Newlands Auction Services LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC328250

Newlands Auction Services LLP

Filleted Unaudited Abridged Financial Statements

31 March 2025

Newlands Auction Services LLP

Abridged Financial Statements

Year ended 31 March 2025

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Newlands Auction Services LLP

Abridged Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Current assets

Debtors		99,582	61,171
Investments	5	153,554	153,554
Cash at bank and in hand		13,776	52,262
		---------	---------
		266,912	266,987

Creditors: amounts falling due within one year
Trade creditors	–		360
Accruals and deferred income	1,245		1,230
	---------		---------
	1,245		1,590
	---------		---------
Net current assets		265,667	265,397
		---------	---------
Total assets less current liabilities		265,667	265,397

Provisions

Other provisions	3,000	3,000
	---------	---------
Net assets	262,667	262,397
	---------	---------

Represented by:

Loans and other debts due to members

Other amounts	6		109,113	108,843

Members' other interests

Members' capital classified as equity	153,554	153,554
Other reserves	–	–
	---------	---------
	262,667	262,397
	---------	---------

Total members' interests

Loans and other debts due to members	6	109,113	108,843
Members' other interests		153,554	153,554
		---------	---------
		262,667	262,397
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged statement of comprehensive income has not been delivered.

Newlands Auction Services LLP

Abridged Statement of Financial Position (continued)

31 March 2025

For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

These abridged financial statements were approved by the members and authorised for issue on 16 December 2025 , and are signed on their behalf by:

Mr M.O. & Mrs R.M. Davies	Mr A.K. Spencer
Designated Member	Designated Member

Registered number: OC328250

Newlands Auction Services LLP

Notes to the Abridged Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 4A Brecon Court, William Brown Close, Llantarnam Industrial Park, NP44 3AB.

2.	Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the abridged statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the abridged statement of comprehensive income and are equity appropriations in the abridged statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2024: 3 ).

5.	Investments

	2025	2024
	£	£
Abergavenny & Newport Market Auctioneers Ltd	153,554	153,554
	---------	---------

6.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	109,113	108,843
	---------	---------

7.	9. Members' summary

Capital

	Capital	Total
	£	£
Mr M.O. and Mrs R.M. Davies	76,777	76,777
Mr A.K. Spencer	76,777	76,777
	---------	---------
	153,554	153,554
	---------	---------

Current

	Brought forward	Profit	Drawings	Expenses	Carried forward
	£	£	£	£	£
Mr M.O. and Mrs R.M. Davies	71,734	65,276	82,300	3,275	57,985
Mr A.K. Spencer	37,109	41,554	33,000	5,465	51,128
	---------	---------	---------	-------	---------
	108,843	106,830	115,300	8,740	109,113
	---------	---------	---------	-------	---------

8.	Related party transactions

The limited liability partnership was under the control of the members throughout the period. The profit and loss account includes the following income from Abergavenny & Newport Market Auctioneers Ltd:

	2025	2024
	£	£
Market management fee	67,533	66,867
Market dividend	50,000	40,000
	---------	---------
	117,533	106,867
	---------	---------

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.