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REGISTERED NUMBER: OC432863 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Northern FM Partnership LLP

Northern FM Partnership LLP (Registered number: OC432863)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Northern FM Partnership LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R A Porter
M Jamieson
Northern FM Ltd





REGISTERED OFFICE: 22 Monkstone Crescent
North Shields
Tyne And Wear
United Kingdom
NE30 2QF





REGISTERED NUMBER: OC432863 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Northern FM Partnership LLP (Registered number: OC432863)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,139 5,518
Investment property 5 1,587,000 1,587,000
1,591,139 1,592,518

CURRENT ASSETS
Debtors 8,580 17,760

CREDITORS
Amounts falling due within one year 6 (5,270 ) (3,696 )
NET CURRENT ASSETS 3,310 14,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,594,449

1,606,582

CREDITORS
Amounts falling due after more than one year 7 (935,522 ) (935,585 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

658,927

670,997

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

658,927

670,997

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 658,927 670,997
Amounts due from members (8,580 ) (17,760 )
650,347 653,237

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Northern FM Partnership LLP (Registered number: OC432863)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 November 2024 and were signed by:





R A Porter - Designated member

Northern FM Partnership LLP (Registered number: OC432863)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Northern FM Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 11,730
DEPRECIATION
At 1 April 2023 6,212
Charge for year 1,379
At 31 March 2024 7,591
NET BOOK VALUE
At 31 March 2024 4,139
At 31 March 2023 5,518

Northern FM Partnership LLP (Registered number: OC432863)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,587,000
NET BOOK VALUE
At 31 March 2024 1,587,000
At 31 March 2023 1,587,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (345,207 )
Cost 1,932,207
1,587,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,200 -
Other creditors 2,538 -
Accrued expenses 1,532 3,696
5,270 3,696

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgage 935,522 935,585

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage 935,522 935,585

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of creditors in a liquidation.