IRIS Accounts Production v23.3.1.45 OC401581 designated member 1.4.22 31.3.23 31.3.23 0 0 true false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4015812022-03-31OC4015812023-03-31OC4015812022-04-012023-03-31OC4015812021-03-31OC4015812021-04-012022-03-31OC4015812022-03-31OC401581ns10:Originalns15:EnglandWales2022-04-012023-03-31OC401581ns14:PoundSterlingns10:Original2022-04-012023-03-31OC401581ns10:Originalns10:Director12022-04-012023-03-31OC401581ns10:Original2022-04-012023-03-31OC401581ns10:Original2023-03-31OC401581ns10:Originalns10:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC401581ns10:Originalns10:FRS1022022-04-012023-03-31OC401581ns10:Originalns10:Audited2022-04-012023-03-31OC401581ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31OC401581ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-31OC401581ns10:LimitedLiabilityPartnershipsSORPns10:Original2022-04-012023-03-31OC401581ns10:Originalns10:FullAccounts2022-04-012023-03-31OC401581ns10:Original2021-04-012022-03-31OC401581ns10:Originalns10:Director22022-04-012023-03-31OC401581ns10:Originalns10:Director32022-04-012023-03-31OC401581ns10:Originalns10:Director42022-04-012023-03-31OC401581ns10:Originalns10:Director52022-04-012023-03-31OC401581ns10:Originalns10:RegisteredOffice2022-04-012023-03-31OC401581ns10:Original2022-03-31OC401581ns10:Originalns5:CurrentFinancialInstruments2023-03-31OC401581ns10:Originalns5:CurrentFinancialInstruments2022-03-31OC401581ns10:Originalns5:CapitalRedemptionReserve2023-03-31OC401581ns10:Originalns5:CapitalRedemptionReserve2022-03-31OC401581ns10:Original2022-03-31OC401581ns10:Original12022-04-012023-03-31OC401581ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC401581ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31OC401581ns5:Securedns10:Original2023-03-31OC401581ns5:Securedns10:Original2022-03-31OC401581ns10:Originalns5:CapitalRedemptionReserve2022-03-31OC401581ns10:Originalns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: OC401581 (England and Wales)















Report of the Members and

Audited Financial Statements for the Year Ended 31 March 2023

for

NEW END LLP

NEW END LLP (REGISTERED NUMBER: OC401581)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

General Information 1

Report of the Members 2

Statement of Members' Responsibilities 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Reconciliation of Members' Interests 11

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


NEW END LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Cogress 29 New End Limited
Cogress CF New End Limited
Cogress New End Limited Partnership
Linton (New End) LLP
Urban Group Services Ltd





REGISTERED OFFICE: The Maple Building
39/51 Highgate Road
London
NW5 1RT





REGISTERED NUMBER: OC401581 (England and Wales)





AUDITORS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

NEW END LLP (REGISTERED NUMBER: OC401581)

Report of the Members
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 development, buying and selling of properties.

DESIGNATED MEMBERS
The designated members during the year under review were:

Cogress 29 New End Limited
Cogress CF New End Limited
Cogress New End Limited Partnership
Linton (New End) LLP
Urban Group Services Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £2,961,303 (2022 - £4,615,302 loss).

MEMBERS' INTERESTS
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

Details of changes in members' capital in the ended 31 March 2023 are set out in the Reconciliation of members' interests.

Members are remunerated from the profits of the LLP and are required to make their own provision 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 monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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:





Linton (New End) LLP - Designated member


7 March 2024

NEW END LLP (REGISTERED NUMBER: OC401581)

Statement of Members' Responsibilities
for the Year Ended 31 March 2023

The members are responsible for preparing the Report of the Members 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). 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.

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.

Report of the Independent Auditors to the Members of
New End LLP

Opinion
We have audited the financial statements of New End LLP (the 'LLP') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 loss 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
The accounts are prepared on a basis other than going concern.

Emphasis of matter
We draw attention to Note 15 to the financial statements which explains that the members intend to sell the freehold interest in the properties and cease trading. Therefore we do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members and the Statement of Members' Responsibilities, 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.

Report of the Independent Auditors to the Members of
New End LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page 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
New End 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through:

- Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, employment, health and safety, and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

- Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties.

Our audit procedures were designed to designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities including fraud that are material to the financial statements.

Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to:
- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and
- Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and
- Considering the risk of non-compliance with laws and regulations; and
- Considering whether the financial statement disclosures fairly represent the underlying transactions.

Our audit procedures in relation to irregularities and fraud included, but were not limited to:
- Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and
- Gaining an understanding of the internal controls established to mitigate risks relating fraud; and
- Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and
- Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management.

Because of these inherent limitations, 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. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
New End 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.




Michael Marcus FCA FCCA (Senior Statutory Auditor)
for and on behalf of Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

7 March 2024

NEW END LLP (REGISTERED NUMBER: OC401581)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 27,400,000 16,400,900

Cost of sales (29,193,129 ) (20,024,156 )
GROSS LOSS (1,793,129 ) (3,623,256 )

Administrative expenses (218,396 ) (296,593 )
(2,011,525 ) (3,919,849 )

Other operating income 339,522 89,951
OPERATING LOSS (1,672,003 ) (3,829,898 )

Interest receivable and similar income - 1
(1,672,003 ) (3,829,897 )

Interest payable and similar expenses 5 (1,289,300 ) (785,405 )
LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




(2,961,303




)




(4,615,302




)

NEW END LLP (REGISTERED NUMBER: OC401581)

Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




(2,961,303




)




(4,615,302




)


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,961,303

)

(4,615,302

)

NEW END LLP (REGISTERED NUMBER: OC401581)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
CURRENT ASSETS
Stocks 7 - 27,550,000
Debtors 8 76,700 135,244
Cash at bank 25,085 74,750
101,785 27,759,994
CREDITORS
Amounts falling due within one year 9 (16,171,650 ) (40,883,411 )
NET CURRENT LIABILITIES (16,069,865 ) (13,123,417 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

(16,069,865

)

(13,123,417

)

LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

10,910,000

10,910,000

MEMBERS' OTHER INTERESTS
Other reserves 13 (26,979,865 ) (24,033,417 )
(16,069,865 ) (13,123,417 )

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 10,910,000 10,910,000
Members' other interests (26,979,865 ) (24,033,417 )
Amounts due from members 8 (14,855 ) -
(16,084,720 ) (13,123,417 )

The financial statements were approved by the members of the LLP and authorised for issue on 7 March 2024 and were signed by:





Linton (New End) LLP - Designated member

NEW END LLP (REGISTERED NUMBER: OC401581)

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
Members'
capital
Other (classified Other
reserves as debt) amounts Total Total
£    £    £    £    £   
Amount due to members 10,910,000 - 10,910,000
Amount due from members - - -
Balance at 1 April 2022 (24,033,417 ) 10,910,000 - 10,910,000 (13,123,417 )
Loss for the financial year available
for discretionary division among
members


(2,961,303


)


-


-


-


(2,961,303


)
Members' interests after loss for the
year

(26,994,720

)

10,910,000

-

10,910,000

(16,084,720

)
Other divisions of loss 14,855 - (14,855 ) (14,855 ) -
Amount due to members 10,910,000 - 10,910,000
Amount due from members - (14,855 ) (14,855 )
Balance at 31 March 2023 (26,979,865 ) 10,910,000 (14,855 ) 10,895,145 (16,084,720 )

NEW END LLP (REGISTERED NUMBER: OC401581)

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
Members'
capital
Other (classified Other
reserves as debt) amounts Total Total
£    £    £    £    £   
Amount due to members 10,910,000 - 10,910,000
Amount due from members - - -
Balance at 1 April 2021 (19,418,115 ) 10,910,000 - 10,910,000 (8,508,115 )
Loss for the financial year available
for discretionary division among
members


(4,615,302


)


-


-


-


(4,615,302


)
Members' interests after loss for the
year

(24,033,417

)

10,910,000

-

10,910,000

(13,123,417

)
Amount due to members 10,910,000 - 10,910,000
Amount due from members - - -
Balance at 31 March 2022 (24,033,417 ) 10,910,000 - 10,910,000 (13,123,417 )

NEW END LLP (REGISTERED NUMBER: OC401581)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 2 25,593,259 19,388,429
Interest paid (1,289,300 ) (785,405 )
Net cash from operating activities 24,303,959 18,603,024

Cash flows from investing activities
Interest received - 1
Net cash from investing activities - 1

Cash flows from financing activities
Loan repayments in year (24,353,624 ) (18,542,678 )
Net cash from financing activities (24,353,624 ) (18,542,678 )

(Decrease)/increase in cash and cash equivalents (49,665 ) 60,347
Cash and cash equivalents at beginning of
year

3

74,750

14,403

Cash and cash equivalents at end of year 3 25,085 74,750

NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT
Share of profits/(losses) are included in cash generated from operations.

2. RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
Loss for the financial year before members' remuneration and profit shares
available for discretionary division among members

(2,961,303

)

(4,615,302

)
Finance costs 1,289,300 785,405
Finance income - (1 )
(1,672,003 ) (3,829,898 )
Decrease in stocks 27,550,000 25,932,263
Decrease in trade and other debtors 73,399 132,856
Decrease in trade and other creditors (358,137 ) (2,846,792 )
Cash generated from operations 25,593,259 19,388,429

3. 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 25,085 74,750
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 74,750 14,403


NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

4. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 74,750 (49,665 ) 25,085
74,750 (49,665 ) 25,085
Debt
Debts falling due within 1 year (31,271,480 ) 24,338,770 (6,932,710 )
(31,271,480 ) 24,338,770 (6,932,710 )
Net debt (before members' debt) (31,196,730 ) 24,289,105 (6,907,625 )

Loans and other debts
due to members
Members' capital (10,910,000 ) - (10,910,000 )
Net debt (42,106,730 ) 24,289,105 (17,817,625 )

NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

New End LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are review on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements in respect of valuation of stocks has had the most significant effects on amounts recognized in the financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Where the company provides services together with construction materials in order to perform its constructual obligation to deliver real estate to the buyer, revenue is recognised. as sales of goods, on delivery of the completed real estate to the buyer.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with 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.

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 company 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.

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 company's contractual obligations expire or are discharged or cancelled.

3. EMPLOYEE INFORMATION


4. AUDITORS' REMUNERATION
31.3.23 31.3.22
£    £   
Fees payable to the LLP's auditors for the audit of the LLP's financial
statements

6,000

9,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 1,289,300 785,405

NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. INFORMATION IN RELATION TO MEMBERS

31.3.23 31.3.22

The average number of members during the year was 5 5

7. STOCKS
31.3.23 31.3.22
£    £   
Stocks - 27,550,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 29,437 -
Amounts due from members 14,855 -
Other debtors 32,408 67,196
Prepayments and accrued income - 68,048
76,700 135,244

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 10) 6,932,710 31,271,480
Trade creditors 132,110 150,640
Other creditors 117,618 85,124
Linton (New End) LLP 4,764 8,198
New End 3C LLP 8,959,336 8,959,336
Accruals and deferred income 25,112 408,633
16,171,650 40,883,411

10. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 6,932,710 31,271,480

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 6,932,710 31,271,480

The bank loans are secured by fixed and floating charges over the assets of the LLP.

NEW END LLP (REGISTERED NUMBER: OC401581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Capital account 10,910,000 10,910,000

Falling due within one year 10,910,000 10,910,000

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

13. RESERVES
Other
reserves
£   
At 1 April 2022 (24,033,417 )
Undivided profit (2,946,448 )
At 31 March 2023 (26,979,865 )

14. RELATED PARTY DISCLOSURES

Other creditors include £4,764 (2022: £8,198) due to the LLP member, Linton (New End) LLP.

Included in other creditors is £8,959,336 (2022: £8,959,336) due to New End 3C LLP, a LLP connected to the members. An individual connected with the LLP has given guarantee in respect of the balance due to New End 3C LLP.

15. GOING CONCERN

The LLP has sold all the properties developed and intend to sell the freehold interest in the properties. Consequently, the accounts have been prepared on a basis other than the going concern basis.