REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
NASA PROPERTY RENTALS LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
NASA PROPERTY RENTALS LLP |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
NASA PROPERTY RENTALS LLP |
GENERAL INFORMATION |
for the Year Ended 31 August 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Britannic House |
657 Liverpool Road |
Irlam |
Manchester |
Lancashire |
M44 5XD |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
REPORT OF THE MEMBERS |
for the Year Ended 31 August 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property rental. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £70,068 (2023 - £61,733 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to the share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at 'par', so the retiring members are repaid their capital at 'par'. |
ON BEHALF OF THE MEMBERS: |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
INCOME STATEMENT |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
£ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
BALANCE SHEET |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,276,181 |
1,275,524 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
22,296 |
21,639 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 1,253,885 | 1,253,885 |
1,276,181 | 1,275,524 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 22,296 | 21,639 |
Members' other interests | 1,253,885 | 1,253,885 |
1,276,181 | 1,275,524 |
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. |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
BALANCE SHEET - continued |
31 August 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
RECONCILIATION OF MEMBERS' INTERESTS |
for the Year Ended 31 August 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 September 2023 | 1,253,885 | - | 1,253,885 |
Profit for the financial year available for discretionary division among members |
- |
70,068 |
70,068 |
Members' interests after profit for the year | 1,253,885 | 70,068 | 1,323,953 |
Other divisions of profit | - | (70,068 | ) | (70,068 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 August 2024 | 1,253,885 | - | 1,253,885 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 21,639 |
Amount due from members | - |
Balance at 1 September 2023 | 21,639 | 1,275,524 |
Profit for the financial year available for discretionary division among members |
- |
70,068 |
Members' interests after profit for the year | 21,639 | 1,345,592 |
Other divisions of profit | 70,068 | - |
Drawings on account and distributions of profit | (69,411 | ) | (69,411 | ) |
Amount due to members | 22,296 |
Amount due from members | - |
Balance at 31 August 2024 | 22,296 | 1,276,181 |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
RECONCILIATION OF MEMBERS' INTERESTS |
for the Year Ended 31 August 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 September 2022 | 1,253,885 | - | 1,253,885 |
Profit for the financial year available for discretionary division among members |
- |
61,733 |
61,733 |
Members' interests after profit for the year | 1,253,885 | 61,733 | 1,315,618 |
Other divisions of profit | - | (61,733 | ) | (61,733 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 August 2023 | 1,253,885 | - | 1,253,885 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 24,943 |
Amount due from members | - |
Balance at 1 September 2022 | 24,943 | 1,278,828 |
Profit for the financial year available for discretionary division among members |
- |
61,733 |
Members' interests after profit for the year | 24,943 | 1,340,561 |
Other divisions of profit | 61,733 | - |
Drawings on account and distributions of profit | (65,037 | ) | (65,037 | ) |
Amount due to members | 21,639 |
Amount due from members | - |
Balance at 31 August 2023 | 21,639 | 1,275,524 |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
NASA Property Rentals 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 |
Turnover |
Turnover represents the amounts receivable for the property rentals, excluding value added tax, under leases and tenancy agreements. |
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. |
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 the profit and loss. |
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
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 advance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classified as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. |
Al 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 years 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. |
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right of set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profit remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from the specific member. |
NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Taxation and social security |
Other creditors |
6. | 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. |