NP Residential LLP Filleted accounts for Companies House (small and micro)

NP RESIDENTIAL LLP - Company Information

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REGISTERED NUMBER: OC350900

NP Residential LLP

Filleted Unaudited Financial Statements

31 March 2023

NP Residential LLP

Financial Statements

Year ended 31 March 2023

Contents	Page

Members' report	1

Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

NP Residential LLP

Members' Report

Year ended 31 March 2023

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

Principal activities

The principal activity of the company during the period was chartered surveyors, estate and land agents.

Designated members

The designated members who served the LLP during the year were as follows:

Mr D Haig
. Seraph Estates (Cardiff) Limited

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 22 December 2023 and signed on behalf of the members by:

Mr D Haig

Designated Member

Registered office:

7 Baneswell Road

Newport

NP20 4BP

NP Residential LLP

Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of NP Residential LLP

Year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships 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 NP Residential LLP for the year ended 31 March 2023, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of NP Residential LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of NP Residential LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NP Residential LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that NP Residential 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 profit of NP Residential LLP. You consider that NP Residential 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 NP Residential 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.

WALTER HUNTER & CO LIMITED Chartered accountants

24 Bridge Street Newport South Wales NP20 4SF

22 December 2023

NP Residential LLP

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Current assets

Debtors	5	52,861	25,553
Cash at bank and in hand		28,345	55,145
		--------	--------
		81,206	80,698

Creditors: amounts falling due within one year	6	29,437		38,422
		--------		--------
Net current assets			51,769	42,276
			--------	--------
Total assets less current liabilities			51,769	42,276

Creditors: amounts falling due after more than one year	7	25,833	35,833
		--------	--------
Net assets		25,936	6,443
		--------	--------

Represented by:

Loans and other debts due to members

Other amounts	8	25,936	6,443
		--------	-------

Members' other interests

Other reserves	–	–
	--------	-------
	25,936	6,443
	--------	-------

Total members' interests

Amounts due from members		–	(11,321)
Loans and other debts due to members	8	25,936	6,443
Members' other interests		–	–
		--------	--------
		25,936	(4,878)
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

NP Residential LLP

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the members and authorised for issue on 22 December 2023 , and are signed on their behalf by:

Mr D Haig

Designated Member

Registered number: OC350900

NP Residential LLP

Notes to the Financial Statements

Year ended 31 March 2023

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 7 Baneswell Road, Newport, NP20 4BP.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Government grants

To support businesses during the Covid-19 pandemic local and central Government have given businesses financial assistance through a variety of loans and grants. The total grants received in the year is shown as other operating income in the Statement of Comprehensive Income.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 5 (2022: 5 ).

5.	Debtors

	2023	2022
	£	£
Trade debtors	50,404	10,247
Other debtors	2,457	15,306
	--------	--------
	52,861	25,553
	--------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	4,562	7,026
Social security and other taxes	9,829	15,473
Pension creditor	577	466
Other creditors	4,469	5,457
	--------	--------
	29,437	38,422
	--------	--------

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	25,833	35,833
	--------	--------

8.	Loans and other debts due to members

	2023	2022
	£	£
Amounts owed to members in respect of profits	25,936	6,443
	--------	-------

9.	Related party transactions

During the year Seraph Estates (Cardiff) Limited, a partner of NP Residential LLP, recharged the LLP £9,260 (2022: £9,893) for certain operating expenses. As at 31 March 2023 NP Residential LLP owed Seraph Estates (Cardiff) Limited £nil (2022: £3,813). All transactions were undertaken on an arm's length basis. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.