Nest Properties (Leicester) Limited Company accounts

Nest Properties (Leicester) Limited Company accounts

NEST PROPERTIES (LEICESTER) LIMITED - Company Information

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false false false false false false false false false true false false false false false false false No description of principal activity 2018-10-01 Sage Accounts Production Advanced 2019 - FRS102_2014 341,408 112,293 2,028,000 714,710 2,742,710 2,742,710 2,028,000 20 20 20 xbrli:pure xbrli:shares iso4217:GBP 10359005 2018-10-01 2019-09-30 10359005 2019-09-30 10359005 2018-09-30 10359005 2017-10-01 2018-09-30 10359005 2018-09-30 10359005 bus:RegisteredOffice 2018-10-01 2019-09-30 10359005 bus:LeadAgentIfApplicable 2018-10-01 2019-09-30 10359005 bus:Director1 2018-10-01 2019-09-30 10359005 bus:Director2 2018-10-01 2019-09-30 10359005 core:LandBuildings core:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 10359005 core:WithinOneYear 2019-09-30 10359005 core:WithinOneYear 2018-09-30 10359005 core:AfterOneYear 2019-09-30 10359005 core:AfterOneYear 2018-09-30 10359005 core:RetainedEarningsAccumulatedLosses 2017-10-01 2018-09-30 10359005 core:ShareCapital 2018-10-01 2019-09-30 10359005 core:RetainedEarningsAccumulatedLosses 2018-10-01 2019-09-30 10359005 core:ShareCapital 2019-09-30 10359005 core:ShareCapital 2018-09-30 10359005 core:SharePremium 2019-09-30 10359005 core:SharePremium 2018-09-30 10359005 core:RetainedEarningsAccumulatedLosses 2019-09-30 10359005 core:RetainedEarningsAccumulatedLosses 2018-09-30 10359005 core:ShareCapital 2017-09-30 10359005 core:SharePremium 2017-09-30 10359005 core:RetainedEarningsAccumulatedLosses 2017-09-30 10359005 core:RestatedAmount 2017-09-30 10359005 core:RestatedAmount 2018-09-30 10359005 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2019-09-30 10359005 core:CostValuation core:Non-currentFinancialInstruments 2019-09-30 10359005 core:Non-currentFinancialInstruments 2019-09-30 10359005 core:LandBuildings core:OwnedOrFreeholdAssets 2019-09-30 10359005 core:LandBuildings core:OwnedOrFreeholdAssets 2018-09-30 10359005 core:LandBuildings core:OwnedOrFreeholdAssets 2018-09-30 10359005 bus:SmallEntities 2018-10-01 2019-09-30 10359005 bus:AuditExemptWithAccountantsReport 2018-10-01 2019-09-30 10359005 bus:FullAccounts 2018-10-01 2019-09-30 10359005 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 10359005 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30
COMPANY REGISTRATION NUMBER: 10359005
NEST PROPERTIES (LEICESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 September 2019
NEST PROPERTIES (LEICESTER) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2019
CONTENTS
PAGES
Officers and professional advisers
1
Directors' report
2
Statement of comprehensive income
3
Statement of financial position
4 to 5
Statement of changes in equity
6
Notes to the financial statements
7 to 9
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
NEST PROPERTIES (LEICESTER) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr P Singh
Mrs J K Sandhu
REGISTERED OFFICE
105 Stoughton Road
Oadby
Leicester
LE2 4FR
ACCOUNTANTS
Meadows & Co Limited
Chartered Accountants
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
NEST PROPERTIES (LEICESTER) LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 SEPTEMBER 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2019 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr P Singh
Mrs J K Sandhu
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 February 2020 and signed on behalf of the board by:
Mr P Singh
Director
Registered office:
105 Stoughton Road
Oadby
Leicester
LE2 4FR
NEST PROPERTIES (LEICESTER) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 SEPTEMBER 2019
2019
2018
Note
£
£
TURNOVER
1,054,489
187,191
Cost of sales
557,811
–
------------
---------
GROSS PROFIT
496,678
187,191
Administrative expenses
55,050
70,181
Other operating income
–
33,136
---------
---------
OPERATING PROFIT
441,628
150,146
Interest payable and similar expenses
4
20,137
11,473
---------
---------
PROFIT BEFORE TAXATION
421,491
138,673
Tax on profit
80,083
26,380
---------
---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
341,408
112,293
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
NEST PROPERTIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2019
2019
2018
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,742,710
2,028,000
Investments
6
20
–
------------
------------
2,742,730
2,028,000
CURRENT ASSETS
Debtors
7
853,196
–
Cash at bank and in hand
36,653
71,986
---------
--------
889,849
71,986
CREDITORS: amounts falling due within one year
8
1,727,923
421,396
------------
---------
NET CURRENT LIABILITIES
838,074
349,410
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,904,656
1,678,590
CREDITORS: amounts falling due after more than one year
9
522,121
544,783
------------
------------
NET ASSETS
1,382,535
1,133,807
------------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
120
100
Share premium account
1,199,008
1,199,008
Profit and loss account
183,407
( 65,301)
------------
------------
SHAREHOLDERS FUNDS
1,382,535
1,133,807
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 September 2019 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEST PROPERTIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2019
These financial statements were approved by the board of directors and authorised for issue on 26 February 2020 , and are signed on behalf of the board by:
Mr P Singh
Mrs J K Sandhu
Director
Director
Company registration number: 10359005
NEST PROPERTIES (LEICESTER) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2019
Called up share capital fully paid
Share premium account
Profit and loss account
Total
£
£
£
£
AT 1 OCTOBER 2017
100
1,199,008
( 1,594)
1,197,514
Profit for the year
112,293
112,293
----
------------
---------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
112,293
112,293
Dividends paid and payable
–
–
( 176,000)
( 176,000)
----
------------
---------
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
–
–
( 176,000)
( 176,000)
AT 30 SEPTEMBER 2018
100
1,199,008
( 65,301)
1,133,807
Profit for the year
341,408
341,408
----
------------
---------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
341,408
341,408
Issue of shares
20
–
–
20
Dividends paid and payable
–
–
( 92,700)
( 92,700)
----
----
--------
--------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
20
–
( 92,700)
( 92,680)
----
------------
---------
------------
AT 30 SEPTEMBER 2019
120
1,199,008
183,407
1,382,535
----
------------
---------
------------
NEST PROPERTIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2019
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 105 Stoughton Road, Oadby, Leicester, LE2 4FR.
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'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. INTEREST PAYABLE AND SIMILAR EXPENSES
2019
2018
£
£
Interest on banks loans and overdrafts
20,102
11,471
Other interest payable and similar charges
35
2
--------
--------
20,137
11,473
--------
--------
5. TANGIBLE ASSETS
Freehold property
£
Cost
At 1 October 2018
2,028,000
Additions
714,710
------------
At 30 September 2019
2,742,710
------------
Depreciation
At 1 October 2018 and 30 September 2019
–
------------
Carrying amount
At 30 September 2019
2,742,710
------------
At 30 September 2018
2,028,000
------------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 October 2018
–
Additions
20
----
At 30 September 2019
20
----
Impairment
At 1 October 2018 and 30 September 2019
–
----
Carrying amount
At 30 September 2019
20
----
At 30 September 2018
–
----
The portfolio of freehold property are secured by a fixed legal charge over the assets.
7. DEBTORS
2019
2018
£
£
Trade debtors
850,000
–
Other debtors
3,196
–
---------
----
853,196
–
---------
----
8. CREDITORS: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
22,000
22,000
Trade creditors
30
–
Amounts owed to group undertakings and undertakings in which the company has a participating interest
258,850
–
Corporation tax
80,083
26,382
Other creditors
1,366,960
373,014
------------
---------
1,727,923
421,396
------------
---------
9. CREDITORS: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
522,121
544,783
---------
---------
10. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 30 September 2019 the amount due from the company was £ 1,364,960 (2018 - £ 371,519 ).
NEST PROPERTIES (LEICESTER) LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30 SEPTEMBER 2019
The following pages do not form part of the financial statements.
NEST PROPERTIES (LEICESTER) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEST PROPERTIES (LEICESTER) LIMITED
YEAR ENDED 30 SEPTEMBER 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nest Properties (Leicester) Limited for the year ended 30 September 2019, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company'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 Board of Directors of Nest Properties (Leicester) Limited, as a body, in accordance with the terms of our engagement letter dated 8 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Nest Properties (Leicester) Limited 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 Nest Properties (Leicester) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Nest Properties (Leicester) Limited 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 Nest Properties (Leicester) Limited. You consider that Nest Properties (Leicester) Limited 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 Nest Properties (Leicester) Limited. 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.
Meadows & Co Limited Chartered Accountants
Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ
26 February 2020