Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31true0falseNo description of principal activity2021-04-010true OC422750 2021-04-01 2022-03-31 OC422750 2020-04-01 2021-03-31 OC422750 2022-03-31 OC422750 2021-03-31 OC422750 c:CurrentFinancialInstruments 2022-03-31 OC422750 c:CurrentFinancialInstruments 2021-03-31 OC422750 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC422750 c:CurrentFinancialInstruments c:WithinOneYear 2021-03-31 OC422750 d:FRS102 2021-04-01 2022-03-31 OC422750 d:Audited 2021-04-01 2022-03-31 OC422750 d:FullAccounts 2021-04-01 2022-03-31 OC422750 d:LimitedLiabilityPartnershipLLP 2021-04-01 2022-03-31 OC422750 d:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 OC422750 c:Right-of-useInvestmentProperty 2021-04-01 2022-03-31 OC422750 c:Right-of-useInvestmentProperty 2022-03-31 OC422750 c:Right-of-useInvestmentProperty 2 2021-04-01 2022-03-31 OC422750 d:PartnerLLP1 2021-04-01 2022-03-31 OC422750 d:PartnerLLP2 2021-04-01 2022-03-31 OC422750 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC422750 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-03-31 OC422750 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC422750 c:FurtherSpecificReserve2ComponentTotalEquity 2021-03-31 iso4217:GBP xbrli:pure


Registered number: OC422750












NSS (ICKENHAM) LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

 

NSS (ICKENHAM) LLP

CONTENTS



Page
LLP information
 
1
Statement of financial position
 
2 - 3
Reconciliation of Members' interests
 
4
Notes to the financial statements
 
5 - 9


 

NSS (ICKENHAM) LLP

INFORMATION



Designated Members
NSS IV GP LLP
NSS IV Holdings LLP

LLP registered number
OC422750

Registered office
50 Marshall Street
London
W1F 9BQ

Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditors
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC422750
NSS (ICKENHAM) LLP

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
10,400,000
-

Current assets
  

Debtors: amounts falling due within one year
 5 
39,599
2,926,744

Cash at bank and in hand
  
2,890
24

  
42,489
2,926,768

Creditors: amounts falling due within one year
 6 
(8,710)
(49,153)

Net current assets
  
 
 
33,779
 
 
2,877,615

  

Net assets
  
10,433,779
2,877,615


Represented by:
  

Loans and other debts due to Members within one year
 7 
3,024,528
2,877,614

Members' other interests
  

Members' capital classified as equity
  
1
1

Other reserves classified as equity

  

7,409,250
-

  
 
7,409,251
 
1

  
10,433,779
2,877,615


Total members' interests
  

Loans and other debts due to Members
 7 
3,024,528
2,877,614

Members' other interests
  
7,409,251
1

  
10,433,779
2,877,615


Page 2


 
REGISTERED NUMBER:OC422750
NSS (ICKENHAM) LLP
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the Members and were signed on their behalf by: 




Hugo Llewelyn (for and on behalf of)
NSS IV GP LLP
Designated Member

Date: 3 August 2022

The notes on pages 5 to 9 form part of these financial statements.

NSS (Ickenham) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

NSS (ICKENHAM) LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2022









Members' capital (classified as equity)
Other reserves
Total
Loans and other debts due to Members less any amounts due from Members in debtors
Total Members' interests

£
£
£
£
£

Amounts due to Members 
276,626


Balance at 1 April 2020 
1
-
1
276,626
276,627

Profit for the year available for discretionary division among Members
 
-
(44,662)
(44,662)
-
(44,662)

Members' interests after profit for the year
1
(44,662)
(44,661)
276,626
231,965

Other division of losses
-
44,662
44,662
(44,662)
-

Amounts introduced by Members
-
-
-
2,645,650
2,645,650

Amounts due to Members
2,877,614

Balance at 31 March 2021
1
-
1
2,877,614
2,877,615

Profit for the year available for discretionary division among Members
 
-
7,338,664
7,338,664
-
7,338,664

Members' interests after profit for the year
1
7,338,664
7,338,665
2,877,614
10,216,279

Other division of profits
-
70,586
70,586
(70,586)
-

Amounts introduced by Members
-
-
-
217,500
217,500

Amounts due to Members
3,024,528

Balance at 31 March 2022 
1
7,409,250
7,409,251
3,024,528
10,433,779

Without the prior consent of all the Members, no Member may assign or charge its rights or interest in the LLP, or any part thereof, or any other interest in the LLP or make any other person a partner of the LLP.

Page 4

 

NSS (ICKENHAM) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

NSS (Ickenham) LLP is a limited liability partnership registered in England & Wales. The registered office and principal place of business is 50 Marshall Street, London, W1F 9BQ.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The LLP has adequate financial resources and, as a consequence, the designated members believe that the LLP is well placed to manage its business risks successfully. After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue its operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Previously unrealised gains arising from revaluations are transferred to retained earnings in the year of disposal of the investment property.

 
2.4

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.
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 LLP after deducting all of its liabilities.
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
 
Page 5

 

NSS (ICKENHAM) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.4
Financial instruments (continued)

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and, intercompany working capital balances, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Page 6

 

NSS (ICKENHAM) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The entity has no employees.


4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
2,990,750


Fair value movement on revaluation
7,409,250



At 31 March 2022
10,400,000

The 2022 valuations were made by Knight Frank LLP, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
2,990,750
-


5.


Debtors

2022
2021
£
£


Other debtors
-
2,877,000

Prepayments and accrued income
39,599
49,744

39,599
2,926,744


Page 7

 

NSS (ICKENHAM) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
2,700
47,053

Accruals and deferred income
6,010
2,100

8,710
49,153



7.


Loans and other debts due to Members


2022
2021
£
£



Other amounts due to members
3,024,528
2,877,614

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


8.


Capital commitments


At 31 March 2022 the LLP had capital commitments as follows:

2022
2021
£
£


Contracted for but not provided in these financial statements
-
2,475,000


9.


Related party transactions

The LLP has taken advantage of the exemption provided under FRS 102 from disclosing transactions with members of the same group that are wholly-owned. At the year end, Members of the LLP were owed £3,024,528 (2021: £2,877,614).


10.


Controlling party

The immediate parent entity of the LLP is NSS IV Holdings LLP.
The ultimate parent entity is Newcore Strategic Situations IV LP, an LP which beneficially holds 100% of the equity of NSS IV Holdings LLP. The results of NSS (Ickenham) LLP are included in the consolidated accounts of this entity.
The ultimate controlling party of the LLP is Mr H Llewelyn.

Page 8

 

NSS (ICKENHAM) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2022 was unqualified.

The audit report was signed on 4 August 2022 by Daniel Burke (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 9