Newlands Capital 1 LLP OC432424 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of investment activities. Digita Accounts Production Advanced 6.30.9574.0 true true OC432424 2024-01-01 2024-12-31 OC432424 2024-12-31 OC432424 core:CurrentFinancialInstruments 2024-12-31 OC432424 core:OtherRelatedParties 2024-12-31 OC432424 bus:SmallEntities 2024-01-01 2024-12-31 OC432424 bus:Audited 2024-01-01 2024-12-31 OC432424 bus:FilletedAccounts 2024-01-01 2024-12-31 OC432424 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC432424 bus:PartnerLLP1 2024-01-01 2024-12-31 OC432424 bus:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC432424 core:OtherRelatedParties 2024-01-01 2024-12-31 OC432424 core:OtherRelatedParties core:OtherTransactionType1 2024-01-01 2024-12-31 OC432424 countries:AllCountries 2024-01-01 2024-12-31 OC432424 core:OtherRelatedParties 2023-12-31 OC432424 2023-01-01 2023-12-31 OC432424 2023-12-31 OC432424 core:CurrentFinancialInstruments 2023-12-31 OC432424 core:OtherRelatedParties 2023-12-31 OC432424 core:OtherRelatedParties 2023-01-01 2023-12-31 OC432424 core:OtherRelatedParties core:OtherTransactionType1 2023-01-01 2023-12-31 OC432424 core:OtherRelatedParties 2022-12-31 iso4217:GBP xbrli:pure

Newlands Capital 1 LLP

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: OC432424

 

Newlands Capital 1 LLP

Contents

Financial Statements

1 to 7

Balance Sheet

1

Reconciliation of Members’ Interests

2

Notes to the Financial Statements

3

 

Newlands Capital 1 LLP

Balance Sheet

31 December 2024

Note

2024
£

As restated
2023
£

Fixed assets

 

Investments

3

489,761

489,761

Current assets

 

Debtors

4

13,082,596

12,303,316

Cash and short-term deposits

 

90,417

42,020

 

13,173,013

12,345,336

Creditors: Amounts falling due within one year

5

(16,900)

(15,574)

Net current assets

 

13,156,113

12,329,762

Net assets attributable to members

 

13,645,874

12,819,523

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

3,271,074

2,444,723

Members’ other interests

 

Members' capital classified as equity

 

10,374,800

10,374,800

   

13,645,874

12,819,523

Total members' interests

 

Loans and other debts due to members

 

3,271,074

2,444,723

Equity

 

10,374,800

10,374,800

   

13,645,874

12,819,523

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.

The financial statements of Newlands Capital 1 LLP (registered number OC432424) were approved by the members and authorised for issue on 16 May 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr C Johnstone
Designated member

 

Newlands Capital 1 LLP

Reconciliation of Members’ Interests

31 December 2024

 

Equity

Loans and other debts due to/(from) members

 

Members' capital
£

Members' other amounts
£

Total
2024
 £

Members' interest at 1 January 2024

10,374,800

2,444,723

12,819,523

Members' remuneration charged as an expense

-

1,219,083

1,219,083

Members' interests after total comprehensive income

10,374,800

3,663,806

14,038,606

Drawings (including tax payments)

-

(392,732)

(392,732)

At 31 December 2024

10,374,800

3,271,074

13,645,874

 

Equity

Loans and other debts due to/(from) members

 

Members' capital
£

Members' other amounts
£

Total
2023
 £

Members' interest at 31 December 2022

10,374,800

1,562,648

11,937,448

 

Members' interest at 1 January 2023 as restated

10,374,800

1,742,857

12,117,657

Members' remuneration charged as an expense

-

1,151,866

1,151,866

 

Drawings (including tax payments)

-

(450,000)

(450,000)

 
 

At 31 December 2023

10,374,800

2,444,723

12,819,523

 
 

Newlands Capital 1 LLP

Notes to the Financial Statements

Year Ended 31 December 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued December 2021) and the Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Newlands Capital 1 LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis. The members are satisfied that for a period covering in excess of 12 months from the date of approval of these financial statements that the LLP will be able to meet its debts as they fall due and therefore find it appropriate for the financial statements to be prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 May 2025 was Duncan Leslie, who signed for and on behalf of PKF Francis Clark.

 

Newlands Capital 1 LLP

Notes to the Financial Statements

Year Ended 31 December 2024

Prior period errors

An error was identified regarding the treatment of the debtor and compounding of interest. Accrued interest of £385,188 had been understated in prior periods. The table below illustrates the increase / (decrease) in each financial statement line:

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to prior periods before the prior period disclosed in these financial statements
£

Other interest receivable and similar income

-

204,979

180,209

Profit for the year before members' remuneration and profit shares

-

204,979

180,209

Members' remuneration charged as an expense

-

(204,979)

(180,209)

Debtors

-

385,188

180,209

Loans and other debts due to members

-

(385,188)

(180,209)

    

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members are items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they are included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Fixed asset investments

Investments in equity shares are held at amortised cost using the effective interest method.

 

Newlands Capital 1 LLP

Notes to the Financial Statements

Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs).

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Newlands Capital 1 LLP

Notes to the Financial Statements

Year Ended 31 December 2024

3

Investments held as fixed assets

2024
£

2023
£

Other investments

489,761

489,761

Other investments

Unlisted investments
£

Total
£

Cost

At 1 January 2024

489,761

489,761

At 31 December 2024

489,761

489,761

Net book value

At 31 December 2024

489,761

489,761

At 31 December 2023

489,761

489,761

4

Debtors

2024
£

As restated
2023
£

Other debtors

13,082,596

12,303,316

Less non-current portion

(13,082,596)

(12,303,316)

Total current trade and other debtors

-

-

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Accruals and deferred income

16,900

15,574

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

 

Newlands Capital 1 LLP

Notes to the Financial Statements

Year Ended 31 December 2024

6

Related party transactions

Loans to related parties

2024

Other related parties
£

At start of period

12,303,317

Repaid

(476,525)

Interest charged

1,255,804

At end of period

13,082,596

2023

Other related parties
£

At start of period

11,593,858

Repaid

(476,524)

Interest charged

1,185,983

At end of period

12,303,317

Terms of loans to related parties

A loan has been provided to an entity in which the LLP has a minority shareholding. Interest is charged at 10% per annum and is compounded annually. The loan and interest is repayable at the earlier of either immediately prior to the sale of the business, 13 July 2030 which is 10 years from the original loan deed, or as the board may determine.