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Registered number: OC435556












NSS V FEEDER LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

NSS V FEEDER LLP

CONTENTS



Page
LLP information
 
1
Statement of financial position
 
3 - 4
Reconciliation of Members' interests
 
5
Notes to the financial statements
 
6 - 10


 

NSS V FEEDER LLP

INFORMATION



Designated Members
Hugo Llewelyn
Neil Sharkel
Harry Savory
Members
Charles Gourgey, as Trustee of The Eliterank Pension Scheme
David Bird
Edward Clarke
Christopher Dixon (appointed 17 June 2022)
Oliver Dixon
Alan Fall (appointed 5 April 2022)
Terence Johnson
Sian Lewis
Andrew Lord
Annabel Lord
Richard Lord
Noel Manns
Phillip Maskell
Iain McKay
Susannah Kelly, as Trustee of Mrs SM Kelly's Children Trust (appointed 16 June 2022)
Helen Murray
Kevin Reynolds
Andrew Skirton (appointed 14 April 2022)
Harry Smart (appointed 21 June 2022)
Michael Murray, as Trustees of Rae Herbert Settlement 31/12/1964
David Walker
Simon Warshaw (appointed 8 April 2022)
David Wilson
Archon Family Investments Limited
Keepers Field Limited
Mike Clarke Consulting Limited
Nouvelle Santander Telecommunications SA
Summercroft Investments Limited (appointed 8 April 2022)
Sutherland Securities Limited
The Working Capital Company (UK) Limited
Vasudha Aggarwal (appointed 22 December 2022)
Vikram Aggarwal (appointed 22 December 2022)
Andrew Baum, as a Trustee of The ABC Ltd Retirement Scheme (appointed 12 May 2023)
David Wilson, as a Trustee of The Wilson Children Family Trust (appointed 21 December 2022)
Anthony Biddulph (appointed 12 May 2023)
Katja Biddulph (appointed 12 May 2023)
Andrew McKay
Ajay Oommen (appointed 6 January 2023)
Kate Sandle (appointed 12 May 2023)
Ellen Louise Wilson (appointed 21 December 2022)


LLP registered number
OC435556

Page 1

 

NSS V FEEDER LLP

INFORMATION

Administrative details (continued)

Registered office
First Floor
50 Marshall Street
London
W1F 9BQ

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

Page 2


 
REGISTERED NUMBER:OC435556
NSS V FEEDER LLP

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
140
79

Current assets
  

Debtors: amounts falling due within one year
 5 
13,845,627
7,706,699

Cash at bank and in hand
  
550,531
1,610,093

  
14,396,158
9,316,792

Creditors: amounts falling due within one year
 6 
(558,074)
(1,613,216)

Net current assets
  
 
 
13,838,084
 
 
7,703,576

  

Net assets attributable to members
  
13,838,224
7,703,655


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
13,838,084
7,701,716

Members' other interests
  

Members' capital classified as equity
  
140
79

Other reserves classified as equity

  

-
1,860

  
 
140
 
1,939

  
13,838,224
7,703,655


Total members' interests
  

Loans and other debts due to members
 7 
13,838,084
7,701,716

Members' other interests
  
140
1,939

  
13,838,224
7,703,655


Page 3


 
REGISTERED NUMBER:OC435556
NSS V FEEDER LLP
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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
Designated Member

Date: 29 September 2023

The notes on pages 6 to 10 form part of these financial statements.

NSS V Feeder 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 4

 

NSS V FEEDER LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023









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

£
£
£
£
£

At incorporation
-
-
-
-
-

Loss for the year available for discretionary division among members
 
-
(196,346)
(196,346)
-
(196,346)

Members' interests after loss for the year
-
(196,346)
(196,346)
-
(196,346)

Other division of losses
-
198,206
198,206
(198,206)
-

Amounts introduced by members
79
-
79
7,899,922
7,900,001

Amounts due to members
7,701,716

Balance at 31 March 2022
79
1,860
1,939
7,701,716
7,703,655

Loss for the year available for discretionary division among members
 
-
(8,486)
(8,486)
-
(8,486)

Members' interests after loss for the year
79
(6,626)
(6,547)
7,701,716
7,695,169

Other division of losses
-
6,626
6,626
(6,626)
-

Amounts introduced by members
61
-
61
6,142,994
6,143,055

Amounts due to members
13,838,084

Balance at 31 March 2023 
140
-
140
13,838,084
13,838,224

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 5

 

NSS V FEEDER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

NSS V Feeder 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 (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.
NSS V Feeder LLP was incorporated in the prior period and accounts produced were not a full year, therefore the figures are not entirely comparable.

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

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 

NSS V FEEDER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5

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.

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 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.

Page 7

 

NSS V FEEDER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

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 balance sheet 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.

 
2.6

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.

Page 8

 

NSS V FEEDER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2022
79


Additions
61



At 31 March 2023
140





5.


Debtors

2023
2022
£
£


Other debtors
13,845,627
7,706,699



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
554,324
1,610,116

Accruals and deferred income
3,750
3,100

558,074
1,613,216



7.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
13,838,084
7,701,716

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
13,838,084
7,701,716

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

Page 9

 

NSS V FEEDER LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Controlling party

The ultimate controlling party of the LLP is Mr H Llewelyn.


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 3 October 2023 by Daniel Burke (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10