Praia Investments LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC314538 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

Praia Investments LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

FIXED ASSETS

Intangible assets

4

55,538

63,472

Investment property

5

818,000

818,000

873,538

881,472

CURRENT ASSETS

Debtors

6

170

4,654

Cash in hand

57,279

47,851

57,449

52,505

CREDITORS

Amounts falling due within one year

7

110,600

109,061

NET CURRENT LIABILITIES

(53,151

)

(56,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

820,387

824,916

CREDITORS

Amounts falling due after more than one year

8

126,467

160,267

NET ASSETS ATTRIBUTABLE TO MEMBERS

693,920

664,649

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

257,269

227,998

MEMBERS' OTHER INTERESTS

Fair value reserve

11

436,651

436,651

693,920

664,649

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

257,269

227,998

Members' other interests

436,651

436,651

693,920

664,649

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 2022.

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 15 May 2023 and were signed by:

J Thornley - Designated member

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 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2021

and 31 August 2022

79,340

AMORTISATION

At 1 September 2021

15,868

Charge for year

7,934

At 31 August 2022

23,802

NET BOOK VALUE

At 31 August 2022

55,538

At 31 August 2021

63,472

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2021

and 31 August 2022

818,000

NET BOOK VALUE

At 31 August 2022

818,000

At 31 August 2021

818,000

The investment properties were valued as at 31 August 2018 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 2022 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

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade debtors

-

4,262

Other debtors

170

392

170

4,654

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

8,800

5,133

Trade creditors

93,254

93,152

Taxation and social security

1,779

3,282

Other creditors

6,767

7,494

110,600

109,061

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans

126,467

160,267

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Bank loans

135,267

165,400

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 totalling £489,600 incurs interest of 1.50% per annum over the variable base rate of the Santander Bank. As at the date of the issue of the loan in July 2008, 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 2021

and 31 August 2022

436,651

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 2022 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

15 May 2023