling due after more than one
year

-

3,014

NET ASSETS ATTRIBUTABLE TO
MEMBERS

73,424

57,409

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

73,424

57,409

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

73,424

57,409

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 5 April 2022.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 5 April 2022 in accordance with Section 444(2A) 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 financial statements were approved by the members of the LLP and authorised for issue on 21 October 2022 and were signed by:

P R Hammond - Designated member

Mrs L E Hammond - Designated member

1.	STATUTORY INFORMATION

PET&R LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 have been prepared under the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Taxation

Taxation on partnership profits is solely the personal responsibility of individual members. Consequently neither taxation nor related deferred taxation arising in respect of the partnership is accounted for in these financial statements. All distributions made to members are made net of income tax; such amounts retained for members' tax liabilities are paid to HM Revenue and Customs by the partnership, on behalf of the individual members, when this tax falls due. These amounts retained for tax are treated in the financial statements in the same way as other profits of the partnership and so are included in 'Members other interests' or in 'Amounts due to members' depending on whether or not division of profits has occurred.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2021 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

5/4/22

5/4/21

£

Depreciation - owned assets

824

889

Depreciation - assets on hire purchase contracts

5,769

7,692

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 6 April 2021

44,637

Additions

202

At 5 April 2022

44,839

DEPRECIATION

At 6 April 2021

17,463

Charge for year

6,593

At 5 April 2022

24,056

NET BOOK VALUE

At 5 April 2022

20,783

At 5 April 2021

27,174

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 6 April 2021

and 5 April 2022

36,150

DEPRECIATION

At 6 April 2021

13,075

Charge for year

5,769

At 5 April 2022

18,844

NET BOOK VALUE

At 5 April 2022

17,306

At 5 April 2021

23,075

6.	SECURED DEBTS

The following secured debts are included within creditors:

5/4/22

5/4/21

£

Hire purchase contracts

3,617

10,248

The hire purchase agreements are secured on the assets to which they relate.

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank as unsecured creditors in relation to other creditors.