Registration number:
Nasaatsa LLP
for the Year Ended 31 March 2024
Nasaatsa LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Nasaatsa LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Nasaatsa LLP
(Registration number: OC382523)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
744,405 |
783,070 |
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744,405 |
783,070 |
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Total members' interests |
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Loans and other debts due to members |
744,405 |
783,070 |
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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
Nasaatsa LLP
(Registration number: OC382523)
Balance Sheet as at 31 March 2024 (continued)
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Nasaatsa LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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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
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.
Particulars of employees |
There were no employees of the limited liability partnership in either 2024 (
Nasaatsa LLP
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible fixed assets |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 April 2023 |
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Disposals |
- |
- |
( |
( |
At 31 March 2024 |
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- |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
- |
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- |
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Eliminated on disposals |
- |
- |
( |
( |
At 31 March 2024 |
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- |
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Net book value |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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Investments held as fixed assets |
2024 |
2023 |
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Property |
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Property
Unlisted investments |
Total |
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Fair Value |
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At 1 April 2023 |
775,000 |
775,000 |
Revaluation |
(30,000) |
(30,000) |
At 31 March 2024 |
745,000 |
745,000 |
Net book value |
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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).
Debtors |
2024 |
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Prepayments and accrued income |
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Total current trade and other debtors |
1,000 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Accruals and deferred income |
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