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Registration number: OC445875

Delamere Nicolet LLP

Annual Report and Unaudited Financial Statements

for the period from 17 February 2023 to 31 March 2024

 

Delamere Nicolet LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Statement of Changes in Members’ Interests

3

Notes to the Financial Statements

4

 

Delamere Nicolet LLP

(Registration number: OC445875)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

3

7,102

Current assets

 

Debtors

4

19,372

Cash and short-term deposits

 

31,745

 

51,117

Creditors: Amounts falling due within one year

5

(34,393)

Net current assets

 

16,724

Net assets attributable to members

 

23,826

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(263,250)

Members’ other interests

 

Members' capital classified as equity

 

52

Other reserves

 

287,024

 

287,076

   

23,826

Total members' interests

 

Loans and other debts due to members

 

(263,250)

Equity

 

287,076

   

23,826

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.

 

Delamere Nicolet LLP

(Registration number: OC445875)
Balance Sheet as at 31 March 2024

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 Delamere Nicolet LLP (registered number OC445875) were approved by the Board and authorised for issue on 19 July 2024. They were signed on behalf of the limited liability partnership by:

.........................................
C G Nicolet
Designated member

.........................................
J R M Delamere
Designated member

 

Delamere Nicolet LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Total debt
£

Total
2024
£

Profit for the financial period available for discretionary division among members

-

287,024

287,024

-

-

287,024

Members’ capital introduced

24,078

-

24,078

-

-

24,078

Drawings (including tax payments)

(24,026)

-

(24,026)

(263,250)

(263,250)

(287,276)

At 31 March 2024

52

287,024

287,076

(263,250)

(263,250)

23,826

 

Delamere Nicolet LLP

Notes to the Financial Statements for the Period from 17 February 2023 to 31 March 2024

1

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Delamere Nicolet LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

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, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

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, 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.
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.

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 nor related deferred taxation is 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.

 

Delamere Nicolet LLP

Notes to the Financial Statements for the Period from 17 February 2023 to 31 March 2024

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 2.

 

Delamere Nicolet LLP

Notes to the Financial Statements for the Period from 17 February 2023 to 31 March 2024

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

Additions

3,088

6,557

9,645

At 31 March 2024

3,088

6,557

9,645

Depreciation

Charge for the year

309

2,234

2,543

At 31 March 2024

309

2,234

2,543

Net book value

At 31 March 2024

2,779

4,323

7,102

4

Debtors

2024
£

Trade debtors

16,380

Other debtors

1,320

Prepayments and accrued income

1,672

Total current trade and other debtors

19,372

5

Creditors: Amounts falling due within one year

2024
£

Accruals and deferred income

1,000

Taxation and social security

33,393

34,393

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.