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Registration number: OC398932

Nova Salisbury 46 LLP

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 March 2024

 

Nova Salisbury 46 LLP

Contents

Financial Statements

1 to 4

Statement of Financial Position

1

Notes to the Financial Statements

3

 

Nova Salisbury 46 LLP

(Registration number: OC398932)
Statement of Financial Position as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investment property

4

246,750

285,000

Current assets

 

Debtors

5

19,592

9,711

Cash and short-term deposits

 

8,141

19,316

 

27,733

29,027

Creditors: Amounts falling due within one year

6

(19,483)

(32,016)

Net current assets/(liabilities)

 

8,250

(2,989)

Net assets attributable to members

 

255,000

282,011

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

-

27,011

Members’ other interests

 

Members' capital classified as equity

 

255,000

255,000

   

255,000

282,011

Total members' interests

 

Amounts due from members

 

(19,320)

(9,397)

Loans and other debts due to members

 

-

27,011

Equity

 

255,000

255,000

   

235,680

272,614

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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 Salisbury 46 LLP (registered number OC398932) were approved by the Board and authorised for issue on 6 September 2024. They were signed on behalf of the limited liability partnership by:

 

Nova Salisbury 46 LLP

(Registration number: OC398932)
Statement of Financial Position as at 31 March 2024

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

   
 

Nova Salisbury 46 LLP

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

1

General information

Nova Salisbury 46 LLP (LLP number: OC398932) 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 (£).

2

Accounting policies

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.

Revenue recognition

Revenue comprises of rents receivable, and is recognised on a straight-line basis over the term of a lease. Revenue is measured at the fair value of the consideration received, excluding VAT.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to 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 Salisbury 46 LLP

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

4

Investment property

2024
 £

At 1 April 2023

285,000

Fair value adjustments

(38,250)

At 31 March 2024

246,750


The investment property was revalued by the designated members at the balance sheet date at its market value within the benefit of the existing lease. The historic cost of the property was £250,601.

5

Debtors

2024
 £

2023
 £

Trade debtors

-

42

Other debtors

19,320

9,397

Prepayments and accrued income

272

272

19,592

9,711

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Other creditors

13,660

26,203

Accruals and deferred income

2,761

2,580

Taxation and social security

3,062

3,233

19,483

32,016

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 afforded to creditors in such of an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of "Members' other interests".