Company No: OC373208 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Notes to the Financial Statements

DESIGNATED MEMBERS	F M Garvey
	T G Lewis

REGISTERED OFFICE	41 Commercial Road
	Poole
	BH14 0HU
	United Kingdom

REGISTERED NUMBER

OC373208 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Towngate House
	2-8 Parkstone Road
	Poole
	Dorset BH15 2PW

	Note	2023		2022
		£		£
Fixed assets
Investment property	3	800,000		999,750
		800,000		999,750
Current assets
Debtors	4	174,621		185,139
Cash at bank and in hand		173,593		164,278
		348,214		349,417
Creditors: amounts falling due within one year	5	( 132,116)		( 132,408)
Net current assets		216,098		217,009
Total assets less current liabilities		1,016,098		1,216,759
Net assets attributable to members		1,016,098		1,216,759
Represented by
Loans and other debts due to members within one year
Other amounts		6,388		6,858
		6,388		6,858
Members' other interests
Members' capital classified as equity		1,144,713		1,144,713
Revaluation reserve		(202,605)		(2,855)
Other reserves		67,602		68,043
		1,009,710		1,209,901
		1,016,098		1,216,759
Total members' interests
Amounts due from members (included in debtors)		(169,531)		(177,623)
Loans and other debts due to members		6,388		6,858
Members' other interests		1,009,710		1,209,901
		846,567		1,039,136

For the financial year ending 31 March 2023 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to Limited Liability Partnerships subject to the small Limited Liability Partnerships regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nova Firepool 30 LLP (registered number: OC373208) were approved and authorised for issue by the Board of Directors on 20 July 2023. They were signed on its behalf by:

T G Lewis Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nova Firepool 30 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 41 Commercial Road, Poole, BH14 0HU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 LLP and rounded to the nearest £.

Turnover

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. Revenue comprises of rents receivable.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2022	999,750
Fair value movement	(199,750)
As at 31 March 2023	800,000

Valuation

The investment property was revalued at the balance sheet date by the designated members to its market value with the benefit of the existing lease.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

	2023		2022
	£		£
Historic cost	1,002,605		1,002,605

4. Debtors

	2023		2022
	£		£
Trade debtors	3,774		3,960
Amounts owed by members	169,531		177,623
Prepayments	1,316		3,556
	174,621		185,139

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	1,579		2,009
Accruals and deferred income	89,117		89,090
Other taxation and social security	36,326		35,770
Other creditors	5,094		5,539
	132,116		132,408