REGISTERED NUMBER: |
PARAGON WAKEFIELD LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
PARAGON WAKEFIELD LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
PARAGON WAKEFIELD LLP (REGISTERED NUMBER: OC369650) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PARAGON WAKEFIELD LLP |
General Information |
for the year ended 31 March 2023 |
DESIGNATED MEMBERS: |
J Jones |
Mrs J Mackie |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
PARAGON WAKEFIELD LLP (REGISTERED NUMBER: OC369650) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 80,522 | 113,720 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
80,522 |
113,720 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 80,522 | 113,720 |
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. |
In accordance with Section 444 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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PARAGON WAKEFIELD LLP (REGISTERED NUMBER: OC369650) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Paragon Wakefield LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at 31st March 2023, the LLP's balance sheet reflected net current liabilities. However, included within creditors falling due for payment within one year are amounts of £100,000 due to related undertakings. The related undertakings have confirmed that they will not request repayment of these amounts until sufficient funds are available to settle them and accordingly the members consider the going concern basis of preparation to be appropriate. |
Significant judgements and estimates |
Investment Properties |
The value of the properties is assessed by the members at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale. |
Turnover |
Turnover represents net invoiced sales of land and property, excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The LLP's properties are held for long-term investment and depreciation is not provided in respect of such properties. At the balance sheet date, the investment properties are included at their fair value. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
PARAGON WAKEFIELD LLP (REGISTERED NUMBER: OC369650) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | INVESTMENT PROPERTY - continued |
Investment property fair value at 31st March 2023 is based on valuations by the members. This is supported by reference to known external factors such as similar property in the local area. |
The members consider that at the balance sheet date, the fair value of investment property is not materially different to its purchase price and therefore the property is included in these financial statements at this amount as its fair value. |
Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Taxation and social security |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Amounts due to members rank equally to other creditors who are unsecured in the event of a winding up. There is no protection afforded to other creditors in such an event. There are no restrictions or limitations in respect of the ability of the members to reduce the amount of members other interests. |