Nova Friary 75 LLP OC419449 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Property Investment. Digita Accounts Production Advanced 6.30.9574.0 true OC419449 2023-04-01 2024-03-31 OC419449 2024-03-31 OC419449 core:WithinOneYear 2024-03-31 OC419449 bus:SmallEntities 2023-04-01 2024-03-31 OC419449 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC419449 bus:FilletedAccounts 2023-04-01 2024-03-31 OC419449 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC419449 bus:PartnerLLP8 2023-04-01 2024-03-31 OC419449 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC419449 countries:AllCountries 2023-04-01 2024-03-31 OC419449 2022-04-01 2023-03-31 OC419449 2023-03-31 OC419449 core:WithinOneYear 2023-03-31 xbrli:pure iso4217:GBP

Registration number: OC419449

Nova Friary 75 LLP

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 March 2024

 

Nova Friary 75 LLP

Contents

Financial Statements

1 to 3

Statement of Financial Position

1

Notes to the Financial Statements

2

 

Nova Friary 75 LLP

(Registration number: OC419449)
Statement of Financial Position as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investment property

4

732,000

892,500

Current assets

 

Debtors

5

623,974

450,812

Cash and short-term deposits

 

160,644

196,868

 

784,618

647,680

Creditors: Amounts falling due within one year

6

(204,618)

(228,180)

Net current assets

 

580,000

419,500

Net assets attributable to members

 

1,312,000

1,312,000

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

1,312,000

1,312,000

   

1,312,000

1,312,000

Total members' interests

 

Amounts due from members

 

(585,413)

(430,599)

Equity

 

1,312,000

1,312,000

   

726,587

881,401

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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

The financial statements of Nova Friary 75 LLP (registered number OC419449) were approved by the Board and authorised for issue on 6 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
T G Lewis
Designated member

   
 

Nova Friary 75 LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

Nova Friary 75 LLP (LLP number: OC419449) is a limited liability partnership incorporated in England and Wales. Its registered office is 41 Commercial Road, Poole, Dorset, BH14 0HU.

The financial statements have been prepared under the historical cost convention in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting for Limited Liability Partnerships’ issued in December 2018.

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

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2

Accounting policies

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received.

Members' remuneration and division of profits

Members' fixed shares of profits are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation or related deferred taxation are accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing
basis are measured at fair value annually with any change recognised in the profit and loss account.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from related parties.

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Nova Friary 75 LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Investment property

2024
 £

At 1 April 2023

892,500

Fair value adjustments

(160,500)

At 31 March 2024

732,000

The investment property was revalued by the designated members at the balance sheet date at its market value with the benefit of the existing lease. The historic cost of the property was £1,290,919.

5

Debtors

2024
 £

2023
 £

Trade debtors

14,152

14,152

Other debtors

599,722

430,599

Prepayments and accrued income

10,100

6,061

623,974

450,812

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

-

2,777

Trade creditors

-

35,007

Other creditors

128,858

116,296

Accruals and deferred income

64,524

63,699

Taxation and social security

11,236

10,401

204,618

228,180

The bank loan is secured against the LLP's legal interest in the leasehold property.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank Loan

-

2,777

The bank loan is secured against the freehold property.

7

Analysis of other amounts

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding-up. There is no provision for specific legally enforceable protection afford to creditors in such of an event. There is no restrictions or limitations on the ability of the members to reduce the amount of "Members other interests".