Limited Liability Partnership registration number OC349653 (England and Wales)
NEWHALL HOUSE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEWHALL HOUSE LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NEWHALL HOUSE LLP
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
30 March 2024
31 March 2023
Notes
£
£
£
£
Current assets
Stocks
286,500
582,000
Debtors
3
907,208
611,582
Cash at bank and in hand
233
107
1,193,941
1,193,689
Creditors: amounts falling due within one year
4
(25,501)
(25,249)
Net current assets and net assets attributable to members
1,168,440
1,168,440
Represented by:
Loans and other debts due to members within one year
Other amounts
1,168,440
1,168,440
Total members' interests
Amounts due from members
(907,208)
(611,582)
Loans and other debts due to members
1,168,440
1,168,440
261,232
556,858

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 30 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 6 February 2025 and are signed on their behalf by:
06 February 2025
A D Phillips
Designated member
Limited Liability Partnership registration number OC349653 (England and Wales)
NEWHALL HOUSE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Newhall House LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The reporting period covers the period from 1 April 2023 to 30 March 2024. The comparatives cover the year to 31 March 2023. As the periods are different lengths, the figures may not be wholly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the members have falseconfirmed that they will continue to support the LLP as required for it 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.

1.4
Members' participating interests

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 FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

NEWHALL HOUSE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
907,208
611,582
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,711
10,711
Other creditors
12,000
12,000
Accruals and deferred income
2,790
2,538
25,501
25,249
NEWHALL HOUSE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 4 -
5
Loans and other debts due to members

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

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