Registered number
OC419527
ND Capital LLP
Unaudited Filleted Accounts
31 October 2023
Latimers
Chartered accountants & tax advisors
como house, como road
malvern
worcs.
wr14 2th
01905 29348
ND Capital LLP
Registered number: OC419527
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,619 2,265
Current assets
Debtors 4 - 8,578
Cash at bank and in hand 430 2,984
430 11,562
Creditors: amounts falling due within one year 5 (23,286) (16,631)
Net current liabilities (22,856) (5,069)
Total assets less current liabilities (21,237) (2,804)
Net liabilities attributable to members (21,237) (2,804)
Represented by:
Loans and other debts due to members 6 (21,237) (2,804)
(21,237) (2,804)
Total members' interests
Loans and other debts due to members 6 (21,237) (2,804)
(21,237) (2,804)
For the year ended 31 October 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 26 July 2024 and signed on their behalf by:
B Otemurat
Designated member
ND Capital LLP
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 2 or 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 5,593
Additions 2,498
At 31 October 2023 8,091
Depreciation
At 1 November 2022 3,328
Charge for the year 3,144
At 31 October 2023 6,472
Net book value
At 31 October 2023 1,619
At 31 October 2022 2,265
4 Debtors 2023 2022
£ £
Other debtors - 8,578
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,596 1,479
Other taxes and social security costs - 2,659
Other creditors 21,690 12,493
23,286 16,631
6 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt 143,212 143,212
Amounts due to members in respect of profits (164,449) (146,016)
(21,237) (2,804)
Amounts falling due within one year (21,237) (2,804)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
ND Capital LLP is a limited liability partnership incorporated in England. Its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
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