NGU Property Refurbishments Ltd - Period Ending 2018-12-31

Registration number: 08534047

Prepared for the registrar

NGU Property Refurbishments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

NGU Property Refurbishments Ltd

(Registration number: 08534047)
Balance Sheet as at 31 December 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	7,364	9,480
Current assets
Debtors	5	111,409	101,772
Cash at bank and in hand		-	37
		111,409	101,809
Creditors: Amounts falling due within one year	6	(9,902)	(23,126)
Net current assets		101,507	78,683
Net assets		108,871	88,163
Capital and reserves
Called up share capital		100	100
Profit and loss account		108,771	88,063
Total equity		108,871	88,163

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 July 2019 and signed on its behalf by:
 

N Fitzakerley

Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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NGU Property Refurbishments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
469-471 Durham Road
Gateshead
Tyne and Wear
NE9 5EX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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NGU Property Refurbishments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company in the year was 1 (2017 - 1).

4

Tangible assets

	Motor vehicles  £
Cost
At 1 January 2018	11,391
At 31 December 2018	11,391
Depreciation
At 1 January 2018	1,911
Charge for the year	2,116
At 31 December 2018	4,027
Carrying amount
At 31 December 2018	7,364
At 31 December 2017	9,480

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NGU Property Refurbishments Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

5

Debtors

	Note	2018  £	2017  £
Amounts owed by related parties	7	111,409	101,772
		111,409	101,772

6

Creditors

	2018  £	2017  £
Due within one year
Social security and other taxes	1,203	11,220
Accrued expenses	3,400	2,150
Corporation tax liability	5,299	9,756
	9,902	23,126

7

Related party transactions

At 31 December 2018, the company was owed £100 (2017: £100) by NCF Holdings Limited, its immediate parent company.

At 31 December 2018, the company was owed £111,309 (2017: £101,672) by NGU Homelettings Limited, a group company.

These loans are interest free and have no fixed repayment terms.
 

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