Newlands Capital 1 LLP
Annual Report and
Financial Statements
Year Ended 31 December 2024
Registration number: OC432424
Newlands Capital 1 LLP
Contents
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Financial Statements |
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Balance Sheet |
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Reconciliation of Members’ Interests |
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Notes to the Financial Statements |
Newlands Capital 1 LLP
Balance Sheet
31 December 2024
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Note |
2024 |
As restated |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
3,271,074 |
2,444,723 |
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Members’ other interests |
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Members' capital classified as equity |
10,374,800 |
10,374,800 |
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13,645,874 |
12,819,523 |
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Total members' interests |
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Loans and other debts due to members |
3,271,074 |
2,444,723 |
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Equity |
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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
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Newlands Capital 1 LLP
Reconciliation of Members’ Interests
31 December 2024
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Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Members' other amounts |
Total |
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Members' interest at 1 January 2024 |
10,374,800 |
2,444,723 |
12,819,523 |
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Members' remuneration charged as an expense |
- |
1,219,083 |
1,219,083 |
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Members' interests after total comprehensive income |
10,374,800 |
3,663,806 |
14,038,606 |
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Drawings (including tax payments) |
- |
(392,732) |
(392,732) |
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At 31 December 2024 |
10,374,800 |
3,271,074 |
13,645,874 |
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Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Members' other amounts |
Total |
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Members' interest at 31 December 2022 |
10,374,800 |
1,562,648 |
11,937,448 |
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Members' interest at 1 January 2023 as restated |
10,374,800 |
1,742,857 |
12,117,657 |
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Members' remuneration charged as an expense |
- |
1,151,866 |
1,151,866 |
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Drawings (including tax payments) |
- |
(450,000) |
(450,000) |
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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
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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
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.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Newlands Capital 1 LLP
Notes to the Financial Statements
Year Ended 31 December 2024
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Investments held as fixed assets |
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2024 |
2023 |
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Other investments |
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Other investments
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Unlisted investments |
Total |
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Cost |
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At 1 January 2024 |
489,761 |
489,761 |
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At 31 December 2024 |
489,761 |
489,761 |
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Net book value |
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At 31 December 2024 |
489,761 |
489,761 |
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At 31 December 2023 |
489,761 |
489,761 |
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Debtors |
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2024 |
As restated |
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Other debtors |
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Less non-current portion |
(13,082,596) |
(12,303,316) |
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Total current trade and other debtors |
- |
- |
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Creditors: Amounts falling due within one year |
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2024 |
2023 |
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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
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Related party transactions |
Loans to related parties
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2024 |
Other related parties |
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At start of period |
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Repaid |
( |
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Interest charged |
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At end of period |
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2023 |
Other related parties |
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At start of period |
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Repaid |
( |
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Interest charged |
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At end of period |
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Terms of loans to related parties