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REGISTERED NUMBER: OC314538 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Praia Investments LLP

Praia Investments LLP (Registered number: OC314538)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

Praia Investments LLP

General Information
for the Year Ended 31 August 2024







DESIGNATED MEMBERS: J Thornley
A R Thornley



REGISTERED OFFICE: Trimble House
9 Bold Street
Warrington
WA1 1DN



REGISTERED NUMBER: OC314538 (England and Wales)



ACCOUNTANTS: Raise
Chartered Accountants
10th Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF



BANKERS: Santander
298 Deansgate
Manchester
M3 4HH

Praia Investments LLP (Registered number: OC314538)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 39,670 47,604
Investment property 5 818,000 818,000
857,670 865,604

CURRENT ASSETS
Debtors 6 237 190
Cash in hand 22,290 27,511
22,527 27,701
CREDITORS
Amounts falling due within one year 7 20,805 111,737
NET CURRENT ASSETS/(LIABILITIES) 1,722 (84,036 )
TOTAL ASSETS LESS CURRENT LIABILITIES 859,392 781,568

CREDITORS
Amounts falling due after more than one year 8 149,400 92,667
NET ASSETS ATTRIBUTABLE TO MEMBERS 709,992 688,901

LOANS AND OTHER DEBTS DUE TO MEMBERS 10 273,341 252,250

MEMBERS' OTHER INTERESTS
Fair value reserve 11 436,651 436,651
709,992 688,901

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 273,341 252,250
Members' other interests 436,651 436,651
709,992 688,901

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2024.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 21 February 2025 and were signed by:





J Thornley - Designated member

Praia Investments LLP (Registered number: OC314538)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Praia Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 79,340
AMORTISATION
At 1 September 2023 31,736
Charge for year 7,934
At 31 August 2024 39,670
NET BOOK VALUE
At 31 August 2024 39,670
At 31 August 2023 47,604

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 818,000
NET BOOK VALUE
At 31 August 2024 818,000
At 31 August 2023 818,000

The investment properties were valued as at 31 August 2019 by J Thornley (Chartered Surveyor) BSC MRICS, a designated member of the company. The fair value of the properties was £818,000
No depreciation is provided in respect of these properties.

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2009 463,000
Valuation in 2016 30,000
Valuation in 2017 (15,000 )
Valuation in 2018 (12,000 )
Valuation in 2019 (236,000 )
Cost 588,000
818,000

Praia Investments LLP (Registered number: OC314538)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Other debtors 237 190

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 8,800 8,800
Trade creditors 238 92,097
Taxation and social security 2,801 2,451
Other creditors 8,966 8,389
20,805 111,737

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans 149,400 92,667

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 158,200 101,467

The bank loans are secured by a first legal charge over certain of the investment properties of the company and, in the case of the Santander loan, a joint and several personal guarantee by John Thornley in favour of the bank which is limited to the principle sum of £150,000.

One bank loan with a current balance of £77,650 incurs interest of 1.50% per annum over the variable base rate of the Santander Bank. As at August 2024, the base rate was 5.0% per annum. The term of this loan is up to 25 years, at which point it may be restructured in light of ongoing investment/ development opportunities.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts shown within loans and other debts due to members currently rank last compared with other creditors.

11. RESERVES
Fair
value
reserve
£   
At 1 September 2023
and 31 August 2024 436,651

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Praia Investments LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Praia Investments LLP for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP'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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Praia Investments 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 Praia Investments LLP. You consider that Praia Investments 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 Praia Investments 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.






Raise
Chartered Accountants
10th Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF


21 February 2025