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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1ST JANUARY 2019 TO 31ST MARCH 2020 |
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FOR |
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NUOVO CORPORATE SERVICES LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1ST JANUARY 2019 TO 31ST MARCH 2020 |
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FOR |
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NUOVO CORPORATE SERVICES LLP |
NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JANUARY 2019 TO 31ST MARCH 2020 |
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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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Chartered Accountants' Report | 7 |
NUOVO CORPORATE SERVICES LLP |
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GENERAL INFORMATION |
FOR THE PERIOD 1ST JANUARY 2019 TO 31ST MARCH 2020 |
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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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Chartered Accountants |
Sutherland House |
1759 London Road |
Leigh on Sea |
Essex |
SS9 2RZ |
NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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BALANCE SHEET |
31ST MARCH 2020 |
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2020 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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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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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
19,910 |
62,046 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
8,910 |
44,046 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 11,000 | 18,000 |
19,910 | 62,046 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 8,910 | 44,046 |
Members' other interests | 11,000 | 18,000 |
19,910 | 62,046 |
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The members acknowledge their responsibilities for: |
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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 |
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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. |
NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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BALANCE SHEET - continued |
31ST MARCH 2020 |
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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 on
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NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JANUARY 2019 TO 31ST MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Nuovo Corporate Services LLP (the 'LLP') was incorporated in England as a limited liability partnership under the |
Limited Liability Partnerships act 2000 on 23rd September 2015 with registration number OC401927. |
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The principal activity of the LLP was that of providing finance, administration and compliance services to other |
members of the Nuovo Capital Group and to external corporate clients. The LLP ceased trading during the reporting |
period and intends to wind up the LLP within 12 months. The address of the registered office is Sutherland House, |
1759 London Road, Leigh-on-Sea, Essex, SS9 2RZ. |
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The LLP's functional and presentational currency is GBP. All amounts are presented to the nearest Pound Sterling. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
estimates. It also requires management to exercise judgement in applying the LLP's accounting policies. |
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The members do not consider there to be any key sources of estimation and uncertainty when applying the |
accounting policies. |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the |
revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, |
excluding discounts, and rebates. |
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The following criteria must also be met before revenue is recognised: |
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i) the amount of revenue can be measured reliably; |
ii) it is probable that the LLP will receive the consideration due under the contract; |
iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
iv) the costs incurred and the costs to complete the contract can be measured reliably. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Work in progress is valued at the lower of cost and net realisable value. |
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Cost includes all direct expenditure and an appropriate portion of fixed and variable overheads. |
NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2019 TO 31ST MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and |
liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to |
related parties. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the |
asset and settle the liability simultaneously. |
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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. |
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Going concern |
In previous years, the financial statements have been prepared on a going concern basis. However, as the Partnership |
is not intending to continue for a period of greater than one year from the date of approval of these financial |
statements, the financial statements have not been prepared on the going concern basis. All financial assets and |
liabilities have been recognised as current and measured at fair value. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st January 2019 |
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Disposals | ( |
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At 31st March 2020 |
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DEPRECIATION |
At 1st January 2019 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st December 2018 |
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NUOVO CORPORATE SERVICES LLP (REGISTERED NUMBER: OC401927) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2019 TO 31ST MARCH 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at |
fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method, less any impairment. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method, less any impairment. |
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7. | LEASING AGREEMENTS |
At 31st December 2019 the entity had total lease commitments under non-cancellable operating leases in relation to |
serviced offices and accomodation to the value of £Nil (2018: £17,940). The entity also had sub-lease commitments |
(receivable) of £Nil (2018: £4,000), as such the net obligation was £Nil (2018: £13,940). |
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8. | FINANCIAL INSTRUMENTS |
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The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and |
liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to |
related parties. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the |
asset and settle the liability simultaneously. |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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In the event of a winding up loans and other debts due to members rank 'pari passu' with other unsecured creditors. |
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10. | CLOSURE OF PARTNERSHIP |
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It is the members' intention to wind up the LLP within one year of the date of approval of the financial statements. |
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
NUOVO CORPORATE SERVICES LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited |
financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. |
Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the |
Report of the Members are not required to be filed with the Registrar of Companies. |
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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 Nuovo Corporate Services LLP for the period ended 31st March 2020 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. |
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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. |
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This report is made solely to the members of Nuovo Corporate Services 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 Nuovo Corporate Services LLP and state those matters that we have agreed to state to the members of Nuovo Corporate Services 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 Nuovo Corporate Services LLP and its members, as a body, for our work or for this report. |
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It is your duty to ensure that Nuovo Corporate Services 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 Nuovo Corporate Services LLP. You consider that Nuovo Corporate Services LLP is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Nuovo Corporate Services 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. |
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Chartered Accountants |
Sutherland House |
1759 London Road |
Leigh on Sea |
Essex |
SS9 2RZ |
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