1 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 84,692 84,692 8,470 8,470 76,222 xbrli:pure xbrli:shares iso4217:GBP OC419480 2023-04-01 2024-03-31 OC419480 2024-03-31 OC419480 2023-03-31 OC419480 2022-04-01 2023-03-31 OC419480 2023-03-31 OC419480 2022-03-31 OC419480 bus:Director1 2023-04-01 2024-03-31 OC419480 core:PlantMachinery 2024-03-31 OC419480 core:PlantMachinery 2023-04-01 2024-03-31 OC419480 core:AfterOneYear 2024-03-31 OC419480 core:AfterOneYear 2023-03-31 OC419480 core:WithinOneYear 2024-03-31 OC419480 core:WithinOneYear 2023-03-31 OC419480 bus:SmallEntities 2023-04-01 2024-03-31 OC419480 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC419480 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC419480 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC419480 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC419480
NGC NS LLP
Filleted Unaudited Financial Statements
31 March 2024
NGC NS LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
76,222
Current assets
Cash at bank and in hand
177,172
158,363
Creditors: amounts falling due within one year
6
103,795
83,072
---------
---------
Net current assets
73,377
75,291
---------
--------
Total assets less current liabilities
149,599
75,291
Creditors: amounts falling due after more than one year
7
59,469
39,063
---------
--------
Net assets
90,130
36,228
---------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
90,130
36,228
--------
--------
Members' other interests
Other reserves
--------
--------
90,130
36,228
--------
--------
Total members' interests
Loans and other debts due to members
8
90,130
36,228
Members' other interests
--------
--------
90,130
36,228
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
NGC NS LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 3 October 2024 , and are signed on their behalf by:
Mr P Turner
Designated Member
Registered number: OC419480
NGC NS LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 33 Carpenters Wood Drive, Chorleywood, Herts, WD3 5RN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2023: 1 ).
5.
Tangible assets
Plant and machinery
£
Cost
At 1 April 2023
Additions
84,692
--------
At 31 March 2024
84,692
--------
Depreciation
At 1 April 2023
Charge for the year
8,470
--------
At 31 March 2024
8,470
--------
Carrying amount
At 31 March 2024
76,222
--------
At 31 March 2023
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,652
Social security and other taxes
10,939
9,232
Other creditors
89,204
73,840
---------
--------
103,795
83,072
---------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
59,469
39,063
--------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
90,130
36,228
--------
--------