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REGISTERED NUMBER: OC314536 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

PAF Financial LLP

PAF Financial LLP (Registered number: OC314536)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAF Financial LLP

General Information
for the Year Ended 31 December 2023







Designated members: P Arantes Ferraz
Ms R Boms





Registered office: 111Park Street
London,
W1K 7JF





Registered number: OC314536 (England and Wales)






PAF Financial LLP (Registered number: OC314536)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes $    $   
Current assets
Debtors 4 7,252,491 7,212,555
Investments 5 23,535,487 21,332,060
Cash at bank 1,937,212 882,430
32,725,190 29,427,045
Creditors
Amounts falling due within one year 6 (26,513 ) (34,333 )
Net current assets 32,698,677 29,392,712
Total assets less current liabilities
and
Net assets attributable to members 32,698,677 29,392,712

Loans and other debts due to
members

7

20,902,577

17,596,612

Members' other interests
Capital accounts 11,796,100 11,796,100
32,698,677 29,392,712

Total members' interests
Loans and other debts due to members 7 20,902,577 17,596,612
Members' other interests 11,796,100 11,796,100
32,698,677 29,392,712

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 31 December 2023.

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.

PAF Financial LLP (Registered number: OC314536)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 4 July 2024 and were signed by:





P Arantes Ferraz - Designated member

PAF Financial LLP (Registered number: OC314536)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

PAF Financial LLP is a limited liability partnership incorporated in England and Wales. The registered office is 24 Old Burlington Street, London, England, W1S 3AW.

The principal activity of the limited liability partnership during the year was that of holding investments wholly outside the United Kingdom.

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 are prepared in United States dollars which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest $.

Turnover
Turnover represents income derived from investing activities.

If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside of the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Foreign currencies
Monetary assets and liabilites denominated in foreign currencies are translated into United States dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

PAF Financial LLP (Registered number: OC314536)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. Accounting policies - continued

Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and otherdebts due to members’ to the extent they exceed debts due from a specific member.

Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, where as a derivative with a negative fair value is recognised as a financial liability.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any
accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in
profit or loss.

Investment property

Land and buildings include freehold and leasehold factories, buildings, retail outlets and offices. Land and buildings are stated at cost less imparment.

3. Employee information

The average number of employees during the year was 2 (2022 - 2 ) .

PAF Financial LLP (Registered number: OC314536)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. Debtors
31.12.23 31.12.22
$    $   
Amounts falling due within one year:
Loan to PAF Brazil-I 1,751,754 1,751,754
Loan to PAF Brazil-II 1,778,941 1,778,941
Accumulated Interest Loan-I 150,170 132,847
Accumulated Interest Loan-II 151,492 134,168
Other Debtors 15,390 10,101
3,847,747 3,807,811

Amounts falling due after more than one year:
Paula Boms Ferraz 3,404,744 3,404,744

Aggregate amounts 7,252,491 7,212,555

5. Current asset investments
31.12.23 31.12.22
$    $   
Equities 489,752 1,322,545
Investment funds 7,086,938 6,654,829
Private investments 15,958,797 13,354,686
23,535,487 21,332,060

6. Creditors: amounts falling due within one year
31.12.23 31.12.22
$    $   
Other creditors 26,513 34,333

7. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8. Related party disclosures

Paula Boms Ferraz

During the year the LLP had the following loan with Paula Bomas Ferra a close family member of the designated member P Arantes Ferraz:

31.12.2331.12.22
££
Monies owed to the LLP brought forward3,404,744-
Monies loaned to Paula Boms Ferraz-3,404,744
Monies owed to the LLP carried forward3,404,7443,404,744

The above loan is unsecured, interest free and repayable in nine years.