N4 Partners LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO306848 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

N4 Partners LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A C Dowie

K Gibson

K L Mitchell

S M Powell

REGISTERED OFFICE:

310 St. Vincent Street

Glasgow

G2 5RG

REGISTERED NUMBER:

SO306848 (Scotland)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Intangible assets

4

180,000

-

Tangible assets

5

98,818

121,486

Investments

6

475

475

279,293

121,961

CURRENT ASSETS

Debtors

7

77,285

143,746

Cash at bank

54,061

51,253

131,346

194,999

CREDITORS

Amounts falling due within one year

8

224,884

266,643

NET CURRENT LIABILITIES

(93,538

)

(71,644

)

TOTAL ASSETS LESS CURRENT LIABILITIES

185,755

50,317

CREDITORS

Amounts falling due after more than one year

9

41,666

50,277

NET ASSETS ATTRIBUTABLE TO MEMBERS

144,089

40

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

144,049

-

MEMBERS' OTHER INTERESTS

Capital accounts

40

40

144,089

40

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

144,049

-

Members' other interests

40

40

144,089

40

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 December 2022 and were signed by:

A C Dowie - Designated member

1.	STATUTORY INFORMATION

N4 Partners LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over the term of the lease

Computer equipment

-

20% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

200,000

At 31 December 2021

200,000

AMORTISATION

Charge for year

20,000

At 31 December 2021

20,000

NET BOOK VALUE

At 31 December 2021

180,000

5.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 January 2021

94,538

34,732

129,270

Additions

-

3,865

3,865

At 31 December 2021

94,538

38,597

133,135

DEPRECIATION

At 1 January 2021

6,652

1,132

7,784

Charge for year

18,898

7,635

26,533

At 31 December 2021

25,550

8,767

34,317

NET BOOK VALUE

At 31 December 2021

68,988

29,830

98,818

At 31 December 2020

87,886

33,600

121,486

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

475

NET BOOK VALUE

At 31 December 2021

475

At 31 December 2020

475

Fixed asset investments are stated at cost.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

-

1,943

Amounts owed by group undertakings

-

29,515

Other debtors

77,285

112,288

77,285

143,746

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

93,068

44,267

Amounts owed to group undertakings

9,761

-

Taxation and social security

11,271

11,156

Other creditors

102,451

211,220

224,884

266,643

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

41,666

50,277

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

123,390

123,390

Between one and five years

266,049

389,439

389,439

512,829

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.12.21

31.12.20

£

£

Amounts owed to members in respect of profits

144,049

-

Falling due within one year

144,049

-

12.	RELATED PARTY DISCLOSURES

Included within other creditors is a balance of £9,761 (2020: £7,875) due to an associated business, in which N4 Partners LLP is a partner.

N4 Partners LLP received management fees of £1,927,322 (2020: £2,142,125) from this business during the year.