Limited Liability Partnership Registration No. OC401526 (England and Wales)
THE PARKER PARTNERSHIP LLP
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2024
05 April 2024
THE PARKER PARTNERSHIP LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
C S Line
A J Barton
LLP registration number
OC401526
Registered office
Normandie House
Bull Lane
Chalfont St Peter
Gerrards Cross
SL9 8RY
Accountants
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
THE PARKER PARTNERSHIP LLP
CONTENTS
Page
Members' report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 12
THE PARKER PARTNERSHIP LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
- 1 -

The members present their annual report and financial statements for the year ended 5 April 2024.

Principal activities

The principal activity of the limited liability partnership is that of property investment.

Members' drawings, contributions and repayments

The total amount of members' Capital shall be determined by the members from time to time. Additional capital is to be contributed by the members pro-rata to their existing interests in capital.

 

Unless all of the members agree no member may directly or indirectly draw out or receive back any part of their capital while they remain a member.

 

Members may draw such amounts as may be agreed in advance by them on account of their entitlement to profits for the then current financial year.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

C S Line
A J Barton
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law (as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period.

 

In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

THE PARKER PARTNERSHIP LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
Approved by the members on 4 January 2025 and signed on behalf by:
04 January 2025
..............................................
..............................................
C S Line
A J Barton
Designated Member
Designated Member
THE PARKER PARTNERSHIP LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE PARKER PARTNERSHIP LLP FOR THE YEAR ENDED 5 APRIL 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of The Parker Partnership LLP for the year ended 5 April 2024 set out on pages 4 to 12 from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/

This report is made solely to the members of The Parker Partnership LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Parker Partnership LLP and state those matters that we have agreed to state to the members of The Parker Partnership LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Parker Partnership LLP and its members as a body for our work or for this report.

It is your duty to ensure that The Parker Partnership LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Parker Partnership LLP. You consider that The Parker Partnership LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Parker Partnership LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

4 January 2025
Cheesmans
Chartered Accountants
4 Aztec Row
Berners Road
London
N1 0PW
THE PARKER PARTNERSHIP LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
2024
2023
Notes
£
£
Turnover
1.2
141,244
141,235
Administrative expenses
12,332
(31,102)
Operating profit
153,576
110,133
Interest receivable and similar income
466
-
Interest payable and similar expenses
(34,309)
(31,475)
Profit for the financial year before taxation
119,733
78,658
Profit for the financial year before members' remuneration and profit shares
119,733
78,658
Profit for the financial year before members' remuneration and profit shares
119,733
78,658
Members' remuneration charged as an expense
-
-
Profit for the financial year available for discretionary division among members
119,733
78,658
THE PARKER PARTNERSHIP LLP
BALANCE SHEET
AS AT 5 APRIL 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,700,000
1,700,000
Current assets
Debtors
5
29,665
37,266
Cash at bank and in hand
75,463
70,759
105,128
108,025
Creditors: amounts falling due within one year
6
(56,781)
(64,262)
Net current assets
48,347
43,763
Total assets less current liabilities
1,748,347
1,743,763
Creditors: amounts falling due after more than one year
7
(608,037)
(608,552)
Net assets attributable to members
1,140,310
1,135,211
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
(774)
(17,113)
Members' other interests
8
Members' capital classified as equity
508,525
508,525
Other reserves classified as equity
632,559
643,799
1,140,310
1,135,211
THE PARKER PARTNERSHIP LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2024
- 6 -

For the financial year ended 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 4 January 2025 and are signed on their behalf by:
04 January 2025
..............................................
..............................................
C S Line
A J Barton
Designated member
Designated Member
Limited Liability Partnership registration number OC401526 (England and Wales)
THE PARKER PARTNERSHIP LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
Members' capital
Other reserves
Total
Notes
£
£
£
Balance at 6 April 2022
762,787
983,698
1,746,485
Year ended 5 April 2023:
Profit and total comprehensive income for the year
-
78,658
78,658
Members' capital redeemed
8
(254,262)
-
(254,262)
Profit allocations
-
(90,658)
(90,658)
Other division of profits
-
(327,899)
(327,899)
Balance at 5 April 2023
508,525
643,799
1,152,324
Year ended 5 April 2024:
Profit and total comprehensive income for the year
-
119,733
119,733
Profit allocations
-
(130,973)
(130,973)
Balance at 5 April 2024
508,525
632,559
1,141,084
THE PARKER PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 8 -
1
Accounting policies
Limited liability partnership information

The Parker Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is Normandie House, Bull Lane, Chalfont St Peter, Gerrards Cross, SL9 8RY.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), the Statement of Recommended Practice; Accounting by Limited Liability Partnerships published in 2017 and the requirements of the Companies Act 2006 as applicable to limited liability partnerships subject to the small Limited Liability Partnerships regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is represented by rental income on a receivable basis.

1.3
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.

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 other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE PARKER PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 9 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

THE PARKER PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE PARKER PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 11 -
3
Employees

There were no people (excluding members) employed by the partnership during the year.

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
1,700,000

Investment property comprises Thornsett Works, Thornsett Road, Earlsfield, London SW18 4EW. The fair value of the investment property has been arrived at on an open market value basis by reference to market evidence of transaction prices for similar properties and is re-assessed by the members at each year end.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
655
-
Other debtors
29,010
37,266
29,665
37,266
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
16,648
11,389
Other creditors
40,133
52,873
56,781
64,262
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
608,037
608,552

Included in bank loans and overdrafts is a mortgage secured on the investment property. The mortgage is for 10 years, interest only, and repayable in full on 5 May 2032. The interest rate is 5.64% per annum.

THE PARKER PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 12 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 6 April 2023
508,525
643,799
1,152,324
(17,113)
(17,113)
1,135,211
Profit for the financial year available for discretionary division among members
-
119,733
119,733
-
-
119,733
Members' interests after profit for the year
508,525
763,532
1,272,057
(17,113)
(17,113)
1,254,944
Allocation of profit for the financial year
-
(130,973)
(130,973)
130,973
130,973
-
Drawings on account and distributions of profit
-
-
-
(114,634)
(114,634)
(114,634)
Members' interests at 5 April 2024
508,525
632,559
1,141,084
(774)
(774)
1,140,310

There are no restrictions or limitations existing on the ability of the members to reduce the amount of "Members other Interests"

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