Limited Liability Partnership registration number OC304860 (England and Wales)
THE PARKES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
THE PARKES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr D Parkes
Mr S A Smith
LLP registration number
OC304860
Registered office
Stag House
Old London Road
Hertford
Hertfordshire
United Kingdom
SG13 7LA
Accountants
Hentons
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
THE PARKES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE PARKES LLP
BALANCE SHEET
AS AT 5 APRIL 2025
05 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,313
6,643
Investment property
5
5,470,000
12,460,000
5,475,313
12,466,643
Current assets
Debtors
6
25,450
777,813
Cash at bank and in hand
750,182
75,660
775,632
853,473
Creditors: amounts falling due within one year
8
(39,203)
(2,449,262)
Net current assets/(liabilities)
736,429
(1,595,789)
Total assets less current liabilities
6,211,742
10,870,854
Creditors: amounts falling due after more than one year
10
(900,000)
(2,700,000)
Net assets attributable to members
5,311,742
8,170,854
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,439,317
-
Other amounts
100
100
1,439,417
100
Members' other interests
Other reserves classified as equity
3,872,325
8,170,754
5,311,742
8,170,854
Total members' interests
Amounts due from members
-
(746,432)
Loans and other debts due to members
1,439,417
100
Members' other interests
3,872,325
8,170,754
5,311,742
7,424,422
THE PARKES LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2025
05 April 2025
- 2 -

For the financial year ended 5 April 2025 the limited liability partnership 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 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 and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 7 January 2026 and are signed on their behalf by:
07 January 2026
Mr D Parkes
Designated member
Limited Liability Partnership registration number OC304860 (England and Wales)
THE PARKES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 3 -
1
Accounting policies
Limited liability partnership information

The Parkes LLP is a limited liability partnership incorporated in England and Wales. The registered office is Stag House, Old London Road, Hertford, Hertfordshire, United Kingdom, SG13 7LA.

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 the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies 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 a mounts 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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have a reasonable expectation that the LLP will have adequate resources to continue in operational existence for the foreseeable future.

The LLP therefore continues to adopt the going concern basis in preparing it's financial statements.

1.3
Turnover

Turnover represents the amounts receivable in respect of rents receivable, excluding value added tax, which fall within the LLP's ordinary activities.

1.4
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
1.5
Investment property

Investment property is revalued annually and the aggregate surplus or deficit is transferred to the non distributable reserve.

1.6
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 PARKES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any 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.

Basic financial liabilities

Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at 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.

THE PARKES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
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 th r ough 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.

1.8

Taxation

No provision for taxation is made in the financial statements as The Parkes LLP is not itself liable to taxation. Tax is charged to each member on their share of the LLP's taxable profits.

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.

3
Employees

The average number of persons (including members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
2
2
THE PARKES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 6 April 2024 and 5 April 2025
34,531
Depreciation and impairment
At 6 April 2024
27,888
Depreciation charged in the year
1,330
At 5 April 2025
29,218
Carrying amount
At 5 April 2025
5,313
At 5 April 2024
6,643
5
Investment property
2025
£
Fair value
At 6 April 2024
12,460,000
Disposals
(8,435,000)
Net gains or losses through fair value adjustments
1,445,000
At 5 April 2025
5,470,000

Investment property comprises a mixed office and residential building. The fair value of the investment property has been arrived at on the basis of a valuation carried out in November 2023 by Savills Chartered Surveyors, who are not connected with the limited liability partnership. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The designated members have considered the most recent valuation and have concluded that this should be used as the valuation as at 5th April 202 5.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,000
5,000
Amounts owed by members
-
746,432
Other debtors
-
1,150
Prepayments and accrued income
20,450
25,231
25,450
777,813
THE PARKES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 7 -
7
Secured Debts

The bank loans are secured by fixed charges over the investment property 16.5 Stukeley Street, London and all assets of the partnership.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
2,300,000
Other creditors
18,351
36,563
Accruals and deferred income
20,852
112,699
39,203
2,449,262
9
Loans and other debts due to members

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.

10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
900,000
2,700,000
11
Ultimate controlling party

The ultimate controlling party in the current and preceding period is D Parkes by virtue of his beneficial interest in the partnership.

12
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2025-04-05 2024-04-06 false false 07 January 2026 CCH Software CCH Accounts Production 2025.200 false OC304860 2024-04-06 2025-04-05 OC304860 bus:PartnerLLP1 2024-04-06 2025-04-05 OC304860 bus:PartnerLLP2 2024-04-06 2025-04-05 OC304860 2025-04-05 OC304860 2023-04-06 2024-04-05 OC304860 bus:LimitedLiabilityPartnershipLLP 2024-04-06 2025-04-05 OC304860 bus:SmallCompaniesRegimeForAccounts 2024-04-06 2025-04-05 OC304860 bus:FRS102 2024-04-06 2025-04-05 OC304860 bus:AuditExemptWithAccountantsReport 2024-04-06 2025-04-05 OC304860 bus:FullAccounts 2024-04-06 2025-04-05 xbrli:pure xbrli:shares