Nailer Properties Limited - Period Ending 2019-12-31

Registration number: 08461340

Nailer Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Nailer Properties Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

Nailer Properties Limited

Company Information

Directors

K J Roberts J A Roberts

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

Lloyds Bank Plc Compton Ashbourne Derbyshire DE6 1DY

Accountants

Ashgates Corporate Services Limited  5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nailer Properties Limited
for the Year Ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nailer Properties Limited for the year ended 31 December 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Nailer Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Nailer Properties Limited and state those matters that we have agreed to state to the Board of Directors of Nailer Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nailer Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Nailer Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nailer Properties Limited. You consider that Nailer Properties 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 accounts of Nailer Properties 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 accounts.

.................................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

24 July 2020

Page 2

Nailer Properties Limited

(Registration number: 08461340)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	6,348	6,695
Investment property	5	453,500	453,500
Investments	6	200	200
		460,048	460,395
Current assets
Debtors	7	1,070	548
Cash at bank and in hand		67,982	53,918
		69,052	54,466
Creditors: Amounts falling due within one year	8	(9,786)	(11,619)
Net current assets		59,266	42,847
Total assets less current liabilities		519,314	503,242
Creditors: Amounts falling due after more than one year	8	(247,355)	(255,610)
Provisions for liabilities		(1,697)	(1,764)
Net assets		270,262	245,868
Capital and reserves
Called up share capital	10	400	400
Fair value reserve		15,739	15,739
Profit and loss account		254,123	229,729
Total equity		270,262	245,868

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

Nailer Properties Limited

(Registration number: 08461340)
Balance Sheet as at 31 December 2019

For the financial year ending 31 December 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 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 and 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 20 July 2020 and signed on its behalf by:
 

.........................................

K J Roberts
Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Nailer Properties Limited

Statement of Changes in Equity for the Year Ended 31 December 2019

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2019	400	15,739	229,729	245,868
Profit for the year	-	-	124,294	124,294
Total comprehensive income	-	-	124,294	124,294
Dividends	-	-	(99,900)	(99,900)
At 31 December 2019	400	15,739	254,123	270,262

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 January 2018	400	2,239	183,739	186,378
Profit for the year	-	-	150,300	150,300
Total comprehensive income	-	-	150,300	150,300
Dividends	-	-	(90,810)	(90,810)
Transfers	-	-	(13,500)	(13,500)
Transfers	-	13,500	-	13,500
At 31 December 2018	400	15,739	229,729	245,868

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

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

The address of the registered office is given in the company information on page 1 of the financial statements.

The principal place of business is in Belper.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy since the balance sheet date. The Company is working closely with customers and suppliers to review their plans and expected activities in the coming months.

At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.

Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts and the value other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders.

Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Page 6

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Revenue recognition

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

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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% reducing balance basis
Website	5 years straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The values are observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 7

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

4	Tangible assets

	Furniture, fittings and equipment  £	Website  £	Total £
Cost or valuation
At 1 January 2019	12,388	-	12,388
Additions	220	1,453	1,673
At 31 December 2019	12,608	1,453	14,061
Depreciation
At 1 January 2019	5,693	-	5,693
Charge for the year	1,729	291	2,020
At 31 December 2019	7,422	291	7,713
Carrying amount
At 31 December 2019	5,186	1,162	6,348
At 31 December 2018	6,695	-	6,695

5	Investment properties

	2019 £
At 1 January	453,500

The fair values of the investment properties were reviewed by the directors at 31 December 2019. The fair values have been determined by carrying out a review of the property and investment yields in the area. These properties were valued at £453,500 (2018 - £453,500).

Page 8

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

6	Investments

	2019 £	2018 £
Investments in subsidiaries	200	200

Subsidiaries	£
Cost or valuation
At 1 January 2019	200
Provision
Carrying amount
At 31 December 2019	200
At 31 December 2018	200

7

Debtors

	2019 £	2018 £
Trade debtors	126	-
Other debtors	944	548
	1,070	548

8

Creditors

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	9	7,548	6,740
Trade creditors		569	627
Amounts owed to group undertakings	12	510	510
Other creditors		1,159	3,742
		9,786	11,619
Due after one year
Loans and borrowings	9	247,355	255,610

Page 9

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

9	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	247,355	255,610

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	7,548	6,740

The above bank borrowings are secured on the assets of the company including all investment properties.

10	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200
Ordinary A shares of £1 each	100	100	100	100
Ordinary B shares of £1 each	100	100	100	100
	400	400	400	400

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Total £
Surplus/(deficit) on revaluation of other assets	13,500	13,500

Page 10

Nailer Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

12	Related party transactions

Transactions with directors

2019	At 1 January 2019 £	Advances to directors £	Repayments by director £	At 31 December 2019 £
Interest free loans repayable on demand	3,295	(104,603)	100,937	(371)

2018	At 1 January 2018 £	Advances to directors £	Repayments by director £	At 31 December 2018 £
Interest free loans repayable on demand	18,626	(16,309)	978	3,295

13	Non adjusting events after the financial period

After the balance sheet date the following dividends have been voted; £42,264 on ordinary £1 shares. £1,000 on ordinary C £1 shares.

Page 11