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Registration number: OC435922

Nimco Properties LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2023

 

Nimco Properties LLP

Contents

Financial Statements

1 to 5

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

Nimco Properties LLP

(Registration number: OC435922)
Balance Sheet as at 5 April 2023

Note

5 April 2023
 £

5 April 2022
 £

Fixed assets

 

Investment property

4

2,299,372

2,290,000

Current assets

 

Debtors

5

2,958

9,377

Cash and short-term deposits

 

1,091

8,574

 

4,049

17,951

Creditors: Amounts falling due within one year

6

(43,608)

(64,530)

Net current liabilities

 

(39,559)

(46,579)

Total assets less current liabilities

 

2,259,813

2,243,421

Creditors: Amounts falling due after more than one year

7

(203,855)

(231,625)

Net assets attributable to members

 

2,055,958

2,011,796

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

40,797

2,210

Members’ other interests

 

Members' capital classified as equity

 

2,612,011

2,612,011

Other reserves

 

(596,850)

(602,425)

 

2,015,161

2,009,586

   

2,055,958

2,011,796

Total members' interests

 

Amounts due from members

 

-

(1,098)

Loans and other debts due to members

 

40,797

2,210

Members’ other interests

 

2,015,161

2,009,586

   

2,055,958

2,010,698

 

Nimco Properties LLP

(Registration number: OC435922)
Balance Sheet as at 5 April 2023 (continued)

Members Statements:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

For the year ending 5 April 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the special provisions applicable to limited liability partnerships subject to the small limited liability partnerships’ regime, and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the members on 3 November 2023 and signed on behalf of the limited liability partnership by:


Mr Nikesh Patel
Designated member


Mr Nireshbhai Patel
Designated member

 

Nimco Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2023

1

General information

The place of registration of the limited liability partnership is England and Wales.

The address of the registered office is:
3 Buckland Road
Cheam
Sutton
SM2 7LP

2

Accounting policies

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements were prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Limited Liability Partnership Act 2000.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the LLP's activities.

The LLP recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the LLP's activities.

Tax policies

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amount due.

 

Nimco Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Members' interests

Profit shares are allocated on a discretionary basis in accordance with the LLP agreement and are therefore shown as 'profit available for discretionary division among members' in the profit and loss account and within an equity reserve, ‘other reserves', on the balance sheet.

All amounts due to members, including amounts classified as liabilities are presented within “Loans and other debts due to members” in the balance sheet.

The capital requirements of the LLP are determined by the members and are reviewed regularly.

Drawings are treated as a repayment of capital introduced and payments on account of profit allocation. Any drawings in excess of current account balances are set against a member’s capital account in accordance with the LLP agreement.

The Designated Members may at any time determine the profit share to be allocated to a member's current account. Profit shares which have not been allocated in respect of any Accounting Year shall be deemed to be allocated automatically and immediately upon the approval of the accounts.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 0 (2022 - 0)

 

Nimco Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

4

Investment property

5 April 2023
 £

5 April 2022
 £

At 6 April

2,290,000

-

Additions at cost

9,372

2,912,916

Fair value adjustments

-

(622,916)

At 5 April

2,299,372

2,290,000

The properties were valued by the designated members at their market value using current market data.

5

Debtors

5 April 2023
 £

5 April 2022
 £

Other debtors

2,958

2,337

Prepayments

-

7,040

2,958

9,377

6

Creditors: Amounts falling due within one year

5 April 2023
 £

5 April 2022
 £

Bank loans

27,876

26,742

Trade creditors

-

22,298

Other creditors

11,454

11,752

Accruals

4,278

3,738

43,608

64,530

Creditors include bank loans which are secured on the investment properties they relate to in the sum of £27,876 (2022 - £26,742).

7

Creditors: Amounts falling due after more than one year

5 April 2023
 £

5 April 2022
 £

Bank loans

203,855

231,625

203,855

231,625

Creditors include bank loans which are secured on the investment properties they relate to in the sum of £203,855 (2022 - £231,625).