|
Registered number: OC437247
NSS IV (PROPERTIES) LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
NSS IV (PROPERTIES) LLP
CONTENTS
|
|
|
|
|
|
Statement of financial position
|
|
Reconciliation of members' interests
|
|
Notes to the financial statements
|
|
|
|
NSS IV (PROPERTIES) LLP
INFORMATION
|
|
50 Marshall Street
London
W1F 9BQ
|
|
|
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
|
|
|
|
|
REGISTERED NUMBER:OC437247
|
NSS IV (PROPERTIES) LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than
one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital classified as equity
|
|
|
|
|
|
Other reserves classified as equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER:OC437247
|
NSS IV (PROPERTIES) LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Hugo Llewelyn (for and on behalf of)
NSS IV GP LLP
|
|
|
|
|
|
|
The notes on pages 5 to 10 form part of these financial statements.
NSS IV (Properties) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a statement of changes in equity.
|
|
NSS IV (PROPERTIES) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital (classified as equity)
|
|
|
Loans and other debts due to members less any amounts due from members in debtors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
Other division of profits
|
|
|
|
|
|
Amounts withdrawn by members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
Other division of profits
|
|
|
|
|
|
Amounts withdrawn by members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without the prior consent of all the members, no member may assign or charge its rights or interest in the LLP, or any part thereof, or any other interest in the LLP or make any other person a partner of the LLP.
|
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NSS IV (Properties) LLP is a limited liability partnership registered in England & Wales. The registered office and principal place of business is 50 Marshall Street, London, W1F 9BQ.
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. In determining this view, the designated members have also considered the financing agreement that the LLP is party to as a joint borrower along with two other group entities as well as the business risks the group faces. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income
Revenue comprises rental income, service charges and other recoveries from tenants of the LLP’s investment properties net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
Lease incentives granted are recognised as an integral part of total rental income and are therefore accounted for as a reduction of rental income over the lease term.
|
|
|
Operating leases: the LLP as lessor
|
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Interest income is recognised in profit or loss using the effective interest method.
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The entity has no employees.
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value movement on revaluation
|
|
|
|
|
|
|
|
The 2025 valuations were made by Knight Frank LLP, on an open market value for existing use basis, taking into account all conditions of relevant leases.
The total valuation as at 31 March 2024 was £12,060,000, which was represented by the net book value above plus £375,621 which was included in accrued income and relates to lease incentives for rent free periods given. Lease incentives as at 31 March 2025 are included in the net book value above.
|
|
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts shown above in bank loans relate to a loan with Rothschild & Co Bank International Limited and UK Insurance Limited. At year end the joint borrowers are NSS IV (Real Estate) LLP, NSS IV (Investments) LLP and NSS IV (Properties) LLP. The amount shown above relates to the LLP's proportion of the overall amount outstanding at year end, based on the property values held by the LLP over which the facility is secured. All three joint borrowers are unconditionally jointly and severally liable for the total loan amount, which amounted to £27,989,549 at 31 March 2025. The loan is secured by way of charges on specific investment properties within the borrowers.
The rate of interest on the loan is charged for any day during an interest period as the aggregate of the margin (2.35% p.a.) and the compounded reference rate for that day. The loan matures 26 January 2029.
|
|
|
|
|
|
|
Financial assets measured at fair value through profit or loss
|
|
|
|
|
Financial assets measured at fair value through profit or loss comprise an interest rate cap financial instrument.
|
|
|
NSS IV (PROPERTIES) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other amounts due to members
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
|
|
Related party transactions
|
The LLP has taken advantage of the exemption provided under FRS 102 from disclosing transactions with members of the same group that are wholly-owned. At the year end, members of the LLP were owed £9,300,341 (2024: £9,303,024).
The immediate parent entity of the LLP is NSS IV Holdings LLP.
The ultimate parent entity is Newcore Strategic Situations IV LP, an LP which beneficially holds 100% of the equity of NSS IV Holdings LLP. The results of NSS IV (Properties) LLP are included in the consolidated accounts of this entity.
The ultimate controlling party of the LLP is Mr H Llewelyn.
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 16 September 2025 by Simon Mayston (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
|