Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseproperty investment and development00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC387620 2023-04-01 2024-03-31 OC387620 2022-04-01 2023-03-31 OC387620 2024-03-31 OC387620 2023-03-31 OC387620 c:FreeholdInvestmentProperty 2024-03-31 OC387620 c:FreeholdInvestmentProperty 2023-03-31 OC387620 c:CurrentFinancialInstruments 2024-03-31 OC387620 c:CurrentFinancialInstruments 2023-03-31 OC387620 c:Non-currentFinancialInstruments 2024-03-31 OC387620 c:Non-currentFinancialInstruments 2023-03-31 OC387620 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC387620 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC387620 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC387620 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC387620 d:FRS102 2023-04-01 2024-03-31 OC387620 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC387620 d:FullAccounts 2023-04-01 2024-03-31 OC387620 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC387620 d:PartnerLLP1 2023-04-01 2024-03-31 OC387620 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC387620 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC387620 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC387620









PIGEON (FIVEWAYS) LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PIGEON (FIVEWAYS) LLP
REGISTERED NUMBER: OC387620

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 4 
7,500,000
7,500,000

  
7,500,000
7,500,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
145,638
471,668

Cash at bank and in hand
  
236,756
133,498

  
382,394
605,166

Creditors: amounts falling due within one year
 6 
(1,005,391)
(1,001,012)

NET CURRENT LIABILITIES
  
 
 
(622,997)
 
 
(395,846)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,877,003
7,104,154

Creditors: amounts falling due after more than one year
 7 
(4,269,462)
(4,420,799)

  
2,607,541
2,683,355

  

NET ASSETS
  
2,607,541
2,683,355


REPRESENTED BY:
  

LOANS AND OTHER DEBTS DUE TO MEMBERS WITHIN ONE YEAR
  

Members' capital
  
207,541
283,355

Revaluation reserve
  
2,400,000
2,400,000

  
2,607,541
2,683,355

  

  
2,607,541
2,683,355


TOTAL MEMBERS' INTERESTS
  

Loans and other debts due to members
  
2,607,541
2,683,355

  
2,607,541
2,683,355


Page 1

 
PIGEON (FIVEWAYS) LLP
REGISTERED NUMBER: OC387620
    
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 statement of comprehensive income 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 by: 






R B Stanton
On behalf of Pigeon Holdings Limited
Designated member

Date: 13 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Pigeon (Fiveways) 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.

Page 2

 
PIGEON (FIVEWAYS) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Pigeon (Fiveways) LLP is a private partnership incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. 
The principal place of business is Linden Square, 146 Kings Road, Bury St Edmunds, Suffolk, IP33 3DJ.
The Partnership's functional and presentational currency in GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover comprises rental , service charge and other income recognised by the LLP during the year, exclusive of Value Added Tax.

 
2.3

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the designated members based on professional advice received and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

Page 3

 
PIGEON (FIVEWAYS) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

DIVISION AND DISTRIBUTION OF PROFITS

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.


3.


EMPLOYEES

The Partnership has no employees.


4.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
7,500,000



AT 31 MARCH 2024
7,500,000

The 2024 valuations were made by the designated members, on an open market value for existing use basis, based on professional advice received.





Page 4

 
PIGEON (FIVEWAYS) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Trade debtors
1,602
1,470

Other debtors
137,475
460,885

Prepayments and accrued income
6,561
9,313

145,638
471,668



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
270,000
270,000

Other loans
31,336
60,111

Trade creditors
18,345
11,712

Other taxation and social security
6,618
14,756

Other creditors
475,901
456,576

Accruals and deferred income
203,191
187,857

1,005,391
1,001,012


Included within other loans is an unsecured loan of £16,353 (2023 - £46,562), which is repayable in equal instalments with the final payment in July 2024. The loan bears interest at a fixed rate of 7.9% per annum. 
Included within other loans is a Government backed 'Coronavirus Business Interruption Loan' of £14,983 (2023 - £13,549), which was drawn down in November 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest was charged at 10.1% per annum.
Secured loans
The bank loan is secured by a first legal debenture over the LLP’s assets and undertaking and a first legal charge over the LLP’s property. Interest is charged on an interest only basis at 2.95% over the Sterling Overnight Index Average (SONIA). The directors of Pigeon Holdings Limited, a member of this LLP, have also given a Costs Overrun and Interest Shortfall Guarantee. The loan is also secured by a first legal charge over the property free from any form of encumbrance and a first fixed charge over the rental collection bank account.
Also included in bank loans is an unsecured loan of £150,000 (2023 - £150,000), which bears interest at 12% per annum and is due for repayment in February 2025.

Page 5

 
PIGEON (FIVEWAYS) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
4,260,000
4,380,000

Other loans
9,462
40,799

4,269,462
4,420,799


Included within other loans is a Government backed 'Coronavirus Business Interruption Loan' of £9,462 (2023 - £24,445), which was drawn down in November 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company is the first 12 months. After this 12 month period, interest was charged at 10.1% per annum. 
Secured loans
The bank loan is secured by a first legal debenture over the LLP’s assets and undertaking and a first legal charge over the LLP’s property. Interest is charged on an interest only basis at 2.95% over the Sterling Overnight Index Average (SONIA). The directors of Pigeon Holdings Limited, a member of this LLP, have also given a Costs Overrun and Interest Shortfall Guarantee. The loan is also secured by a first legal charge over the property free from any form of encumbrance and a first fixed charge over the rental collection bank account.


8.MEMBERS' PERSONAL GUARANTEES

The members have personally guaranteed borrowings obtained from the Funding Circle up to a maximum of £205,446.

 
Page 6