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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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NCTM LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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NCTM LLP |
NCTM LLP (REGISTERED NUMBER: OC333962) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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NCTM LLP |
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GENERAL INFORMATION |
for the Year Ended 31 December 2021 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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15 Hanover Square |
London |
W1S 1HS |
NCTM LLP (REGISTERED NUMBER: OC333962) |
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BALANCE SHEET |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
888,740 |
444,593 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
8 |
1,349 |
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MEMBERS' OTHER INTERESTS |
Other reserves |
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888,740 | 444,593 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,349 | - |
Members' other interests | 887,391 | 444,593 |
Amounts due from members | 5 | (314,445 | ) | (701,870 | ) |
574,295 | (257,277 | ) |
NCTM LLP (REGISTERED NUMBER: OC333962) |
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BALANCE SHEET - continued |
31 December 2021 |
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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. |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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NCTM LLP (REGISTERED NUMBER: OC333962) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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NCTM LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings - Straight line over 10 years |
Fixtures and fittings - Straight line over 5 years and Straight line over 10 years |
Equipment - Straight line over 5 years |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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. |
NCTM LLP (REGISTERED NUMBER: OC333962) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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). |
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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. |
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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. |
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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 Income Statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the in the Statement of Financial Position. |
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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 Income Statement and are equity appropriations in the Statement of Financial Position. |
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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. |
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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 Income Statement 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'. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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NCTM LLP (REGISTERED NUMBER: OC333962) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts due from members | 314,445 | 701,870 |
Other debtors |
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Ex members current balance | 195,697 | - |
VAT |
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Prepayments and accrued income |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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VAT | - | 3,583 |
Other creditors |
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Accrued expenses |
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NCTM LLP (REGISTERED NUMBER: OC333962) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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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 Income Statement 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'. |