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Registration number: OC340028

New Young LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

New Young LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 5

Balance Sheet

2

Notes to the Financial Statements

4

 

New Young LLP

Limited liability partnership information

Designated members

AC McGee

S Randall

C Steeples
 

Registered office

Savoy House
Savoy Circus
London
W3 7DA

Accountants

Wem & Co
Savoy House
Savoy Circus
London
W3 7DA

 

New Young LLP

(Registration number: OC340028)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

4,315,000

4,315,000

Current assets

 

Debtors

4

16,336

19,188

Cash and short-term deposits

 

9,093

27,788

 

25,429

46,976

Creditors: Amounts falling due within one year

5

(1,913,980)

(1,964,718)

Net current liabilities

 

(1,888,551)

(1,917,742)

Net assets attributable to members

 

2,426,449

2,397,258

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,238,106

1,238,106

Members’ other interests

 

Members' capital classified as equity

 

1,188,343

1,159,152

   

2,426,449

2,397,258

Total members' interests

 

Loans and other debts due to members

 

1,238,106

1,238,106

Equity

 

1,188,343

1,159,152

   

2,426,449

2,397,258

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

New Young LLP

(Registration number: OC340028)
Balance Sheet as at 31 March 2024

The financial statements of New Young LLP (registered number OC340028) were approved by the Board and authorised for issue on 3 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
AC McGee
Designated member

.........................................
S Randall
Designated member

.........................................
C Steeples
Designated member

 

New Young LLP

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

1

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.

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 New Young 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Investment properties

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

New Young LLP

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

3

Investment property

Total
£

Fair Value

At 1 April 2023

4,315,000

At 31 March 2024

4,315,000

Net book value

At 31 March 2024

4,315,000

At 31 March 2023

4,315,000

4

Debtors

2024
 £

2023
 £

Other debtors

7,430

10,698

Prepayments and accrued income

8,906

8,490

Total current trade and other debtors

16,336

19,188

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

1,897,300

1,956,438

Accruals and deferred income

16,680

8,280

1,913,980

1,964,718

6

Loans and Other debts due to Members

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