Nordic Properties Limited - Period Ending 2020-03-31
Nordic Properties Limited - Period Ending 2020-03-31
Registration number:
Nordic Properties Limited
for the Year Ended 31 March 2020
Nordic Properties Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nordic Properties Limited
Company Information
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Directors |
Mr Glenn Elliott Mr Kristian Sibast |
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Registered office |
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Accountants |
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Nordic Properties Limited
(Registration number:
09739015
)
Balance Sheet
as at
31 March 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions for liabilities |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Other reserves |
(983,243) |
(922,099) |
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Profit and loss account |
(3,204,664) |
(447,826) |
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Shareholders' deficit |
(4,187,906) |
(1,369,924) |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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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.
Nordic Properties Limited
(Registration number:
09739015
)
Balance Sheet
as at
31 March 2020
Approved and authorised by the
.........................................
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
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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.
Judgements
The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of rental income.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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 balance sheet 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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Asset class |
Depreciation method and rate |
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Computer equipment |
3 Years straight line |
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Motor vehicle |
4 Years straight line |
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Office equipment |
4 Years straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Financial instruments
Classification
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Investment properties |
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2020 |
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At 1 April |
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Additions |
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Fair value adjustments |
( |
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At 31 March |
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The historical cost of the investment properties as at 31 March 2020 is £7,784,875 (2019: £6,577,087) and the fair value is £6,570,995 (2019: £5,470,995).
There has been no valuation of investment property by an independent valuer.
Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Investments |
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2020 |
2019 |
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Investments in associates |
- |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds a nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Associates |
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84 State Street
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1,000 shares |
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USA |
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The profit for the financial period of Sibast Properties Boston Inc was not available , and the aggregate amount of capital and reserves at the end of the period was not available.
The company was dissolved on 06 December 2019.
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Debtors |
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Note |
2020 |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments |
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Other debtors |
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- |
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Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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1.00 |
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1.00 |
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Related party transactions |
Included in Debtors due within one year are amounts owed from Sibest Properties Boston Inc. The loan is interest free and repayable on demand.
Included in Creditors due within one year are amounts due to the directors of £11,809,895 (2019: £9,585,480). The loan is interest free and repayable on demand.
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Transactions with directors |
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2020 |
At 1 April 2019 |
Advances to directors |
Repayments by director |
At 31 March 2020 |
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Mr Kristian Sibast |
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Amounts owed to/(from) the Director |
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( |
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Nordic Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
At 31 March 2019 |
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Mr Kristian Sibast |
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Amounts owed to/(from) the Director |
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( |
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