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Registered number: OC421090












NSS (CHERTSEY) LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

NSS (CHERTSEY) LLP

CONTENTS



Page
LLP Information
 
1
Statement of financial position
 
2 - 3
Reconciliation of members' interests
 
4
Notes to the financial statements
 
5 - 10


 

NSS (CHERTSEY) LLP

INFORMATION



Designated Members
NSS IV GP LLP
NSS IV Holdings LLP

LLP registered number
OC421090

Registered office
50 Marshall Street
London
W1F 9BQ

Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC421090
NSS (CHERTSEY) LLP

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
21,775,000
22,325,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
221,556

Debtors: amounts falling due within one year
 5 
20,825
233,817

Cash at bank and in hand
  
102,565
2,580

  
123,390
457,953

Creditors: amounts falling due within one year
 6 
(664,345)
(964,431)

Net current liabilities
  
 
 
(540,955)
 
 
(506,478)

Total assets less current liabilities
  
21,234,045
21,818,522

Creditors: amounts falling due after more
than one year
  
-
(7,704,597)

Net assets
  
21,234,045
14,113,925


Represented by:
  

Loans and other debts due to members within one year
 8 
14,780,326
6,849,775

Members' other interests
  

Members' capital classified as equity
  
1
1

Other reserves classified as equity

  

6,453,718
7,264,149

  
 
6,453,719
 
7,264,150

  
21,234,045
14,113,925


Total members' interests
  

Loans and other debts due to members
 8 
14,780,326
6,849,775

Members' other interests
  
6,453,719
7,264,150

Total equity
  
21,234,045
14,113,925


Page 2


 
REGISTERED NUMBER:OC421090
NSS (CHERTSEY) LLP
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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

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

The entity 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 by: 




Hugo Llewelyn (for and on behalf of)
NSS IV GP LLP
Designated member

Date: 19 September 2024

The notes on pages 5 to 10 form part of these financial statements.

NSS (Chertsey) 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

 

NSS (CHERTSEY) LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024









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

£
£
£
£
£

Amounts due to members 
2,344,515


Balance at 1 April 2022 
1
6,298,971
6,298,972
2,344,515
8,643,487

Profit for the year available for discretionary division among members
 
-
734,697
734,697
-
734,697

Members' interests after profit for the year
1
7,033,668
7,033,669
2,344,515
9,378,184

Other division of profits
-
230,481
230,481
(230,481)
-

Amounts introduced by members
-
-
-
4,735,741
4,735,741

Amounts due to members
6,849,775

Balance at 31 March 2023
1
7,264,149
7,264,150
6,849,775
14,113,925

Loss for the year available for discretionary division among members
 
-
(425,050)
(425,050)
-
(425,050)

Members' interests after profit for the year
1
6,839,099
6,839,100
6,849,775
13,688,875

Other division of profits
-
(385,381)
(385,381)
385,381
-

Amounts introduced by members
-
-
-
7,545,170
7,545,170

Amounts due to members
14,780,326

Balance at 31 March 2024 
1
6,453,718
6,453,719
14,780,326
21,234,045

Without the prior consent of all the members, no member may assign or charge its rights or interest in the LLP, or any part thereof, or any other interest in the LLP or make any other person a partner of the LLP.

Page 4

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

NSS (Chertsey) LLP is a limited liability partnership registered in England & Wales. The registered office and principal place of business is 50 Marshall Street, London, W1F 9BQ.
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

  
2.2

Going concern

The LLP has adequate financial resources and, as a consequence, the designated members believe that the LLP is well placed to manage its business risks successfully. After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue its operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
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:
Rental income
Revenue comprises rental income, service charges and other recoveries from tenants of the LLP’s investment properties net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
Lease incentives granted are recognised as an integral part of total rental income and are therefore accounted for as a reduction of rental income over the lease term.

  
2.4

Operating leases: the LLP as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
 
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

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.

Page 5

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

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.

  
2.9

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 
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 LLP after deducting all of its liabilities. 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  

(continued)

Derivative contracts
Derivatives contracts, including interest rate swaps and foreign exchange forward contracts, are not basic financial instruments.
Derivatives contracts are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in interest payable and similar expenses or interest receivable and similar income as appropriate.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The entity has no employees.

Page 7

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
22,325,000


Additions at cost
(167,508)


Fair value movement on revaluation
(684,721)


Lease Incentives
302,229



At 31 March 2024
21,775,000

The 2024 valuations were made by Knight Frank LLP, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
15,100,997
15,268,505


5.


Debtors

2024
2023
£
£

Due after more than one year

Financial instruments (after 1 yr)

-
221,556

Due within one year

Trade debtors
2,150
21,109

Other debtors
12,804
60,476

Prepayments and accrued income
5,871
152,232

20,825
455,373


Page 8

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
36,858
16,434

Other taxation and social security
70,410
-

Other creditors
3,177
10,734

Accruals and deferred income
553,900
937,263

664,345
964,431





7.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
221,556




Financial assets measured at fair value through profit or loss comprise an interest rate cap financial instrument.


8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
14,780,326
6,849,775



Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


9.


Related party transactions

The LLP has taken advantage of the exemption provided under FRS 102 from disclosing transactions with members of the same group that are wholly-owned. At the year end, members of the LLP were owed £14,780,326. (2023: £6,849,775).

Page 9

 

NSS (CHERTSEY) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Post balance sheet events

Following the year end the LLP entered into a £5,000,000 loan facility with Rothschild & Co Bank International Limited and UK Insurance Limited. On the 22 July 2024, the LLP drew down £4,500,000 of the facility.


11.


Controlling party

The immediate parent entity of the LLP is NSS IV Holdings LLP.
The ultimate parent entity is Newcore Strategic Situations IV LP, an LP which beneficially holds 100% of the equity of NSS IV Holdings LLP. The results of NSS (Chertsey) LLP are included in the consolidated accounts of this entity.
The ultimate controlling party of the LLP is Mr H Llewelyn.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 20 September 2024 by Daniel Burke (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10