Company No:
Contents
| DESIGNATED MEMBERS | NSII GP LLP (Appointed 04 March 2025) |
| NSII Nominee Ltd (Appointed 04 March 2025) |
| REGISTERED OFFICE | First Floor |
| 50 Marshall Street | |
| London | |
| W1F 9BQ | |
| United Kingdom |
| REGISTERED NUMBER | OC455733 (England and Wales) |
| Note | 31.03.2026 | |
| £ | ||
| Fixed assets | ||
| Investment property | 4 |
|
| 4,225,000 | ||
| Current assets | ||
| Debtors | 5 |
|
| Cash at bank and in hand | 6 |
|
| 49,299 | ||
| Creditors: amounts falling due within one year | 7 | (
|
| Net current liabilities | (37,662) | |
| Total assets less current liabilities | 4,187,338 | |
| Net assets attributable to members |
|
|
| Represented by | ||
| Loans and other debts due to members within one year | ||
| Members' capital classified as a liability | 3,934,934 | |
| 3,934,934 | ||
| Members' other interests | ||
| Members' capital classified as equity | 10 | |
| Other reserves | 252,394 | |
| 252,404 | ||
| 4,187,338 | ||
| Total members' interests | ||
| Loans and other debts due to members | 3,934,934 | |
| Members' other interests | 252,404 | |
| 4,187,338 |
Members' responsibilities:
The financial statements of NSII (Properties 2) LLP (registered number:
|
Hugo Llewelyn (for and on behalf of)
|
NSII GP 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 reserves | Total | Members' capital (classified as debt) | Total | |
| £ | £ | £ | £ | £ | |
| Balance at 04 March 2025 | 0 | 0 | 0 | 0 | 0 |
| Profit for the financial period available for discretionary division among members | 0 | 237,215 | 237,215 | 0 | 237,215 |
| Members' interest after profit for the financial period | 0 | 237,215 | 237,215 | 0 | 237,215 |
| Amounts introduced by members | 10 | 0 | 10 | 3,934,934 | 3,934,944 |
| Other division of profits | 0 | 15,179 | 15,179 | 0 | 15,179 |
| Amounts due to members | 3,934,934 | ||||
| Balance at 31 March 2026 | 10 | 252,394 | 252,404 | 3,934,934 | 4,187,338 |
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 year, unless otherwise stated.
NSII (Properties 2) LLP is a limited liability partnership registered in England & Wales. The registered office and principal place of business is First Floor, 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 £.
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:
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.
Rental income, including any lease incentives paid or payable, are charged to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Interest income is recognised in profit or loss using the effective interest method.
Investment property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the LLP is classified as Investment property. Investment property also includes property that is being constructed or developed for future use as investment property.
The LLP’s holding of freehold and leasehold property interest is classified as investment property. Investment property is measured initially at cost, including related transaction costs, which also includes Stamp Duty Land Tax (SDLT). After initial recognition, investment property is carried at the fair value determined on the basis of independent valuations as at that date. Fair value is based on open market prices, adjusted as necessary, for any difference in the nature, location or condition of the specific asset. The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.
Subsequent expenditure is charged to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the LLP and the cost of the item can be reliably measured. Unrealised gains and losses arising on revaluation of the investment property are included in the Statement of Comprehensive Income for the year.
Where the LLP disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statement of Comprehensive Income. When investment properties are transferred between entities under common control within the wider group, they are recorded at existing book cost. No profit or loss is recognised on such transfers. After transfer, the property continues to be accounted for in line with the LLP’s policy on investment properties.
Investment properties are stated at fair value as at 31 March 2026 as determined by independent professional valuers.
The valuations are prepared in accordance with the professional standards, valuation technical and performance standards and valuation applications in accordance with the current version of the RICS Valuation - Global Standards and the RICS Valuation - Professional Standards UK (the 'Red Book'). The valuers hold relevant professional qualification with recent experience in the location and category of the investment property being valued.
In relation to fully developed investment property, the valuation is primarily derived using comparable recent market transactions on arm’s length terms and using appropriate valuation techniques. The fair value of investment property is determined using the income capitalisation approach. Under this approach, forecast net cash flows, based upon current market derived estimated rental values together with estimated costs, are discounted at market derived capitalisation rates to assess fair value. All other factors remaining constant, an increase in capitalisation rates (significant input) would result in a fall in value and vice versa. An increase in estimated rental values will increase values and vice versa.
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.
Basic 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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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.
**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 Statement of Comprehensive Income.
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.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The profit for the financial year available for discretionary division among members is calculated after all expenses, including members’ remuneration charged as an expense, have been accounted for. The allocation of profit among members is made in accordance with the LLP agreement.
**Key source of estimation uncertainty**
The fair value of investment property is determined using valuation techniques. The key estimation input is the yield, which is based on market and property-specific factors, and changes in this assumption can have a material impact on the valuation of investment property.
| Period from 04.03.2025 to 31.03.2026 |
|
| Number | |
| Monthly average number of persons employed by the LLP during the period |
|
The LLP has no employees other than the designated members.
| Investment property | |
| £ | |
| Valuation | |
| As at 04 March 2025 |
|
| Additions | 3,947,653 |
| Fair value movement | 252,394 |
| Lease incentives | 24,953 |
| As at 31 March 2026 |
|
The 2026 valuations were made by Knight Frank LLP, on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 31.03.2026 | |
| £ | |
| Historic cost | 3,947,653 |
| 31.03.2026 | |
| £ | |
| Prepayments and accrued income |
|
| 31.03.2026 | |
| £ | |
| Cash at bank and in hand |
|
| 31.03.2026 | |
| £ | |
| Trade creditors |
|
| Accruals and deferred income |
|
|
|
The LLP has taken advantage of the exemption provided under FRS 102 section 33.1A from disclosing transactions with members of the same group that are wholly owned.
The ultimate parent entity is Newcore Social Infrastructure Income LP, an LP which beneficially holds 100% of the equity of the LLP.
The ultimate controlling party of the LLP is Hugo Llewelyn.