Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
for |
Newstate Partners LLP |
Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
for |
Newstate Partners LLP |
Newstate Partners LLP (Registered number: OC346618) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Newstate Partners LLP |
General Information |
for the Period 1 April 2023 to 31 December 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
8-10 South Street |
Epsom |
Surrey |
KT18 7PF |
Newstate Partners LLP (Registered number: OC346618) |
Statement of Financial Position |
31 December 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
943,538 |
453,267 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
795,038 |
304,767 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 148,500 | 148,500 |
943,538 | 453,267 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 795,038 | 304,767 |
Members' other interests | 148,500 | 148,500 |
943,538 | 453,267 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Newstate Partners LLP (Registered number: OC346618) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Newstate Partners LLP is a limited liability partnership incorporated in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The LLP came under new ownership in the year which has resulted in changes to how the existing business was run. These changes are not expected to have any impact on the profitability of the LLP going forward and the members have prepared budgets and forecasts for the next few years to plan ahead. |
The new parent organisation has also pledged financial support to the LLP and as a result, the accounts continue to be drawn up on a going concern basis. |
Turnover |
Turnover, which is stated net of value added tax, represents advisory fees charged in accordance with the client contract. Fees are recognised on the accruals basis as they fall or when conditions within a customer contract are met so the fees become due for payment. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
No provision has been made for taxation in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP. Tax is assessed on the individual members and not on the LLP. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was |
Newstate Partners LLP (Registered number: OC346618) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 March 2023 |
The LLP vacated its premises in the year and is now run from new offices owned by its new owners. |
5. | DEBTORS |
2023 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CASH AT BANK |
2023 | 2023 |
£ | £ |
Cash at bank and in hand | 582,526 | 167,389 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
8. | LEASING AGREEMENTS |
At 31 December 2023, the LLP did not have any leasing commitments under non-cancellable operating leases over their remaining life. (31 March 2023 - £198,143). |
A break clause was served before the period end terminating the lease on 4 February 2024. All costs associated with the lease termination have been included in the accounts. |
Newstate Partners LLP (Registered number: OC346618) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | PENSION COMMITMENTS |
The company participates in a money purchase pension plan. The pension cost charged during the period was £18,123 (12m to March 2023 -£22,538). At the year end there were no outstanding contributions to the scheme (2023: £Nil). |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party of the LLP is Ankura Consulting ( Europe ) Limited. This company does not have any persons of significant control. |