Registered number: OC361523
PARKERS INVESTMENTS LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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PARKERS INVESTMENTS LLP
CONTENTS
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Notes to the Financial Statements
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PARKERS INVESTMENTS LLP
REGISTERED NUMBER: OC361523
BALANCE SHEET
AS AT 31 MARCH 2024
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Period ended 31 March 2024
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Year ended 28 February 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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PARKERS INVESTMENTS LLP
REGISTERED NUMBER: OC361523
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 October 2024.
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R D Parker
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The notes on pages 3 to 8 form part of these financial statements.
Parkers Investments LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
The entity is a Limited Liability Partnership, which is incorporated in England and Wales, registration number OC361523. The registered office is 6 Foundry Square, Belgrave Gate, Leicester, LE1 3WW.
Longer accounting period
The accounting period has been extended to 13 months to bring the accounting reference date in line with the basis period reform.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The LLP's functional and presentational currency is British Pound Sterling (£).
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment properties are stated at a combination of cost and valuation and have not been depreciated. Properties introduced into the LLP in August 2012 by the designated member, Parkers Motor Services (Syston) Limited are stated at their valuation as at that date. All other properties acquired by the LLP since incorporation were initially stated at their acquisition cost and then subsequently remeasured to fair value.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
A members' share in the Profit and Loss Account for the year is accounted for as an allocation of profits in accordance with the LLP membership agreement.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.
Interest income is recognised in the Profit and Loss Account using the effective interest method.
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The average monthly number of members during the period was 9 (2023 - 9).
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Investments in subsidiary companies
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Freehold investment property
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The 2024 valuations were made by the members, on an open market value for existing use basis.
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Period ended 31 March 2024
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Year ended 28 February 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Period ended 31 March 2024
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Year ended 28 February 2023
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Other taxation and social security
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Accruals and deferred income
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Bank loans totalling £232,765 (2023 - £221,331) are secured by way of fixed and floating charge against the property of the LLP.
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Period ended 31 March 2024
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Year ended 28 February 2023
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Bank loans totalling £787,287 (2023 - £2,314,933) are secured by way of fixed and floating charge against the property of the LLP.
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Loans and other debts due to members
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Period ended 31 March 2024
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Year ended 28 February 2023
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Members' capital treated as debt
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Other amounts due to members
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All loans and other debts due to members are due within one year.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Members capital treated as debt is repayable following retirement from the LLP.
There are no restrictions or limitations on the ability of the members to reduce the amount of other amounts due to members.
10.Other financial commitments
A cross guarantee exists in connection with the amounts borrowed from Barclays Bank Plc, between Parkers Motor Services (Syston) Limited, Parker Motor Services Limited, Parkers Investments LLP and A.E. Cook Limited. The total amount covered under this cross guarantee across these entities at the year end was £1,020,052 (2023: £2,536,264).
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PARKERS INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Related party transactions
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During the year, the Limited Liability Partnership received rental income of £310,867 (2023 - £304,400) from Parker Motor Services Limited, a company wholly owned by Parkers Motor Services (Syston) Limited. At the start of the year, £398,864 was owed from Parker Motor Services Limited. During the year, there were payments of £11,514 and advances of £1,322,319, leaving a balance of £911,941 owed to Parker Motor Services Limited.
The Limited Liability Partnership holds a loan to Parkers Motor Services (Syston) Limited. At the year end £73,380 (2023 - £91,372) was owed from Parker Motor Services (Syston) Limited.
The Limited Liability Partnership holds a loan with a member. At the year end the member owed £266,783 (2023 - £312,727) to the Limited Liability Partnership.
The wholly owned subsidaries of the other members of the group are exempt from the requirements of Financial Reporting Standard 102, section 1AC.35 to disclose transactions.
All transactions are considered to be at arms length.
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