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Company No: OC397269 (England and Wales)

NOVA CHICHESTER 45 LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NOVA CHICHESTER 45 LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NOVA CHICHESTER 45 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2024
NOVA CHICHESTER 45 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2024
DESIGNATED MEMBERS F M Garvey
T G Lewis
REGISTERED OFFICE 41 Commercial Road
Poole
BH14 0HU
United Kingdom
REGISTERED NUMBER OC397269 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Towngate House
2-8 Parkstone Road
Poole
Dorset BH15 2PW
NOVA CHICHESTER 45 LLP

BALANCE SHEET

As at 31 March 2024
NOVA CHICHESTER 45 LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 987,012 1,028,138
987,012 1,028,138
Current assets
Debtors 4 348,880 143,060
Cash at bank and in hand 48,816 110,189
397,696 253,249
Creditors: amounts falling due within one year 5 ( 187,922) ( 224,329)
Net current assets 209,774 28,920
Total assets less current liabilities 1,196,786 1,057,058
Creditors: amounts falling due after more than one year 6 ( 125,456) ( 161,815)
Net assets attributable to members 1,071,330 895,243
Represented by
Loans and other debts due to members within one year
Other amounts 0 9,919
0 9,919
Members' other interests
Members' capital classified as equity 969,777 745,500
Revaluation reserve 60,908 102,033
Other reserves 40,645 37,791
1,071,330 885,324
1,071,330 895,243
Total members' interests
Amounts due from members (included in debtors) (348,850) (140,337)
Loans and other debts due to members 0 9,919
Members' other interests 1,071,330 885,324
722,480 754,906

For the financial year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Nova Chichester 45 LLP (registered number: OC397269) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

T G Lewis
Designated member
NOVA CHICHESTER 45 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NOVA CHICHESTER 45 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nova Chichester 45 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 41 Commercial Road, Poole, BH14 0HU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to LLPs subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Turnover

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, excluding discounts, rebates, VAT and other sales tax or duty. Revenue comprises of rents receivable.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Members' participation rights

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,028,138
Fair value movement (41,126)
As at 31 March 2024 987,012

Valuation

The investment property was revalued by the designated members at the balance sheet date at is market value within the benefit of the existing lease.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 926,104 926,104

4. Debtors

2024 2023
£ £
Trade debtors 30 0
Amounts owed by members 348,850 140,337
Other debtors 0 2,723
348,880 143,060

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 31,000 31,000
Accruals and deferred income 75,615 105,510
Other taxation and social security 8,694 10,230
Other creditors 72,613 77,589
187,922 224,329

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 125,456 161,815