Registration number:
New Young LLP
for the Year Ended 31 March 2024
New Young LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
New Young LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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New Young LLP
(Registration number: OC340028)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
1,238,106 |
1,238,106 |
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Members’ other interests |
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Members' capital classified as equity |
1,188,343 |
1,159,152 |
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2,426,449 |
2,397,258 |
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Total members' interests |
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Loans and other debts due to members |
1,238,106 |
1,238,106 |
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Equity |
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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
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New Young LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
New Young LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Investment property |
Total |
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Fair Value |
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At 1 April 2023 |
4,315,000 |
At 31 March 2024 |
4,315,000 |
Net book value |
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At 31 March 2024 |
4,315,000 |
At 31 March 2023 |
4,315,000 |
Debtors |
2024 |
2023 |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
16,336 |
19,188 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Accruals and deferred income |
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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.