Registered number: OC387620
PIGEON (FIVEWAYS) LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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PIGEON (FIVEWAYS) LLP
REGISTERED NUMBER: OC387620
BALANCE SHEET
AS AT 31 MARCH 2024
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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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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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Loans and other debts due to members
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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
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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.
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PIGEON (FIVEWAYS) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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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 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:
Turnover comprises rental , service charge and other income recognised by the LLP during the year, exclusive of Value Added Tax.
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.
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.
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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 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.
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PIGEON (FIVEWAYS) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 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 fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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DIVISION AND DISTRIBUTION OF PROFITS
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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.
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The Partnership has no employees.
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Freehold investment property
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The 2024 valuations were made by the designated members, on an open market value for existing use basis, based on professional advice received.
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PIGEON (FIVEWAYS) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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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.
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PIGEON (FIVEWAYS) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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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.
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8.MEMBERS' PERSONAL GUARANTEES
The members have personally guaranteed borrowings obtained from the Funding Circle up to a maximum of £205,446.
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