Limited Liability Partnership registration number OC349175 (England and Wales)
NORPAP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Star House
Star Hill
Rochester
Kent
ME1 1UX
NORPAP LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
NORPAP LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
3,305,155
3,305,155
Current assets
Debtors
4
502,740
723,796
Cash at bank and in hand
-
125,862
502,740
849,658
Creditors: amounts falling due within one year
5
(169,629)
(496,842)
Net current assets
333,111
352,816
Total assets less current liabilities
3,638,266
3,657,971
Creditors: amounts falling due after more than one year
6
(2,759,249)
(2,554,555)
Net assets attributable to members
879,017
1,103,416
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
222,668
251,151
Other amounts
(238,931)
(43,015)
(16,263)
208,136
Members' other interests
Other reserves classified as equity
895,280
895,280
879,017
1,103,416

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

NORPAP LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

For the financial Period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 12 September 2024 and are signed on their behalf by:
12 September 2024
Mr P E King
Designated member
Limited Liability Partnership registration number OC349175 (England and Wales)
NORPAP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Norpap LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4 Warner House, Harrovian Business Village, Bessborough Road, Harrow, Middlesex, HA1 3EX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The company's financial statements have been prepared for an 15 month period. The comparative figures, including related notes, are for a 12 month period.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover comprises rental income receivable in the year. Rental income is recognised from the point properties are let, net of any voids.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

NORPAP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

NORPAP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the Period was:

2024
2022
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 January 2023 and 31 March 2024
3,305,155
NORPAP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
502,740
723,796
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
86,280
400,000
Other creditors
83,349
96,842
169,629
496,842
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
2,759,249
2,554,555

A legal charge dated 4 July 2012 held by National Westminster Bank PLC F/H property: disley paper mill waterside disley stockport t/nos; CH318530, CH386575, CH420771 and DY263132.

 

A legal charge dated 4 July 2012 held by National Westminster Bank PLC. F/H land at penygroes industrial estate, penygroes caernarfon t/n CYM235127

 

A fixed and floating charge dated 19 March 2014 held by National Westminster Bank PLC. Floating charge covers all the property or undertaking of the company.

 

A fixed charge dated 7 April 2016 held by National Westminster Bank PLC. Land at lansil industrial estate (land registry title no: LA617553).

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

NORPAP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
8
Related party transactions

During the year, the following transactions took place with related parties:

 

Advances to the related parties of £821,805 (2022 - £1,545,367)

Repayments to the related parties of £1,001,056 (2022 - £2,150,766)

 

As at 31 March 2024, £405,185 (2022 - £584,436) was due to the related parties.

 

The loans were interest free and repayable on demand.

 

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