Company No:
Contents
| DESIGNATED MEMBERS | Newcore Capital Management Finance LLP (Appointed 05 August 2024) |
| Newcore Capital Management LLP (Appointed 05 August 2024) |
| REGISTERED OFFICE | First Floor |
| 50 Marshall Street | |
| London | |
| W1F 9BQ | |
| United Kingdom |
| REGISTERED NUMBER | OC453262 (England and Wales) |
| Note | 31.03.2025 | |
| £ | ||
| Fixed assets | ||
| Investments | 3 |
|
| 1 | ||
| Current assets | ||
| Debtors | 4 |
|
| 2 | ||
| Creditors: amounts falling due within one year | 5 | (
|
| Net current assets | 1 | |
| Total assets less current liabilities | 2 | |
| Net assets attributable to members |
|
|
| Represented by | ||
| Members' other interests | ||
| Members' capital classified as equity | 2 | |
| 2 | ||
| 2 | ||
| Total members' interests | ||
| Members' other interests | 2 | |
| 2 |
NSII GP 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.
Members' responsibilities:
The financial statements of NSII GP LLP (registered number:
|
Hugo Llewelyn (for and on behalf of) Newcore Capital Management LLP
Designated member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
|---|---|---|---|
| Members' capital (classified as equity) | Other amounts | Total | |
| £ | £ | £ | |
| Balance at 05 August 2024 | 0 | 0 | 0 |
| Introduced by members | 2 | 0 | 2 |
| Balance at 31 March 2025 | 2 | 0 | 2 |
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.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
NSII GP LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is First Floor, 50 Marshall Street, London, W1F 9BQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
NSII GP LLP is the General Partner for Newcore Social Infrastructure Income LP. 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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the LLP will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 company 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.
The company 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 company 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 company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Basic financial assets
Basic financial assets, including other debtors, 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 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.
Basic financial liabilities
Basic financial liabilities, including other creditors, 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
| Period from 05.08.2024 to 31.03.2025 |
|
| Number | |
| Monthly average number of persons employed by the LLP during the period |
|
Investments in subsidiaries
| 31.03.2025 | |
| £ | |
| Additions | 1 |
| At 31 March 2025 |
|
| Carrying value at 31 March 2025 |
|
| 31.03.2025 | |
| £ | |
| Amounts owed by associates |
|
| 31.03.2025 | |
| £ | |
| Amounts owed to Group undertakings |
|
NSII GP LLP is the General Partner of a Limited Partnership. It has unlimited liability for any financial obligations of the Limited Partnership beyond those that are not captured by the Limited Partners’ commitments. At the reporting date there is no indication that the Limited Partnership had any financial liability which they cannot meet.
The LLP is the General Partner of the partnership Newcore Social Infrastructure Income LP. The registered office address of the partnerships is First Floor, 50 Marshall Street, London, W1F 9BQ.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
The ultimate controlling party of the LLP is Hugo Llewelyn.