Limited Liability Partnership registration number OC364247 (England and Wales)
NEW ENGLAND ASSOCIATES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEW ENGLAND ASSOCIATES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr T D Heath
Mr T Heath (Jnr)
Mrs C G Heath
LLP registration number
OC364247
Registered office
Unit 4
Anglo African Ind Park
Union Road
Oldbury
West Midlands
B69 3EX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
Chamber of Commerce House
36 Highfield Road
Edgbaston
Birmingham
B15 3BJ
NEW ENGLAND ASSOCIATES LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
NEW ENGLAND ASSOCIATES LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW ENGLAND ASSOCIATES LLP FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New England Associates LLP for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the limited liability partnership’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 limited liability partnership's members of New England Associates LLP, as a body, 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 England Associates LLP and state those matters that we have agreed to state to the limited liability partnership's members of New England Associates LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New England Associates LLP and its members as a body, for our work or for this report.

It is your duty to ensure that New England Associates 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 England Associates LLP. You consider that New England Associates LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of New England Associates 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.

Ormerod Rutter Limited
9 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEW ENGLAND ASSOCIATES LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
144,477
138,261
Current assets
Stocks
8,134
8,111
Debtors
4
94,026
375,174
Cash at bank and in hand
172,003
213,323
274,163
596,608
Creditors: amounts falling due within one year
5
(241,500)
(536,212)
Net current assets
32,663
60,396
Total assets less current liabilities
177,140
198,657
Creditors: amounts falling due after more than one year
6
(58,805)
(66,891)
Net assets attributable to members
118,335
131,766
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
118,335
131,766

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

The financial statements were approved by the members and authorised for issue on 9 September 2024 and are signed on their behalf by:
09 September 2024
Mr T Heath (Jnr)
Designated member
Limited Liability Partnership registration number OC364247 (England and Wales)
NEW ENGLAND ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

New England Associates LLP is a limited liability partnership incorporated in England and Wales. The registered office is Unit 4, Anglo African Ind Park, Union Road, Oldbury, West Midlands, B69 3EX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of services excluding value added tax.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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 FRS 102. 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 arriving 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.

 

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

 

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
15% on reducing balance
NEW ENGLAND ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was 0 (2022 - 0).

3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
2,329
398
180,565
183,292
Additions
-
-
18,000
18,000
At 31 March 2024
2,329
398
198,565
201,292
Depreciation and impairment
At 1 October 2023
1,019
303
43,709
45,031
Depreciation charged in the period
163
7
11,614
11,784
At 31 March 2024
1,182
310
55,323
56,815
Carrying amount
At 31 March 2024
1,147
88
143,242
144,477
At 30 September 2023
1,310
95
136,856
138,261
NEW ENGLAND ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
3
Tangible fixed assets
(Continued)
- 5 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
113,019
122,182
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,331
292,786
Other debtors
92,695
82,388
94,026
375,174
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
174,666
408,643
Other creditors
66,834
127,569
241,500
536,212
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
58,805
66,891
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
74,978
83,064
Hire purchase contracts are secured against the assets to which they relate.
NEW ENGLAND ASSOCIATES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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