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REGISTERED NUMBER: OC401185 (England and Wales)








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: Mrs A Graham
Mr S K Graham





REGISTERED OFFICE: Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD





REGISTERED NUMBER: OC401185 (England and Wales)





ACCOUNTANTS: Cadishead Accountancy Services Limited
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:

Mrs A Graham
Mr S K Graham

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:





Mr S K Graham - Designated member


31 January 2025

NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185)

INCOME STATEMENT
for the Year Ended 31 August 2024

31.8.24 31.8.23
£    £   

TURNOVER 90,732 85,550

Cost of sales (2,317 ) (2,226 )
GROSS PROFIT 88,415 83,324

Administrative expenses (18,347 ) (21,591 )
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




70,068




61,733

NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185)

BALANCE SHEET
31 August 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Investment property 4 1,286,876 1,286,876

CURRENT ASSETS
Cash at bank 204 474

CREDITORS
Amounts falling due within one year 5 (10,899 ) (11,826 )
NET CURRENT LIABILITIES (10,695 ) (11,352 )
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 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 August 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.

NASA PROPERTY RENTALS LLP (REGISTERED NUMBER: OC401185)

BALANCE SHEET - continued
31 August 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 31 January 2025 and were signed by:





Mr S K Graham - Designated member

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
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.

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 1,286,876
NET BOOK VALUE
At 31 August 2024 1,286,876
At 31 August 2023 1,286,876

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Taxation and social security 974 1,583
Other creditors 9,925 10,243
10,899 11,826

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.