REGISTERED NUMBER: |
Members' Report and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Paramount Independent Property Services |
LLP |
REGISTERED NUMBER: |
Members' Report and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Paramount Independent Property Services |
LLP |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Members' Report | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Reconciliation of Members' Interests | 10 |
Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Paramount Independent Property Services |
LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Ashford Commercial Quarter |
1 Dover Place |
Ashford |
Kent |
TN23 1FB |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Members' Report |
for the Year Ended 31 March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of providing accommodation for homeless people and migrants. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £2,070,004 (2022 - £1,609,850 profit). |
MEMBERS' INTERESTS |
Members are remunerated from the profits of the LLP and are required to make their own provisions for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members upon resignation or retirement. Only those members who have contributed capital to the LLP are allocated losses if the LLP declares a loss in the period. |
DONATIONS AND EXPENDITURE |
Charitable donations were made in the year of £2,541 (2022: £350). Contributions were made to Community Interest projects in the year of £34,225.19 (2022: £35,298.84). |
MEMBERS' RESPONSIBILITIES STATEMENT |
The members are responsible for preparing the Members' Report and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Members' Report |
for the Year Ended 31 March 2023 |
MEMBERS' RESPONSIBILITIES STATEMENT - continued |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
DISCLOSURE OF INFORMATION TO AUDITOR |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Paramount Independent Property Services |
LLP |
Opinion |
We have audited the financial statements of Paramount Independent Property Services LLP (the 'LLP') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Paramount Independent Property Services |
LLP |
Other information |
The members are responsible for the other information. The other information comprises the information in the Members' Report, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of members |
As explained more fully in the Members' Responsibilities Statement set out on pages two and three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Paramount Independent Property Services |
LLP |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
- Reviewing minutes of meetings of those charged with governance; |
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Paramount Independent Property Services |
LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Ashford Commercial Quarter |
1 Dover Place |
Ashford |
Kent |
TN23 1FB |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Statement of Comprehensive Income |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,964,481 | 1,512,703 |
Other operating income |
OPERATING PROFIT | 4 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
2,070,004 |
1,609,850 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
2,070,004 |
1,609,850 |
Members' remuneration charged as an expense |
5 |
(2,070,004 |
) |
(1,609,850 |
) |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,863,831 |
2,894,830 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
2,863,831 |
2,894,830 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members |
10 |
2,863,831 |
2,894,830 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 2,894,830 |
Amount due from members | - |
Balance at 1 April 2022 | - | 2,894,830 | 2,894,830 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
2,070,004 |
2,070,004 |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year |
- |
4,964,834 |
4,964,834 |
Drawings on account and distributions of profit |
- |
(2,101,003 |
) |
(2,101,003 |
) |
Amount due to members | 2,863,831 |
Amount due from members | - |
Balance at 31 March 2023 | - | 2,863,831 | 2,863,831 |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 2,954,980 |
Amount due from members | - |
Balance at 1 April 2021 | - | 2,954,980 | 2,954,980 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
1,609,850 |
1,609,850 |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year |
- |
4,564,830 |
4,564,830 |
Drawings on account and distributions of profit |
- |
(1,670,000 |
) |
(1,670,000 |
) |
Amount due to members | 2,894,830 |
Amount due from members | - |
Balance at 31 March 2022 | - | 2,894,830 | 2,894,830 |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 15 |
Net cash from operating activities |
Cash flows from investing activities |
Proceeds on disposal of fixed assets |
Net cash from investing activities |
Cash flows from financing activities |
Transactions with members and | former members |
Payments to members | (2,101,003 | ) | (1,670,000 | ) |
Net cash from financing activities | (2,101,003 | ) | (1,670,000 | ) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
16 |
675,868 |
Cash and cash equivalents at end of year |
16 |
821,731 |
439,796 |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Paramount Independent Property Services LLP is registered in England and Wales (no, OC395930). The LLP's 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 the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", 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 LLP's subject to the medium company regime. |
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The prinicipal accounting policies adopted are set out below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles - 25% on cost |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less 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. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Classification of financial liabilities |
Financial liabilities and equity instruments 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 limited liability partnership after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the limited liability partnership's obligations expire or are discharged or cancelled. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Classification of share of profits in the cash flow statement |
We classify the share of profits distributed to members in the cashflow statement as "Payments to members". This classification reflects the allocation of profits among partners and provides transparency regarding distibution of earnings within the LLP. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Members' participating interests |
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, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. |
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests. |
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member. |
Going concern |
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. |
Judgements and key estimates |
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. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEE INFORMATION |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Staff |
Total remuneration paid to key management personnel was £282,000 (2022: £158,690), employer NI £34,638 (2022: £18,235), and pension £9,582 (2022: £6,588). |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 2,070,004 | 1,609,850 |
2023 | 2022 |
£ | £ |
The amount of profit attributable to the member with the largest entitlement was | 517,502 |
402,464 |
2023 | 2022 |
The average number of members during the year was | 4 | 4 |
Profits for the year were distributed equally. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related parties | 362,258 | 2,252,273 |
Other debtors |
Accrued income |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to related parties | 10,502 | 1,253,138 |
Social security and other taxes |
Payroll and pension | 7,790 | 7,687 |
Accrued expenses |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 2,863,831 | 2,894,830 |
Falling due within one year | 2,863,831 | 2,894,830 |
Loans due to other members rank equally with other debts in the event of liquidation. |
11. | PENSION COMMITMENTS |
Contributions made to the defined contribution plan during the year totalled £89,998 (2022: £83,328). |
12. | CONTINGENT LIABILITIES |
The company entered into a guarantee arrangement with Barclays Bank which is subject to a fixed and floating charge for all debts and other liabilities owed by the related party Astamor LLP to Barclays Bank. The actual balance of secured debts in Astamor LLP as at 31 March 2023 amounts to £988,308 (2022: £966,311). |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year various transactions occurred between the LLP and other entities under common control.These entities were Paramount Sales & Lettings Ltd (PSAL), Paramount Sales & Lettings (Kent) (PSALK), Paramount Land & Development Ltd (PLAD), Paramount Foundation CIC (PFCIC), Bulldog Properties (BP), Harbour Rock Capital (HRC) (formerly known as Portafina Investment Management), Portal Investment News (PIN), Astamor LLP (AS) and Brenna Properties Limited (BPL). |
At the year end the LLP owed BP £nil (2022: £755,653), having paid £200,000 on behalf of BP (2022: £nil) and reimbursed BP £735,653 (2022: £951,077). |
The LLP owed HRC £4,089 (2022: £54,232). During the year HRC paid £57,326 (2022: £59,057) on behalf of the LLP, and was reimbursed £107,469 (2022: £24,178.32). |
The LLP owed PIN £1,270 (2022: £417,827), PIN having paid £37,328 (2022: 19,212.14) on behalf of the LLP, reimbursing the LLP £nil (2022: £400,000) and being reimbursed £453,885.35 (2022: £6,675.34). |
AS were owed £5,143 (2022: £25,426), having paid £61,412 (2022: £61,108.36) on behalf of the LLP and being reimbursed £81,695 (2022: £52,770). |
PSAL owed the LLP £351,263 (2022: £350,419). During the year, the LLP paid £25,844 (2022: £32,576) on behalf of PSAL and were reimbursed £25,000 (2022: £25,000). |
PSALK owed the LLP £nil (2022: £375), the LLP having paid £nil on behalf of PSALK (2022: £375). |
PLAD owed the LLP £nil (2022: £2,495,938), after the LLP paid £63 (2022: £190,011) on behalf of PLAD, were reimbursed £1,990,000 (2022: £280,000) and wrote off £506,000 of unrecoverable debt. |
PFCIC owed the LLP £6,471 (2022: £6,955), as the LLP paid £6,067 (2022: £10,048) on behalf of PFCIC and was reimbursed £6,550 (2022: £8,512) . |
BPL owed the LLP £4,524 (2022: £4,524). |
14. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' remuneration charged as an expense | 2,070,004 | 1,609,850 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
2,066,828 | 1,611,975 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
16. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 821,731 | 439,796 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 439,796 | 675,868 |
Paramount Independent Property Services |
LLP (Registered number: OC395930) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
17. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.4.22 | Cash flow | changes | At 31.3.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 439,796 | 381,935 | 821,731 |
439,796 | 821,731 |
Net funds (before |
members' debt) | 439,796 | 381,935 | - | 821,731 |
Loans and other debts |
due to members |
Other amounts |
due to members | (2,894,830 | ) | 2,101,003 | (2,070,004 | ) | (2,863,831 | ) |
Net debt | (2,455,034 | ) | 2,482,938 | (2,070,004 | ) | (2,042,100 | ) |