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Registered number: OC421049












NSS IV HOLDINGS LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

 

NSS IV HOLDINGS LLP

CONTENTS



Page
LLP information
 
1
Statement of financial position
 
2 - 3
Reconciliation of Members' interests
 
4
Notes to the financial statements
 
5 - 8


 

NSS IV HOLDINGS LLP

INFORMATION



Designated Members
NSS IV GP LLP
NSS IV Nominee Limited


LLP registered number
OC421049

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:OC421049
NSS IV HOLDINGS LLP

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
7
5

Current assets
  

Debtors: amounts falling due within one year
 5 
86,723,294
82,887,910

Creditors: amounts falling due within one year
 6 
(2,850)
(1,750)

Net current assets
  
 
 
86,720,444
 
 
82,886,160

  

Net assets
  
86,720,451
82,886,165


Represented by:
  

Loans and other debts due to Members within one year
 7 
86,720,450
82,886,164

Members' other interests
  

Members' capital classified as equity
  
1
1

  
 
1
 
1

  
86,720,451
82,886,165


Total members' interests
  

Loans and other debts due to members
 7 
86,720,450
82,886,164

Members' other interests
  
1
1

  
86,720,451
82,886,165


Page 2


 
REGISTERED NUMBER:OC421049
NSS IV HOLDINGS 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 profit and loss account 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 8 form part of these financial statements.

NSS IV Holdings 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 IV HOLDINGS 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

£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
1,848,857
1,848,857
-
1,848,857

Members' interests after profit for the year
1
1,848,857
1,848,858
51,273,962
53,122,820

Other division of profits
-
(1,848,857)
(1,848,857)
1,848,857
-

Amounts introduced by members
-
-
-
29,763,345
29,763,345

Amounts due to members
82,886,164

Balance at 31 March 2021
1
-
1
82,886,164
82,886,165

Profit for the year available for discretionary division among members
 
-
4,909,802
4,909,802
-
4,909,802

Members' interests after profit for the year
1
4,909,802
4,909,803
82,886,164
87,795,967

Other division of profits
-
(4,909,802)
(4,909,802)
4,909,802
-

Drawings
-
-
-
(1,075,516)
(1,075,516)

Amounts due to members
86,720,450

Balance at 31 March 2022 
1
-
1
86,720,450
86,720,451

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 IV HOLDINGS LLP

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

1.


General information

NSS IV Holdings 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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 IV HOLDINGS 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 IV HOLDINGS LLP

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

3.


Employees

In the current and prior years the entity had no employees.


4.


Fixed asset investments





Investments in subsidiaries

£



Cost or valuation


At 1 April 2021
5


Additions
2



At 31 March 2022
7





5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
86,723,294
82,887,910



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Accruals and deferred income
2,850
1,750



7.


Loans and other debts due to members


2022
2021
£
£



Other amounts due to members
86,720,450
82,886,164

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

Page 7

 

NSS IV HOLDINGS LLP

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

8.


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 £86,720,451 (2021: £82,886,164).


9.


Controlling party

The immediate parent entity of the LLP is NSS IV GP 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 IV Holdings LLP are included in the consolidated accounts of this entity.
The ultimate controlling party of the LLP is Mr H Llewelyn.


10.


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 8