Ness Ventures LLP - LLP accounts 23.2

REGISTERED NUMBER: SO303660 (Scotland)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ness Ventures LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

L J Dalgarno

R A Dalgarno

REGISTERED OFFICE:

33 Harbour Road

Inverness

IV1 1UA

REGISTERED NUMBER:

SO303660 (Scotland)

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

DESIGNATED MEMBERS

The designated members during the year under review were:

L J Dalgarno

R A Dalgarno

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £274 (2022 - £1 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

L J Dalgarno - Designated member

10 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Ness Ventures LLP for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Ness Ventures LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ness Ventures LLP and state those matters that we have agreed to state to the members of Ness Ventures LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ness Ventures LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Ness Ventures LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ness Ventures LLP. You consider that Ness Ventures LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ness Ventures LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

10 November 2023

TURNOVER

-

Administrative expenses

274

(1

)

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT FOR THE
FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

(274

)

1

CURRENT ASSETS

Debtors

4

83,393

34,973

Cash at bank

554

78,482

83,947

113,455

CREDITORS

Amounts falling due within one year

5

6,218

3,543

NET CURRENT ASSETS

77,729

109,912

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

77,729

109,912

LOANS AND OTHER DEBTS DUE TO
MEMBERS

77,724

109,907

MEMBERS' OTHER INTERESTS

Capital accounts

5

77,729

109,912

TOTAL MEMBERS' INTERESTS

Loans and other debts due to
members

77,724

109,907

Members' other interests

5

Amounts due from members

4

-

(34,973

)

77,729

74,939

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 March 2023.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 10 November 2023 and were signed by:

L J Dalgarno - Designated member

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the companies Act 2006.

The financial statements have been prepared under historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2022 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

Amounts due from members

-

34,973

Other debtors

83,393

-

83,393

34,973

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

Other creditors

6,218

3,543

6.	RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £81,037 (2022 : £Nil) due from CBHS Ventures Ltd, £2,356 (2022 : £3,338 Cr.) from Ness Ventures Partners Ltd.

Included in other creditors is an amount of £6,218 (2022 : 3,188) due to North ventures Property Ltd.

All companies are connected to the partners.