LLP registration number: OC415368
INFORMATION
CONTENTS
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of NW1 Partners UK LLP (the "LLP") for the year ended 31 March 2025.
Principal activities
The principal activity of the Limited Liability Partnership is that of the provision of advisory services to real estate entities.
Designated Members
The following Designated Members have held office during the year:
D D Boyle
Newincco 1404 Limited
D D Boyle
Newincco 1404 Limited
Members
W B Beanblossom was a member of the LLP throughout the period.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the year ended 31 March 2025 are set out in the Reconciliation of members' interests.
Going Concern
The LLP has received a letter of financial support from its ultimate parent undertaking, Cortx Holdings Limited, which provides the LLP with financial support for the period to 30 September 2026.
At the time of approving the financial statements, the members have a reasonable expectation that the ultimate parent company, together with its subsidiaries, have adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Group's forecast cash flows which covers the period to 30 September 2026.
The members therefore have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
At the time of approving the financial statements, the members have a reasonable expectation that the ultimate parent company, together with its subsidiaries, have adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Group's forecast cash flows which covers the period to 30 September 2026.
The members therefore have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
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MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who are members at the time when this Members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
This report was approved by the members and signed on their behalf by:
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NW1 PARTNERS UK LLP
We have audited the financial statements of NW1 Partners UK LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Reconciliation of members' interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NW1 PARTNERS UK LLP (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The LLP is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
∙The Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) Regulations 2008); and
∙Financial Reporting Standards 102.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the LLP is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NW1 PARTNERS UK LLP (CONTINUED)
We assessed the susceptibility of the LLP financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process; and
other inappropriate influence over the financial reporting process; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be the use of management override of controls to manipulate results, or to cause the LLP to enter into transactions not in its best interests.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 9 to 15 form part of these financial statements.
NW1 Partners UK 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.
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NW1 Partners UK LLP (the "LLP") is a private Limited Liability Partnership registered and domiciled in England & Wales. The registered office is 2 Fitzroy, 8 Mortimer Street, London, England W1T 3JJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The LLP is a parent limited liability partnership that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The LLP has received a letter of financial support from its ultimate parent undertaking, Cortx Holdings Limited, which provides the LLP with financial support for the period to 30 September 2026. At the time of approving the financial statements, the members have a reasonable expectation that Cortx Holdings Limited has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of Cortx Holdings Limited's forecast cash flows which covers the period to 30 September 2026.
The members have considered various stress test scenarios, including a downside scenario, which assumes no revenue growth beyond what is currently contractually due and an inflation rate of 10% throughout the period to 30 September 2026. Based on these stress test scenarios, the members are satisfied that the LLP is able to meet its liabilities as they fall due for a period to 30 September 2026.
The members therefore have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
The members have considered various stress test scenarios, including a downside scenario, which assumes no revenue growth beyond what is currently contractually due and an inflation rate of 10% throughout the period to 30 September 2026. Based on these stress test scenarios, the members are satisfied that the LLP is able to meet its liabilities as they fall due for a period to 30 September 2026.
The members therefore have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Turnover represents fees receivable for services provided under advisory agreements which were in existence during the accounting period. Turnover is recognised to the extent that advisory services have been provided.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Members shall be paid on account for their share in net profits on a discretionary basis. Members' share of the profits or loss for the year is accounted for as an allocation of profits. Allocated profit is included within loans and other debts due to members'. Unallocated profits and losses are included within 'members' and 'other interests'.
Drawings are treated as payments on account of profit allocated and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors.
The capital requirements of the partnership are determined by the members and are reviewed regularly. The amount of any debt subscribed by each member is determined by the unamimous agreement of the members.
During the year and up to the date of these financial statements no members' interests were transferred from capital to debt.
During the year and up to the date of these financial statements no members' interests were transferred from capital to debt.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
In the current and prior years, no Designated Member received emoluments for qualifying services and no Designated Member retirement benefits are accruing under money purchase pension schemes. The Designated Members (David Boyle) received emoluments from NW1 Capital Management Limited, a Company under common control, in the current and prior years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cortx Holdings Limited is the parent company of both the largest and smallest group of which the Limited Liability Partnership is a member. The consolidated financial statements of Cortx Holdings Limited are publicly available from Companies House. The registered office of Cortx Holdings Limited is 2 Fitzroy, 8 Mortimer Street, London, W1T 3JJ.
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