Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-30true82022-05-01falseNo description of principal activity8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC303987 2022-05-01 2023-04-30 OC303987 2021-05-01 2022-04-30 OC303987 2023-04-30 OC303987 2022-04-30 OC303987 c:PlantMachinery 2022-05-01 2023-04-30 OC303987 c:PlantMachinery 2023-04-30 OC303987 c:PlantMachinery 2022-04-30 OC303987 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC303987 c:CurrentFinancialInstruments 2023-04-30 OC303987 c:CurrentFinancialInstruments 2022-04-30 OC303987 c:CurrentFinancialInstruments 2 2023-04-30 OC303987 c:CurrentFinancialInstruments 2 2022-04-30 OC303987 c:Non-currentFinancialInstruments 2023-04-30 OC303987 c:Non-currentFinancialInstruments 2022-04-30 OC303987 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC303987 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC303987 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 OC303987 c:Non-currentFinancialInstruments c:AfterOneYear 2022-04-30 OC303987 e:FRS102 2022-05-01 2023-04-30 OC303987 e:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC303987 e:FullAccounts 2022-05-01 2023-04-30 OC303987 e:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC303987 c:WithinOneYear 2023-04-30 OC303987 c:WithinOneYear 2022-04-30 OC303987 c:BetweenOneFiveYears 2023-04-30 OC303987 c:BetweenOneFiveYears 2022-04-30 OC303987 2 2022-05-01 2023-04-30 OC303987 6 2022-05-01 2023-04-30 OC303987 e:PartnerLLP1 2022-05-01 2023-04-30 OC303987 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-30 OC303987 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-30 iso4217:GBP xbrli:pure
Registered number: OC303987















NEW STREET RESEARCH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2023

 
NEW STREET RESEARCH LLP
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Reconciliation of members' interests
 
 
3
Notes to the financial statements
 
 
4 - 12


 
NEW STREET RESEARCH LLP
REGISTERED NUMBER: OC303987

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,558
9,026

Investments
 5 
79,124
79,124

  
84,682
88,150

Current assets
  

Debtors: amounts falling due after more than one year
 6 
82,918
58,555

Debtors: amounts falling due within one year
 6 
675,507
690,235

Cash at bank and in hand
 7 
743,010
634,769

  
1,501,435
1,383,559

Creditors: Amounts Falling Due Within One Year
 8 
(1,180,834)
(979,704)

Net current assets
  
 
 
320,601
 
 
403,855

Total assets less current liabilities
  
405,283
492,005

Creditors: amounts falling due after more than one year
 9 
(180,609)
(267,331)

  
224,674
224,674

  

Net assets
  
224,674
224,674


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
224,674
224,674

  
 
224,674
 
224,674

  
224,674
224,674


Total members' interests
  

Amounts due from members (included in debtors)
 6 
(378,428)
(387,202)

Members' other interests
  
224,674
224,674

  
(153,754)
(162,528)


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

The LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Page 1

 
NEW STREET RESEARCH LLP
REGISTERED NUMBER: OC303987
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023


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

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

The LLP 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 on 18 December 2023.




................................................
M V Tonder
Designated member

The notes on pages 4 to 12 form part of these financial statements.

New Street Research 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 2

 

 
NEW STREET RESEARCH LLP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2023







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

£
£
£
£
£
£

Amounts due from members
 



(387,202)
(387,202)


Balance at 30 April 2022
224,674
-
224,674
(387,202)
(387,202)
(162,528)

Members' remuneration charged as an expense
-
-
-
715,000
715,000
715,000

Profit for the year available for discretionary division among members
 
-
2,284,546
2,284,546
-
-
2,284,546

Members' interests after profit for the year
224,674
2,284,546
2,509,220
327,798
327,798
2,837,018

Other division of profits
-
(2,284,546)
(2,284,546)
2,284,546
2,284,546
-

Drawings on account and distribution of profit
-
-
-
(2,990,772)
(2,990,772)
(2,990,772)

Amounts due from members
 



(378,428)
(378,428)


Balance at 30 April 2023 
224,674
-
224,674
(378,428)
(378,428)
(153,754)

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 3

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

New Street Research LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales. Its principal place of business and registered office is at 100  Bishopsgate, 18th Floor, London, EC2M 1GT. 

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

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.9

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 .

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.


Plant and machinery
-
straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

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 balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance sheet when the LLP 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 7

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible fixed assets





Computer Equipment and  Fixtures & Fittings

£



Cost or valuation


At 1 May 2022
136,655


Additions
2,088



At 30 April 2023

138,743



Depreciation


At 1 May 2022
127,629


Charge for the year on owned assets
5,556



At 30 April 2023

133,185



Net book value



At 30 April 2023
5,558



At 30 April 2022
9,026

Page 9

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
79,124



At 30 April 2023
79,124





6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
82,918
58,555

82,918
58,555


2023
2022
£
£

Due within one year

Trade debtors
227,347
260,021

Other debtors
16,883
-

Prepayments and accrued income
52,849
43,012

Amounts due from members
378,428
387,202

675,507
690,235



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
743,010
634,769

743,010
634,769


Page 10

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
96,325
100,099

Trade creditors
34,308
5,209

Amounts owed to group undertakings
359,960
345,314

Other taxation and social security
78,801
66,848

Other creditors
178,890
184,380

Accruals and deferred income
432,550
277,854

1,180,834
979,704



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
180,609
267,331

180,609
267,331


The following liabilities were secured:

2023
2022
£
£



Repayable within one year
96,325
100,099

Repayable after one year
180,609
267,331

276,934
367,430

Details of security provided:

The bank loans are secured by way of fixed and floating charges over the undertaking's assets including goodwill and by way of personal guarantees provided by certain members of the partnership.


10.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £6,442 (2022 - £7,169). Contributions totalling £2,113 (2022 - £nil) were payable to the fund at the balance sheet date.

Page 11

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Commitments under operating leases

At 30 April 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
86,850
103,334

Later than 1 year and not later than 5 years
38,607
96,494

125,457
199,828

 
Page 12