REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
PAF Financial LLP |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
PAF Financial LLP (Registered number: OC314536) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
Current assets |
Debtors | 4 |
Investments | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
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 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 |
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 |
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 |
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 |
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 |
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 |
Amounts falling due after more than one year: |
Paula Boms Ferraz |
Aggregate amounts |
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 |
6. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
$ | $ |
Other creditors |
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: |
31.12.23 | 31.12.22 |
£ | £ |
Monies owed to the LLP brought forward | 3,404,744 | - |
Monies loaned to Paula Boms Ferraz | - | 3,404,744 |
Monies owed to the LLP carried forward | 3,404,744 | 3,404,744 |
The above loan is unsecured, interest free and repayable in nine years. |