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Registration number: OC423013

Paphos LLP Unaudited Annual Report and Financial Statements for the Year Ended 31 March 2025
Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Paphos LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 8
Statement of Financial Position | 2
Statement of Changes in Members’ Interests | 4
Notes to the Financial Statements | 6

Paphos LLP

Limited liability partnership information

Designated members | R J Day C S J Beauvilain

Registered office | 130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants | Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Paphos LLP

Statement of Financial Position as at 31 March 2025

| Note | 2025 € | 2024 €
Fixed assets |  |  |
Investments | 4 | 140,106 | 140,106
Current assets |  |  |
Debtors | 5 | 252,947 | 257,293
Cash and short-term deposits |  | 3,856 | 315
|  | 256,803 | 257,608
Creditors: Amounts falling due within one year | 6 | (6,095) | (9,609)
Net current assets |  | 250,708 | 247,999
Net assets attributable to members |  | 390,814 | 388,105
Represented by: |  |  |
Members’ other interests |  |  |
Members' capital classified as equity |  | 350,100 | 350,100
Other reserves |  | 40,714 | 38,005
|  | 390,814 | 388,105
|  | 390,814 | 388,105
Total members' interests |  |  |
Amounts due from members |  | (71,059) | (68,504)
Equity |  | 390,814 | 388,105
|  | 319,755 | 319,601

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

Paphos LLP

Statement of Financial Position as at 31 March 2025

The financial statements of Paphos LLP (registered number OC423013) were approved by the Board and authorised for issue on 3 November 2025. They were signed on behalf of the limited liability partnership by:

......................................... C S J Beauvilain Designated member

Paphos LLP

Statement of Changes in Members’ Interests
At 31 March 2025

| Equity |  | Loans and other debts due to/(from) members |
| Members' capital € | Other reserves € | Total € | Members' other amounts € | Total 2025 €
Members' interest at 1 April 2024 | 350,100 | 38,005 | 388,105 | (68,504) | 319,601
Profit for the financial year available for discretionary division among members | - | 40,714 | 40,714 | - | 40,714
Members' interests after total comprehensive income | 350,100 | 78,719 | 428,819 | (68,504) | 360,315
Allocated (losses)/profits in respect of the prior year | - | (38,005) | (38,005) | 38,005 | -
Drawings (including tax payments) | - | - | - | (40,560) | (40,560)
At 31 March 2025 | 350,100 | 40,714 | 390,814 | (71,059) | 319,755

Paphos LLP

Statement of Changes in Members’ Interests
At 31 March 2025

| Equity |  | Loans and other debts due to/(from) members |
| Members' capital € | Other reserves € | Total € | Members' other amounts € | Total 2024 €
Members' interest at 1 April 2023 | 350,100 | 166,962 | 517,062 | (187,869) | 329,193
Profit for the financial year available for discretionary division among members | - | 38,005 | 38,005 | - | 38,005
Members' interests after total comprehensive income | 350,100 | 204,967 | 555,067 | (187,869) | 367,198
Allocated (losses)/profits in respect of the prior year | - | (166,962) | (166,962) | 166,962 | -
Drawings (including tax payments) | - | - | - | (47,597) | (47,597)
At 31 March 2024 | 350,100 | 38,005 | 388,105 | (68,504) | 319,601

Paphos LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General Information

The Limited Liability Partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU
The principal activity of the Limited Liability Partnership is that of investments in hotel-owning companies.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and 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, and the requirements of the statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items may be shown at fair value.
The functional currency of the Limited Liability Partnership is considered to be Euros as that is the currency of the primary economic environment in which the entity operates.

Going concern

The LLP made a profit for the year ended 31 March 2025 and had net assets of €390,814 at that date.
The LLP continues to receive interest income on loans receivable. The entity maintains a positive cash balance and the members are able to control expenditure. It continues to pay its creditors as they fall due and is not reliant upon any other funding. Furthermore, the members believe that the investments and debtors have not been impaired by inflation and the general economic uncertainty.
Accordingly the members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future, and for these reasons they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

The turnover shown in the profit and loss accounts represents amounts receivable for services rendered in the normal course of the LLP's activities exclusive of Value added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the services provided.

Paphos LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income at a fixed rate. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Paphos LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2024: 0).

4 | Investments held as fixed assets

| 2025 € | 2024 €
Other investments | 140,106 | 140,106

5 | Debtors

| 2025 € | 2024 €
Amounts due from members | 71,059 | 68,504
Other debtors | 181,212 | 182,593
Prepayments and accrued income | 676 | 6,196
Total trade and other debtors | 252,947 | 257,293

Included in other debtors is an amount of €181,212 (2024: €182,593) receivable after more than one year.

6 | Creditors: Amounts falling due within one year

| 2025 € | 2024 €
Accruals and deferred income | 6,095 | 9,609