REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
NORTON POWER PARTNERSHIP LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
NORTON POWER PARTNERSHIP LLP |
NORTON POWER PARTNERSHIP LLP (REGISTERED NUMBER: OC432690) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 4 |
NORTON POWER PARTNERSHIP LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 London Road |
Newark |
Nottinghamshire |
NG24 1TW |
NORTON POWER PARTNERSHIP LLP (REGISTERED NUMBER: OC432690) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 50 | 50 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | - | - |
MEMBERS' OTHER INTERESTS |
Capital accounts | 50 | 50 |
50 | 50 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 50 | 50 |
Amounts due from members | 5 | (10,681 | ) | (9,481 | ) |
(10,631 | ) | (9,431 | ) |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
NORTON POWER PARTNERSHIP LLP (REGISTERED NUMBER: OC432690) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Norton Power 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 |
Members' participating interests |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and 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 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. |
Where there exists an asset and liability component in respect of an individual member’s participation rights,they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
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. |
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
Entities in which the limited liability partnership has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 August 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 July 2023 |
NORTON POWER PARTNERSHIP LLP (REGISTERED NUMBER: OC432690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
The LLP's investments at the Balance Sheet date in the share capital of companies include the following: |
Joint venture |
Registered office: The Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, Lincolnshire, UK, DN21 5TJ |
Nature of business: |
% |
Class of shares: | holding |
The limited liability partnership holds a 50% equity shareholding (and voting rights) in Hemswell Power |
Solutions Limited, a joint venture. The investment is held at a carrying amount of £50. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | RELATED PARTY TRANSACTIONS |
During the period Hemswell Estates Limited paid for transactions on behalf of Norton Power Partnership LLP |
of £nil (2023: £8,126). The amount due outstanding to Hemswell Estates Limited at 31 March 2024 was |
£12,201 (2023: £9,236). Mr A Duguid is a director and shareholder of Hemswell Estates Limited. |
During the period Adam Duguid & Son received transactions on behalf of Norton Power Partnership LLP of £nil (2023: £1,350). The amount due from Adam Duguid & Son at 31 March 2024 was £nil (2023: £1,350). Mr A Duguid is the proprietor of Adam Duguid & Son. |
The loans are interest free, have no fixed terms for repayment, and are repayable on demand. |
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. |