Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3102023-04-01falseThe principal activity of the limited liability partnership is the holding of investment property.0truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SO306354 2023-04-01 2024-03-31 SO306354 2024-03-31 SO306354 2022-04-01 2023-03-31 SO306354 2023-03-31 SO306354 c:FreeholdInvestmentProperty 2024-03-31 SO306354 c:FreeholdInvestmentProperty 2023-03-31 SO306354 c:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 SO306354 c:CurrentFinancialInstruments 2024-03-31 SO306354 c:CurrentFinancialInstruments 2023-03-31 SO306354 c:Non-currentFinancialInstruments 2024-03-31 SO306354 c:Non-currentFinancialInstruments 2023-03-31 SO306354 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 SO306354 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 SO306354 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 SO306354 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 SO306354 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 SO306354 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 SO306354 e:FRS102 2023-04-01 2024-03-31 SO306354 e:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SO306354 e:FullAccounts 2023-04-01 2024-03-31 SO306354 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO306354 e:PartnerLLP4 2023-04-01 2024-03-31 SO306354 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 SO306354 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 SO306354 c:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 SO306354 c:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 SO306354 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 SO306354 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 SO306354 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company Registration Number SO306354























GG NBP LLP





UNAUDITED 
FINANCIAL STATEMENTS





 31 MARCH 2024

























img0af3.png

 
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
Page 1

 
GG NBP LLP
REGISTERED NUMBER: SO306354

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
475,000
267,806

  
475,000
267,806

Current assets
  

Debtors: amounts falling due within one year
 5 
73,038
44,038

Cash at bank and in hand
  
10,350
2,026

  
83,388
46,064

Creditors: Amounts Falling Due Within One Year
 6 
(20,916)
(97,530)

Net current assets/(liabilities)
  
 
 
62,472
 
 
(51,466)

Total assets less current liabilities
  
537,472
216,340

Creditors: amounts falling due after more than one year
 7 
(147,297)
-

  
390,175
216,340

  

Net assets
  
390,175
216,340

Page 2

 
GG NBP LLP
REGISTERED NUMBER: SO306354

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
77,981
96,340

  
77,981
96,340

Members' other interests
  

Members' capital classified as equity
  
105,000
120,000

Revaluation reserve classified as equity (See Note 10)
  
207,194
-

  
 
312,194
 
120,000

  
390,175
216,340


Total members' interests
  

Loans and other debts due to members
 9 
77,981
96,340

Members' other interests
  
312,194
120,000

  
390,175
216,340


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
Designated member

Date: 21 January 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 

 
GG NBP LLP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024








EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£
£

Members' interests after profit for the year
120,000
-
-
120,000
75,136
75,136
195,136

Members remuneration charged as an expense including employment costs and retirement benefit costs
-
-
-
-
21,204
21,204
21,204

Amounts due to members
96,340
96,340

Balance at 31 March 2023
120,000
-
-
120,000
96,340
96,340
216,340

Profit for the year available for discretionary division among members (See Note 10)
 
-
-
207,194
207,194
-
-
207,194

Members' interests after profit for the year
120,000
-
207,194
327,194
96,340
96,340
423,534

Members remuneration charged as an expense including employment costs and retirement benefit costs
-
-
-
-
(4,114)
(4,114)
(4,114)

Movement in reserves
-
207,194
(207,194)
-
-
-
-

Amounts introduced by members
-
-
-
-
(14,245)
(14,245)
(14,245)

Repayment of capital
(15,000)
-
-
(15,000)
-
-
(15,000)

Amounts due to members
77,981
77,981

Balance at 31 March 2024 
105,000
207,194
-
312,194
77,981
77,981
390,175

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.

Page 4

 
GG NBP LLP
 

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

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

  
2.3

Turnover

Turnover represents amounts receivable for rentals, net of VAT. Turnover is recognised based on the annual rental charges agreed with tenants.

 
2.4

Finance costs

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.

Page 5

 
GG NBP LLP
 

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

2.Accounting policies (continued)

 
2.5

Members' participation rights

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.

Page 6

 
GG NBP LLP
 

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

2.Accounting policies (continued)

 
2.6

Debtors

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.

  
2.7

Investment property

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.

 
2.8

Cash and cash equivalents

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.

 
2.9

Creditors

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.

 
2.10

Financial instruments

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.


3.


Employees

The entity has no employees.

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 7

 
GG NBP LLP
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
267,806


Surplus on revaluation
207,194



At 31 March 2024
475,000

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.

The 2024 valuations were made by J & E Shepherd, Chartered Surveyors, on an open market value for existing use basis.



At 31 March 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
267,806
267,806

267,806
267,806


5.


Debtors

2024
2023
£
£


Trade debtors
70,621
41,621

Other debtors
2,417
2,417

73,038
44,038


Page 8

 
GG NBP LLP
 

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
12,802
89,416

Other creditors
6,614
6,614

Accruals and deferred income
1,500
1,500

20,916
97,530


The following liabilities were secured:

2024
2023
£
£


Bank loans
12,802
89,416

Details of security provided:

The bank loan is secured by a standard security over the investment property.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
147,297
-

147,297
-


The following liabilities were secured:

2024
2023
£
£


Bank loans
147,297
-

Details of security provided:

The bank loan is secured by a standard security over the investment property.

Page 9

 
GG NBP LLP
 

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

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
12,802
89,416


12,802
89,416

Amounts falling due after more than one year

Bank loans
147,297
-


147,297
-



160,099
89,416



9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
77,981
96,340

77,981
96,340

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
77,981
96,340

77,981
96,340

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 10