Company Registration Number SO306354
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UNAUDITED
FINANCIAL STATEMENTS
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GG NBP LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GG NBP LLP
FOR THE YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied 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 GG NBP LLP for the year ended 31 March 2024 which comprise the Statement of financial position 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 at https://www.icaew.com /regulation.
This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of GG NBP LLP and state those matters that we have agreed to state to the GG NBP LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GG NBP LLP and its members for our work or for this report.
It is your duty to ensure that GG NBP 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 GG NBP LLP. You consider that GG NBP LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of GG NBP 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.
Armstrong Watson LLP
Chartered Accountants
Third Floor, 10 South Parade, Leeds, West Yorkshire LS1 5QS
21 January 2025
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GG NBP LLP
REGISTERED NUMBER: SO306354
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 2
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GG NBP LLP
REGISTERED NUMBER: SO306354
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Revaluation reserve classified as equity (See Note 10)
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
___________________________
Mr D Hamill
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The notes on pages 5 to 10 form part of these financial statements.
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' interests after profit for the year
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Members remuneration charged as an expense including employment costs and retirement benefit costs
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Profit for the year available for discretionary division among members (See Note 10)
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Members' interests after profit for the year
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Members remuneration charged as an expense including employment costs and retirement benefit costs
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Amounts introduced by members
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Page 4
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GG NBP LLP ia a limited liability partnership incorporated in Scotland. The registered office is at 29 Rutland Square, Edinburgh, EH1 2BW with registered number SO306354.
The limited liability partnership's principal activity is the holding of investment property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents amounts receivable for rentals, net of VAT. Turnover is recognised based on the annual rental charges agreed with tenants.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Members' participation rights
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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
FRS102 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the
requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships'. A member's participation rights results in a liability unless the right to any payment is
discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are
classified as equity if the LLP has an unconditional right to refuse payment to members. If the LLP
does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right
to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They
are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent
that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the
LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of
equity rather than an expense. They are therefore shown as a residual amount available for
discretionary division among members in the Profit and Loss Account and are equity appropriations
in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract
and interest on capital balances, are treated in the same way as all other divisions of profit, as
described above, according to whether the LLP has, in each case, an unconditional right too refuse
payment.
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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The entity has no employees.
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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Page 7
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Freehold investment property
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Profit for the financial year includes £207,194 of unrealised gains arising from the revaluation of investment property, which are not distributable under the Companies Act 2006.
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The 2024 valuations were made by J & E Shepherd, Chartered Surveyors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 8
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured by a standard security over the investment property.
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured by a standard security over the investment property.
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GG NBP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due after more than one year
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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