Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsetrue2023-05-01No description of principal activity98trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC303987 2023-05-01 2024-03-31 OC303987 2022-05-01 2023-04-30 OC303987 2024-03-31 OC303987 2023-04-30 OC303987 c:Director2 2023-05-01 2024-03-31 OC303987 d:PlantMachinery 2023-05-01 2024-03-31 OC303987 d:PlantMachinery 2024-03-31 OC303987 d:PlantMachinery 2023-04-30 OC303987 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC303987 d:CurrentFinancialInstruments 2024-03-31 OC303987 d:CurrentFinancialInstruments 2023-04-30 OC303987 d:CurrentFinancialInstruments 2 2024-03-31 OC303987 d:CurrentFinancialInstruments 2 2023-04-30 OC303987 d:Non-currentFinancialInstruments 2024-03-31 OC303987 d:Non-currentFinancialInstruments 2023-04-30 OC303987 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC303987 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 OC303987 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 OC303987 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 OC303987 c:FRS102 2023-05-01 2024-03-31 OC303987 c:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC303987 c:FullAccounts 2023-05-01 2024-03-31 OC303987 c:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC303987 2 2023-05-01 2024-03-31 OC303987 6 2023-05-01 2024-03-31 OC303987 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC303987 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-30 OC303987 f:PoundSterling 2023-05-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC303987















NEW STREET RESEARCH LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 11 MONTHS ENDED 31 MARCH 2024

 
NEW STREET RESEARCH LLP
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Reconciliation of members' interests
 
 
4
Notes to the financial statements
 
 
5 - 12


 
NEW STREET RESEARCH LLP
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW STREET RESEARCH LLP
FOR THE 11 MONTHS ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of New Street Research LLP for the 11 months ended 31 March 2024 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of New Street Research LLP and state those matters that we have agreed to state to the New Street Research LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Street Research LLP and its members for our work or for this report. 

It is your duty to ensure that New Street Research LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Street Research LLP. You consider that New Street Research LLP is exempt from the statutory audit requirement for the 11 months.

We have not been instructed to carry out an audit or review of the financial statements of New Street Research LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Greenback Alan LLP
 
Chartered Accountants
  
89 Spa Road
London
SE16 3SG
5 November 2024
Page 1

 
NEW STREET RESEARCH LLP
REGISTERED NUMBER: OC303987

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
30 April
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,999
5,558

Investments
 5 
79,124
79,124

  
85,123
84,682

Current assets
  

Debtors: amounts falling due after more than one year
 6 
474,962
82,918

Debtors: amounts falling due within one year
 6 
504,532
675,507

Cash at bank and in hand
 7 
795,126
743,010

  
1,774,620
1,501,435

Creditors: Amounts Falling Due Within One Year
 8 
(1,268,310)
(1,180,834)

Net current assets
  
 
 
506,310
 
 
320,601

Total assets less current liabilities
  
591,433
405,283

Creditors: amounts falling due after more than one year
 9 
(366,759)
(180,609)

  
224,674
224,674

  

Net assets
  
224,674
224,674


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
224,674
224,674

  
 
224,674
 
224,674

  
224,674
224,674


Total members' interests
  

Amounts due from members (included in debtors)
 6 
(163,719)
(378,429)

Members' other interests
  
224,674
224,674

  
60,955
(153,755)


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The
Page 2

 
NEW STREET RESEARCH LLP
REGISTERED NUMBER: OC303987
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 5 November 2024.




................................................
M V Tonder
Designated member

The notes on pages 5 to 12 form part of these financial statements.

New Street Research LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3
 

 
NEW STREET RESEARCH LLP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due from members
 



(378,428)
(378,428)


Balance at 30 April 2023
224,674
-
224,674
(378,429)
(378,429)
(153,755)

Members' remuneration charged as an expense
-
-
-
655,417
655,417
655,417

Profit for the 11 months available for discretionary division among members
 
-
1,886,998
1,886,998
-
-
1,886,998

Members' interests after profit for the 11 months
224,674
1,886,998
2,111,672
276,988
276,988
2,388,660

Other division of profits
-
(1,886,998)
(1,886,998)
1,886,998
1,886,998
-

Drawings on account and distribution of profit
-
-
-
(2,327,705)
(2,327,705)
(2,327,705)

Amounts due from members
 



(163,719)
(163,719)


Balance at 31 March 2024 
224,674
-
224,674
(163,719)
(163,719)
60,955

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4
 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

1.


General information

New Street Research LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales. Its principal place of business and registered office is at 100  Bishopsgate, London, England, EC2N 4AG. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the 11 months in which they are incurred.

Page 6

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.9

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.


Plant and machinery
-
straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the 11 months was 9 (2023 - 8).

Page 8

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

4.


Tangible fixed assets







Computer Equipment and  Fixtures & Fittings

£



Cost or valuation


At 1 May 2023
138,743


Additions
4,971



At 31 March 2024

143,714



Depreciation


At 1 May 2023
133,185


Charge for the 11 months on owned assets
4,530



At 31 March 2024

137,715



Net book value



At 31 March 2024
5,999



At 30 April 2023
5,558

Page 9

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

5.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
79,124



At 31 March 2024
79,124





6.


Debtors

31 March
30 April
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
474,962
82,918

474,962
82,918


31 March
30 April
2024
2023
£
£

Due within one year

Trade debtors
323,277
227,347

Other debtors
15,758
16,883

Prepayments and accrued income
1,778
52,849

Amounts due from members
163,719
378,428

504,532
675,507



7.


Cash and cash equivalents

31 March
30 April
2024
2023
£
£

Cash at bank and in hand
795,126
743,010

795,126
743,010


Page 10

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

31 March
30 April
2024
2023
£
£

Bank loans
181,308
96,325

Trade creditors
13,940
34,308

Amounts owed to group undertakings
542,782
359,960

Other taxation and social security
97,812
78,801

Other creditors
7,452
178,890

Accruals and deferred income
425,016
432,550

1,268,310
1,180,834



9.


Creditors: Amounts falling due after more than one year

31 March
30 April
2024
2023
£
£

Bank loans
366,759
180,609

366,759
180,609


The following liabilities were secured:

31 March
30 April
2024
2023
£
£



Repayable within one year
181,308
96,325

Repayable after one year
366,759
180,609

548,067
276,934

Details of security provided:

The bank loans are secured by way of fixed and floating charges over the undertaking's assets including goodwill and by way of personal guarantees provided by certain members of the partnership.


10.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £7,366 (2023 - £6,442). Contributions totalling £Nil (2023 - £2,113) were payable to the fund at the balance sheet date.

Page 11

 
NEW STREET RESEARCH LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 MARCH 2024

11.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


 
Page 12