Nasaatsa LLP OC382523 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true OC382523 2023-04-01 2024-03-31 OC382523 2024-03-31 OC382523 core:CurrentFinancialInstruments 2024-03-31 OC382523 core:WithinOneYear 2024-03-31 OC382523 core:FurnitureFittings 2024-03-31 OC382523 core:MotorVehicles 2024-03-31 OC382523 core:PlantMachinery 2024-03-31 OC382523 bus:SmallEntities 2023-04-01 2024-03-31 OC382523 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC382523 bus:FilletedAccounts 2023-04-01 2024-03-31 OC382523 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC382523 bus:RegisteredOffice 2023-04-01 2024-03-31 OC382523 bus:PartnerLLP1 2023-04-01 2024-03-31 OC382523 bus:PartnerLLP2 2023-04-01 2024-03-31 OC382523 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC382523 core:ComputerEquipment 2023-04-01 2024-03-31 OC382523 core:FurnitureFittings 2023-04-01 2024-03-31 OC382523 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 OC382523 core:MotorCars 2023-04-01 2024-03-31 OC382523 core:MotorVehicles 2023-04-01 2024-03-31 OC382523 core:PlantMachinery 2023-04-01 2024-03-31 OC382523 countries:AllCountries 2023-04-01 2024-03-31 OC382523 2023-03-31 OC382523 core:FurnitureFittings 2023-03-31 OC382523 core:MotorVehicles 2023-03-31 OC382523 core:PlantMachinery 2023-03-31 OC382523 2022-04-01 2023-03-31 OC382523 2023-03-31 OC382523 core:CurrentFinancialInstruments 2023-03-31 OC382523 core:WithinOneYear 2023-03-31 OC382523 core:FurnitureFittings 2023-03-31 OC382523 core:MotorVehicles 2023-03-31 OC382523 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC382523

Nasaatsa LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Nasaatsa LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Nasaatsa LLP

Limited liability partnership information

Designated members

Mr Osman Atta Saeed

Mr Sameer Atta Saeed
 

Registered office

2nd Floor Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

Accountants

Russell Phillips Limited
2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

 

Nasaatsa LLP

(Registration number: OC382523)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

3

696

14,102

Investments

4

745,000

775,000

 

745,696

789,102

Current assets

 

Debtors

5

1,000

-

Creditors: Amounts falling due within one year

6

(2,291)

(6,032)

Net current liabilities

 

(1,291)

(6,032)

Net assets attributable to members

 

744,405

783,070

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

744,405

783,070

   

744,405

783,070

Total members' interests

 

Loans and other debts due to members

 

744,405

783,070

   

744,405

783,070

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, and the option not to file the Profit and Loss Account has been taken.

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 Nasaatsa LLP (registered number OC382523) were approved by the Board and authorised for issue on 7 November 2024. They were signed on behalf of the limited liability partnership by:

 

Nasaatsa LLP

(Registration number: OC382523)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr Sameer Atta Saeed
Designated member

 

Nasaatsa LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Loans and other debts due to/(from) members

   

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2024
 £

Members' interest at 1 April 2023

783,070

-

783,070

783,070

Members' remuneration charged as an expense

-

33,156

33,156

33,156

Members' interests after total comprehensive income

783,070

33,156

816,226

816,226

Members’ capital introduced

-

12,255

12,255

12,255

Drawings (including tax payments)

-

(84,076)

(84,076)

(84,076)

At 31 March 2024

783,070

(38,665)

744,405

744,405

 

Nasaatsa LLP

Notes to the Financial Statements for the Year Ended 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 and 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 Nasaatsa 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

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 FRS102. 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 arrving 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.

Losses are automatically divided as they arise giving the LLP the right to seek payment from members. Therefore they are presented within 'Members' remuneration charged as an expense', and, to the extent they remain unpaid and are considered recoverable, shown as debtors on the Balance Sheet and as amounts due from members within 'Members' 'interests'.

 

Nasaatsa LLP

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities may be administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Investment properties

Investment property, which is property held to earn rental income 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 accounts period end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Nasaatsa LLP

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2

Particulars of employees

There were no employees of the limited liability partnership in either 2024 (0) or 2023 (0), other than the members. The members' remuneration is their profit share.

 

Nasaatsa LLP

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

3

Tangible fixed assets

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 1 April 2023

989

5,200

74,030

80,219

Disposals

-

-

(74,030)

(74,030)

At 31 March 2024

989

5,200

-

6,189

Depreciation

At 1 April 2023

988

4,274

60,855

66,117

Charge for the year

-

231

-

231

Eliminated on disposals

-

-

(60,855)

(60,855)

At 31 March 2024

988

4,505

-

5,493

Net book value

At 31 March 2024

1

695

-

696

At 31 March 2023

1

926

13,175

14,102

4

Investments held as fixed assets

2024
 £

2023
 £

Property

745,000

775,000

Property

Unlisted investments
£

Total
£

Fair Value

At 1 April 2023

775,000

775,000

Revaluation

(30,000)

(30,000)

At 31 March 2024

745,000

745,000

Net book value

At 31 March 2024

745,000

745,000

At 31 March 2023

775,000

775,000

 

Nasaatsa LLP

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investments held as fixed assets (continued)

The fair value of investment properties has been arrived at on the basis of a valuation carried out at 31st March 2024 by the members of the LLP. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

The total historic cost of the investment properties held is £797,771 (2023: £797,771).

5

Debtors

2024
 £

Prepayments and accrued income

1,000

Total current trade and other debtors

1,000

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Accruals and deferred income

2,291

6,032