Paragon Trading Partners LLP LLP accounts

REGISTERED NUMBER: OC345305

Paragon Trading Partners LLP

Unaudited Financial Statements

31 December 2025

Paragon Trading Partners LLP

Financial Statements

Year ended 31 December 2025

Contents	Page

Members' report	1

Statement of comprehensive income	2

Statement of financial position	3

Reconciliation of members' interests	5

Notes to the financial statements	7

Paragon Trading Partners LLP

Members' Report

Year ended 31 December 2025

The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2025 .

Principal activities

The principal activity of the company during the year was proprietary trading.

Designated members

The designated members who served the LLP during the year were as follows:

Niall Maguire Limited
Lutomax Financial Limited
Christopher Harris Limited

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set out in the members agreement (and subsequent amendments agreed by all members) taking into account the anticipated cash needs of the LLP.

Voting members have subscribed a level of equity as agreed in the members agreement and on retirement, equity is repaid to voting members. Non-voting members are not required to subscribe equity.

This report was approved by the members on 22 April 2026 and signed on behalf of the members by:

Niall Maguire

On behalf of Niall Maguire Ltd

Registered office:

10 Clovelly Avenue

Warlingham

Surrey

CR6 9HZ

Paragon Trading Partners LLP

Statement of Comprehensive Income

Year ended 31 December 2025

	2025	2024
Note	£	£
Turnover	28,815,346	5,958,828

Cost of sales	2,052,655	1,274,056
	-------------	------------
Gross profit	26,762,691	4,684,772

Administrative expenses		1,014,060	838,178
		-------------	------------
Operating profit	6	25,748,631	3,846,594

Other interest receivable and similar income	7	411,106	241,575
Interest payable and similar expenses	8	8,487	1,125
		-------------	------------
Profit for the financial year before members' remuneration and profit shares		26,151,250	4,087,044

Members' remuneration charged as an expense	26,151,250	4,087,044
	----	----
Result for the financial year available for discretionary division among members	–	–
	----	----

All the activities of the LLP are from continuing operations.

Paragon Trading Partners LLP

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	9	80,526	145,324

Current assets

Debtors	10	1,363,589	1,830,427
Cash at bank and in hand		17,152,856	7,687,355
		-------------	------------
		18,516,445	9,517,782

Creditors: amounts falling due within one year	11	83,397	37,928
		-------------	------------
Net current assets		18,433,048	9,479,854
		-------------	------------
Total assets less current liabilities		18,513,574	9,625,178

Provisions	23,316	22,582
	-------------	------------
Net assets	18,490,258	9,602,596
	-------------	------------

Represented by:

Loans and other debts due to members

Other amounts	13	15,858,258	6,970,596

Members' other interests

Members' capital classified as equity	2,632,000	2,632,000
Other reserves	–	–
	-------------	------------
	18,490,258	9,602,596
	-------------	------------

Total members' interests

Loans and other debts due to members	13	15,858,258	6,970,596
Members' other interests		2,632,000	2,632,000
		-------------	------------
		18,490,258	9,602,596
		-------------	------------

These financial statements have been prepared 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'.

For the year ending 31 December 2025 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 2025

These financial statements were approved by the members and authorised for issue on 22 April 2026 , and are signed on their behalf by:

Niall Maguire Limited

Designated Member

Registered number: OC345305

Paragon Trading Partners LLP

Reconciliation of Members' Interests

Year ended 31 December 2025

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2025
	£	£	£	£	£	£
Balance at 1 January 2025	2,632,000	–	2,632,000	–	–	2,632,000
Profit for the financial year available for discretionary division among members		–	–			–
	------------	----	------------	----	----	------------
Members' interests after profit for the year	2,632,000	–	2,632,000	–	–	2,632,000
Repayments of capital	–		–		–	–
Loans and other debts due to members	–	–	–	15,858,258	15,858,258	15,858,258
	------------	----	------------	-------------	-------------	-------------
Balance at 31 December 2025	2,632,000	–	2,632,000	15,858,258	15,858,258	18,490,258
	------------	----	------------	-------------	-------------	-------------

Paragon Trading Partners LLP

Reconciliation of Members' Interests (continued)

Year ended 31 December 2025

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2024
	£	£	£	£	£	£
Balance at 1 January 2024	2,716,000	–	2,716,000	–	–	2,716,000
Profit for the financial year available for discretionary division among members		–	–			–
Repayments of capital	(84,000)		(84,000)		–	(84,000)
Loans and other debts due to members	–	–	–	6,970,596	6,970,596	6,970,596
	------------	----	------------	------------	------------	------------
Balance at 31 December 2024	2,632,000	–	2,632,000	6,970,596	6,970,596	9,602,596
	------------	----	------------	------------	------------	------------

Paragon Trading Partners LLP

Notes to the Financial Statements

Year ended 31 December 2025

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.

Paragon Trading Partners LLP

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

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:

	2025	2024
	No.	No.
Administrative	6	7
Management	5	5
	----	----
	11	12
	----	----

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

	2025	2024
	£	£
Wages and salaries	467,393	372,210
Social security costs	46,360	34,445
Other pension costs	3,287	2,418
	---------	---------
	517,040	409,073
	---------	---------

The number of key management personnel within the partnership during the year was 5 (2024:5)

5.	Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	–	1,032
	----	-------

6.	Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	89,154	94,463
Foreign exchange differences	( 30,257)	( 5,457)
	--------	--------

7.	Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	411,106	241,575
	---------	---------

8.	Interest payable and similar expenses

	2025	2024
	£	£
Other interest payable and similar charges	8,487	1,125
	-------	-------

9.	Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2025	345,428	51,816	222,792	620,036
Additions	–	1,178	23,178	24,356
	---------	--------	---------	---------
At 31 December 2025	345,428	52,994	245,970	644,392
	---------	--------	---------	---------
Depreciation
At 1 January 2025	215,795	44,704	214,213	474,712
Charge for the year	69,085	6,437	13,632	89,154
	---------	--------	---------	---------
At 31 December 2025	284,880	51,141	227,845	563,866
	---------	--------	---------	---------
Carrying amount
At 31 December 2025	60,548	1,853	18,125	80,526
	---------	--------	---------	---------
At 31 December 2024	129,633	7,112	8,579	145,324
	---------	--------	---------	---------

10.	Debtors

	2025	2024
	£	£
Other debtors	1,363,589	1,830,427
	------------	------------

11. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	62,994	9,318
Accruals and deferred income	3,613	5,679
Social security and other taxes	16,790	22,931
	--------	--------
	83,397	37,928
	--------	--------

12.	Financial instruments

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

	2025	2024
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	1,363,578	1,830,416
	------------	------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	66,607	14,998
	--------	--------

13.	Loans and other debts due to members

	2025	2024
	£	£
Loans from members	15,858,258	6,970,596
	-------------	------------

14.	Operating leases

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

	2025	2024
	£	£
Not later than 1 year	147,003	142,201
Later than 1 year and not later than 5 years	–	147,003
	---------	---------
	147,003	289,204
	---------	---------

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.

15.	Other financial commitments

As at 31 December 2025 the LLP had no capital or other commitments or contracts for capital expenditure in place (2024: £nil).

16.	Related party transactions

The LLP is under the control of its designated members. During the year: Amounts totalling £51,500 were paid to Maguire Futures Limited, a company in which Niall Maguire is a director and shareholder (2024: £4,800). Niall Maguire controls Niall Maguire Limited which is a designated member of the LLP. £51,500 remained unpaid at the year end (2024: £nil) Amounts totalling £24,000 were paid to Eunicon Sporting Management Ltd, a company in which Niall Maguire is a director and shareholder. (2024: £17,300). 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'.