Paragon Trading Partners LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC345305

Paragon Trading Partners LLP

Filleted Unaudited Financial Statements

31 December 2024

Paragon Trading Partners LLP

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	145,324	230,330

Current assets

Debtors	6	1,830,427	1,297,794
Cash at bank and in hand		7,687,355	6,751,054
		------------	------------
		9,517,782	8,048,848

Creditors: amounts falling due within one year	7	37,928	36,890
		------------	------------
Net current assets		9,479,854	8,011,958
		------------	------------
Total assets less current liabilities		9,625,178	8,242,288

Provisions	22,582	21,871
	------------	------------
Net assets	9,602,596	8,220,417
	------------	------------

Represented by:

Loans and other debts due to members

Other amounts	9	6,970,596	5,504,417

Members' other interests

Members' capital classified as equity	2,632,000	2,716,000
Other reserves	–	–
	------------	------------
	9,602,596	8,220,417
	------------	------------

Total members' interests

Amounts due from members		–	(56,895)
Loans and other debts due to members	9	6,970,596	5,504,417
Members' other interests		2,632,000	2,716,000
		------------	------------
		9,602,596	8,163,522
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the LLP 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Paragon Trading Partners LLP

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the members and authorised for issue on 6 August 2025 , and are signed on their behalf by:

Niall Maguire Limited

Designated Member

Registered number: OC345305

Paragon Trading Partners LLP

Notes to the Financial Statements

Year ended 31 December 2024

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 10 Clovelly Avenue, Warlingham, Surrey, CR6 9HZ. The principal place of business is 1 Carey Lane, London EC2V 8AE.

2.	Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2022).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires the LLP to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The members have considered the above and do not believe that there are any estimates or assumptions which have a significant effect on the amounts recognised in the financial statements that require disclosure.

Revenue recognition

Turnover shown in the profit and loss account represents amounts earned during the year from proprietary trading. Revenue is recognised in the period in which the trade has been placed. Interest income and expenses are recognised in profit or loss using the effective interest method.

Members' participation rights

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. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	In line with 5 year lease term
Fixtures and Fittings	-	25% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions relate to the decommissioning cost of the leasehold property. Under FRS 102 the estimated dilapidation has been provided for and included as part of the cost of that asset discounted to present value using an appropriate effective interest rate. Any changes in the liability are added to, or deducted from, the cost of the related asset in the current period, except that the amount deducted from the cost of the asset must not exceed its carrying amount. If a decrease in the liability exceeds the carrying amount of the asset, the excess should be recognised immediately in profit or loss. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Financial liabilities and equity instruments Financial liabilities and equity 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 entity after deducting all of its liabilities. Borrowing Borrowings are initially recognised at fair value of the consideration received, after deduction of issue costs and are subsequently measured at amortised cost using the effective interest rate method less provision for any impairment. Issue costs, together with finance costs, are charged to the profit and loss over the term of the borrowings and present a constant proportion of the balance of capital repayments outstanding.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Taxation

Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.

4.	Staff costs

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:

	2024	2023
	No.	No.
Administrative	7	6
Management	5	5
	----	----
	12	11
	----	----

The aggregate employment costs incurred during the year (excluding members) were:

	2024	2023
	£	£
Wages and salaries	372,210	417,529
Social security costs	34,445	39,334
Other pension costs	2,418	2,162
	---------	---------
	409,073	459,025
	---------	---------

The number of key management personnel within the partnership during the year was 5 (2023:5)

5.	Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	345,428	50,377	214,774	610,579
Additions	–	1,439	8,018	9,457
	---------	--------	---------	---------
At 31 December 2024	345,428	51,816	222,792	620,036
	---------	--------	---------	---------
Depreciation
At 1 January 2024	146,709	36,119	197,421	380,249
Charge for the year	69,086	8,585	16,792	94,463
	---------	--------	---------	---------
At 31 December 2024	215,795	44,704	214,213	474,712
	---------	--------	---------	---------
Carrying amount
At 31 December 2024	129,633	7,112	8,579	145,324
	---------	--------	---------	---------
At 31 December 2023	198,719	14,258	17,353	230,330
	---------	--------	---------	---------

6.	Debtors

	2024	2023
	£	£
Amounts due from members	–	56,895
Other debtors	1,830,427	1,240,899
	------------	------------
	1,830,427	1,297,794
	------------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	9,318	8,049
Accruals and deferred income	5,679	12,401
Social security and other taxes	22,931	16,440
	--------	--------
	37,928	36,890
	--------	--------

8.	Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	1,830,416	1,241,028
	------------	------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	14,998	20,448
	--------	--------

9.	Loans and other debts due to members

	2024	2023
	£	£
Loans from members	6,970,596	5,504,417
	------------	------------

10.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	142,201	137,400
Later than 1 year and not later than 5 years	147,003	257,483
	---------	---------
	289,204	394,883
	---------	---------

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

11.	Other financial commitments

As at 31 December 2024 the LLP had no capital or other commitments or contracts for capital expenditure in place (2023: £nil).

12.	Related party transactions

The LLP is under the control of its designated members. During the year: Amounts totalling £4,800 were invoiced by Maguire Futures Limited, a company in which Niall Maguire is a director and shareholder, for professional services (2023: £18,200). Niall Maguire controls Niall Maguire Limited which is a designated member of the LLP. No invoiced amounts remained unpaid at the year end. Amounts totalling £17,300 were paid to Eunicon Sporting Management Ltd, a company in which Niall Maguire is a director and shareholder. (2023: £29,670). Niall Maguire controls Niall Maguire Limited which is a designated member of the LLP. No invoiced amounts remained unpaid at the year end. No further transactions with related parties were undertaken such as is required to be disclosed under the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.