IRIS Accounts Production v24.1.0.578 OC346618 designated member 1.4.23 31.12.23 31.12.23 24.4.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3466182023-03-31OC3466182023-12-31OC3466182023-04-012023-12-31OC3466182022-03-31OC3466182022-04-012023-03-31OC3466182023-03-31OC346618ns15:EnglandWales2023-04-012023-12-31OC346618ns14:PoundSterling2023-04-012023-12-31OC346618ns10:Director12023-04-012023-12-31OC346618ns10:LimitedLiabilityPartnershipLLP2023-04-012023-12-31OC346618ns10:SmallEntities2023-04-012023-12-31OC346618ns10:Audited2023-04-012023-12-31OC346618ns10:SmallCompaniesRegimeForAccounts2023-04-012023-12-31OC346618ns10:LimitedLiabilityPartnershipsSORP2023-04-012023-12-31OC346618ns10:FullAccounts2023-04-012023-12-31OC346618ns10:Director62023-04-012023-12-31OC346618ns10:RegisteredOffice2023-04-012023-12-31OC346618ns5:CurrentFinancialInstruments2023-12-31OC346618ns5:CurrentFinancialInstruments2023-03-31OC346618ns5:LandBuildings2023-04-012023-12-31OC346618ns5:PlantMachinery2023-04-012023-12-31OC346618ns5:LandBuildings2023-03-31OC346618ns5:PlantMachinery2023-03-31OC346618ns5:LandBuildings2023-12-31OC346618ns5:PlantMachinery2023-12-31OC346618ns5:LandBuildings2023-03-31OC346618ns5:PlantMachinery2023-03-31OC346618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31OC346618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC346618ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-12-31OC346618ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-03-31













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: Ankura Consulting (Europe) Limited
Ankura Consulting (APAC) PTE. Ltd





REGISTERED OFFICE: 1 Angel Court
3rd Floor
London
EC2R 7HJ





REGISTERED NUMBER: OC346618 (England and Wales)





AUDITORS: Williams & Co Epsom LLP
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 2,007 52,870

CURRENT ASSETS
Debtors 5 551,000 541,105
Cash at bank 6 582,526 167,389
1,133,526 708,494
CREDITORS
Amounts falling due within one year 7 191,995 308,097
NET CURRENT ASSETS 941,531 400,397
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

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

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 24 April 2024 and were signed by:





Ankura Consulting (Europe) Limited - Designated member

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
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" including the provisions of Section 1A "Small Entities" 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - Straight line over 3 years

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 3 (2023 - 3 ) .

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 79,068 50,187 129,255
Disposals (79,068 ) (38,892 ) (117,960 )
At 31 December 2023 - 11,295 11,295
DEPRECIATION
At 1 April 2023 32,560 43,825 76,385
Charge for period 12,090 2,776 14,866
Eliminated on disposal (44,650 ) (37,313 ) (81,963 )
At 31 December 2023 - 9,288 9,288
NET BOOK VALUE
At 31 December 2023 - 2,007 2,007
At 31 March 2023 46,508 6,362 52,870

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 369,736 158,221
Other debtors 168,764 382,884
538,500 541,105

Amounts falling due after more than one year:
Other debtors 12,500 -

Aggregate amounts 551,000 541,105

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 37,402 26,380
Other creditors 154,593 281,717
191,995 308,097

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.

Paul Smith BA FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP

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.