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REGISTERED NUMBER: OC431067 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE NEWITT GROUP LLP

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

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

Chartered Accountants' Report 7

THE NEWITT GROUP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: R S Newitt
A Newitt





REGISTERED OFFICE: 22 The Atrium
Whincroft Close
Ferndown
BH22 9NS





REGISTERED NUMBER: OC431067 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 665,000 673,792
665,001 673,793

CURRENT ASSETS
Debtors 6 862 9,524
Cash at bank 6,497 3,517
7,359 13,041
CREDITORS
Amounts falling due within one year 7 6,874 2,462
NET CURRENT ASSETS 485 10,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,486

684,372

CREDITORS
Amounts falling due after more than one
year

8

365,671

420,335
NET ASSETS ATTRIBUTABLE TO
MEMBERS

299,815

264,037

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

299,815

264,037

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 299,815 264,037

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.

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 24 January 2025 and were signed by:





A Newitt - Designated member

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

The Newitt Group 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 represents rents receivable provided during the period.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated.

This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors are of the opinion that this departure from the Companies Act 2006 is needed to present a true and fair view.

3. EMPLOYEE INFORMATION

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 673,792
Revaluations (8,792 )
At 31 March 2024 665,000
NET BOOK VALUE
At 31 March 2024 665,000
At 31 March 2023 673,792

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (8,792 )
Cost 673,792
665,000

On a historical cost basis the properties would have been included at an original cost of £673,792. An appraisal of the investment property has been made by members on a fair value basis as at 31 March 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Amounts owed by group undertakings 82 82
Other debtors 780 9,442
862 9,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 5,374 2,149
Other creditors 1,500 313
6,874 2,462

THE NEWITT GROUP LLP (REGISTERED NUMBER: OC431067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Bank loans 365,671 420,335

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 246,484 246,484

Repayable by instalments
Bank loans more 5 yr by instal 95,729 165,125

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 371,045 422,484

The bank loans are secured against the investment properties.

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE NEWITT GROUP LLP


The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of The Newitt Group LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP'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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of The Newitt Group LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Newitt Group LLP and state those matters that we have agreed to state to the members of The Newitt Group LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Newitt Group LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that The Newitt Group 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 The Newitt Group LLP. You consider that The Newitt Group LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Newitt Group 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.






Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE


24 January 2025