Registered number: OC438480
FOR THE YEAR ENDED 31 MARCH 2026
LIMITED LIABILITY PARTNERSHIP INFORMATION
CONTENTS
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The members present their annual report together with the audited financial statements of NSS V (Real Estate) LLP (the "LLP") for the year ended 31 March 2026.
Principal activities
The principal objective of the LLP is to hold investment property.
Designated Members
The designated members, who served the LLP during the financial year and to the date of this report, except as noted, were as follows:
NSS V GP LLP
NSS V (Nominee) Limited
NSS V GP LLP
NSS V (Nominee) Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Each member's share of profit is determined by their subscription to the capital of the LLP.
Details of changes in members' capital in the year ended 31 March 2026 are set out in the Reconciliation of Members' Interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
Small limited liability partnership provisions statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006, as applied to limited liability partnerships.
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
∙The 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.
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MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Auditor
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), has indicated its willingness to continue in office. The designated members will propose a motion re-appointing the auditor at a meeting of the members.
This report was approved by the members and signed on their behalf by:
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MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, 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 for the LLP's financial statements and then apply them consistently;
∙Make judgements and accounting estimates that are reasonable and prudent; and
∙Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity 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 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NSS V (REAL ESTATE) LLP
Opinion
We have audited the financial statements of NSS V (Real Estate) LLP (the 'limited liability partnership') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Reconciliation of Members' Interests and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice) incorporating the requirements of Section 1A.
Basis for opinion
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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
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 limited liability partnership’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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NSS V (REAL ESTATE) LLP (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of members’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.
Responsibilities of members
As explained more fully in the Members’ Responsibilities Statement set out on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NSS V (REAL ESTATE) LLP (CONTINUED)
In preparing the financial statements, the members are responsible for assessing the limited liability partnership’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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:
We obtained a general understanding of the limited liability partnership's legal and regulatory framework through enquiry of management in respect of their understanding of the relevant laws and regulations.
We understand that the limited liability partnership complies with requirements of the framework through:
We understand that the limited liability partnership complies with requirements of the framework through:
∙Maintaining clear policies;
∙The members' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly and are considered at Board meetings; and
∙Engaging external experts as required, including assistance with investment property valuations.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, and which are central to the limited liability partnership's ability to conduct its business and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the limited liability partnership;
∙Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements; and
∙Health and Safety Legislation regarding building safety standards.
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:
∙We made enquiries of management, including relating to legal correspondence, and reviewed board meeting minutes; and
∙We obtained written management representations regarding disclosure of any non-compliance with laws and regulations.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NSS V (REAL ESTATE) LLP (CONTINUED)
The senior statutory auditor led a discussion with all members of the engagement team regarding susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The key areas identified in this discussion related to the potential manipulation of the financial statements through manual journal entries and inappropriate inputs to the valuation of investment property.
Audit procedures performed by the engagement team on the above areas included:
Audit procedures performed by the engagement team on the above areas included:
∙Testing a sample of manual journal entries, selected based on specific risk criteria which were identified taking into account the Limited Liability Partnership's business processes;
∙Performing planned audit procedures over the valuation process for investment property; and
∙Evaluating the appropriateness of the assumptions made within the valuation of investment property.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the limited liability partnership’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 limited liability partnership and the limited liability partnership’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
45 Gresham Street
EC2V 7BG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 13 to 23 form part of these financial statements.
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
NSS V (Real Estate) LLP is a limited liability partnership registered in England & Wales (registered number: OC438480). The registered office and principal place of business is c/o Newcore Capital Management LLP, 1st Floor, Eagle House, 50 Marshall Street, London, W1F 9BQ.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
The following principal accounting policies have been applied:
The LLP is in a net current asset position of £302,968 and net asset position of £82,837,161. The designated members of the LLP have performed an assessment using the forecasted cashflows using both normal and worst-case scenarios for at least 12 months from the date of signing of these financial statements. The designated members have concluded that the LLP is well placed to manage its business risks successfully and have a reasonable expectation that the LLP has adequate resources to continue its operational existence and meet its liabilities as they fall due for the foreseeable future. The designated members have also assessed the projected loan covenants and have a reasonable expectation that they are complying. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
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 net of transaction costs, including SDLT. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Rent free (lease incentives) and capital incentives given to tenants are amortised over the term of the lease.
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 LLP structure, 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 qualifications 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.
Borrowings are secured against the respective investment properties (refer to note 10).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Derivative financial instruments
The LLP uses derivative financial instruments to reduce exposure to interest rate movements. The LLP does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Comprehensive Income immediately.
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.
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.
Derivative financial instruments
The LLP uses derivative financial instruments to reduce exposure to interest rate movements. The LLP does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Comprehensive Income immediately.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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 amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Fair value of investment property
The fair value of investment property is determined by using valuation techniques. There are inter- relationships between unobservable inputs. Expected vacancy rates may impact the yield with higher vacancy rates resulting in higher yields. An increase in the future rental income may be linked with higher costs. If the remaining lease term increases, the yield may decrease. For further details, see note 6.
Derivatives
The LLP obtains valuations performed by external valuers in order to determine the fair value of the derivatives. The fair value of the LLP's interest rate swap is determined by external valuer using valuation techniques that require judgement in selecting appropriate market assumptions, including discount rates and forward interest rate curves. These estimates are based on observable market data where available, but where such data are not available, management applies judgement to determine the most appropriate inputs. Changes in these assumptions could have a material impact on the fair value recognised in the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The 2026 valuations were made by Knight Frank LLP, on an open market value basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The immediate and ultimate parent entity of the LLP is Newcore Strategic Situations V LP , a Limited Partnership registered in England and Wales.
The smallest and largest group of undertakings for which Group accounts for the year ending 31 March 2026 have been drawn up, is that headed byNewcore Strategic Situations V LP . The registered office address of Newcore Strategic Situations V LP is Eagle House First Floor, 50 Marshall Street, London, W1F 9BQ. Copies of the Group accounts are not publicly available.
The designated members do not consider there to be an ultimate controlling party.
The smallest and largest group of undertakings for which Group accounts for the year ending 31 March 2026 have been drawn up, is that headed by
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