PREFECT SOFTWARE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
Limited Liability Partnership Registration No. OC310486 (England and Wales)
PREFECT SOFTWARE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PREFECT SOFTWARE LLP
BALANCE SHEET
AS AT 5 APRIL 2019
05 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
33,461,619
34,238,048
Current assets
Debtors
5
10,507,339
9,729,106
Creditors: amounts falling due within one year
6
(6,808)
(5,004)
Net current assets
10,500,531
9,724,102
Total assets less current liabilities
43,962,150
43,962,150
Creditors: amounts falling due after more than one year
7
(21,991,872)
(21,991,872)
Net assets attributable to members
21,970,278
21,970,278
Represented by:
Members' other interests
Members' capital classified as equity
21,970,278
21,970,278
21,970,278
21,970,278
Total members' interests
Amounts due from members
(8,006,270)
(7,445,477)
Members' other interests
21,970,278
21,970,278
13,964,008
14,524,801
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 5 April 2019 the
limited liability partnership
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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
PREFECT SOFTWARE LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2019
05 April 2019
- 2 -
The financial statements were approved by the members and authorised for issue on 30 January 2020 and are signed on their behalf by:
30 January 2020
Trefect Limited
Designated member
Limited Liability Partnership Registration No. OC310486
PREFECT SOFTWARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019
- 3 -
1
Accounting policies
Limited liability partnership information
Prefect Software LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for services
under warranties, excluding value added tax.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software licence
24 years
1.4
Financial instruments
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
Basic financial assets, which include
s debtors
, are measured at transaction price including transaction.
Financial assets classified as receivable within one year are not amortised.
PREFECT SOFTWARE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was Nil (2018 - Nil).
3
Information in relation to members
2019
2018
Number
Number
Average number of members during the year
13
10
4
Intangible fixed assets
Other
£
Cost
At 6 April 2018 and 5 April 2019
43,917,011
Amortisation and impairment
At 6 April 2018
9,678,963
Amortisation charged for the year
776,429
At 5 April 2019
10,455,392
Carrying amount
At 5 April 2019
33,461,619
At 5 April 2018
34,238,048
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by members
8,006,270
7,445,477
Other debtors
2,501,069
2,283,629
10,507,339
9,729,106
PREFECT SOFTWARE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2019
- 5 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
6,808
5,004
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
21,991,872
21,991,872
The long-term loans are secured by fixed charges over 2029.