NTEK Properties Ltd Filleted accounts for Companies House (small and micro)

NTEK PROPERTIES LTD - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 449,067 238,887 210,180 210,180 449,067 90 90 90 xbrli:pure xbrli:shares iso4217:GBP SC623038 2021-04-01 2022-03-31 SC623038 2022-03-31 SC623038 2021-03-31 SC623038 2021-03-31 SC623038 bus:Director1 2021-04-01 2022-03-31 SC623038 core:WithinOneYear 2022-03-31 SC623038 core:WithinOneYear 2021-03-31 SC623038 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 SC623038 core:ShareCapital 2022-03-31 SC623038 core:ShareCapital 2021-03-31 SC623038 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC623038 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC623038 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 SC623038 core:Non-currentFinancialInstruments 2022-03-31 SC623038 core:Non-currentFinancialInstruments 2021-03-31 SC623038 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 SC623038 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 SC623038 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 SC623038 bus:SmallEntities 2021-04-01 2022-03-31 SC623038 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC623038 bus:FullAccounts 2021-04-01 2022-03-31 SC623038 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC623038 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC623038 core:Subsidiary1 2021-04-01 2022-03-31 SC623038 core:Subsidiary1 2022-03-31 SC623038 core:Subsidiary1 2021-03-31

COMPANY REGISTRATION NUMBER: SC623038

NTEK Properties Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2022

NTEK Properties Ltd

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	4	210,180	449,067
Investments	5	90	90
		---------	---------
		210,270	449,157

Current assets

Debtors	6	15,697	1,260,987
Cash at bank and in hand		2,387,226	10,090
		------------	------------
		2,402,923	1,271,077

Creditors: amounts falling due within one year	7	22,162	1,145
		------------	------------
Net current assets		2,380,761	1,269,932
		------------	------------
Total assets less current liabilities		2,591,031	1,719,089
		------------	------------
Net assets		2,591,031	1,719,089
		------------	------------

Capital and reserves

Called up share capital	90	90
Profit and loss account	2,590,941	1,718,999
	------------	------------
Shareholders funds	2,591,031	1,719,089
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NTEK Properties Ltd

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 29 August 2022 , and are signed on behalf of the board by:

G S MacIntyre
Director

Company registration number: SC623038

NTEK Properties Ltd

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible assets

	Freehold property
	£
Cost
At 1 April 2021	449,067
Disposals	( 238,887)
	---------
At 31 March 2022	210,180
	---------
Depreciation
At 1 April 2021 and 31 March 2022	–
	---------
Carrying amount
At 31 March 2022	210,180
	---------
At 31 March 2021	449,067
	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	90
	----
Impairment
At 1 April 2021 and 31 March 2022	–
	----

Carrying amount
At 31 March 2022	90
	----
At 31 March 2021	90
	----

6. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	15,697	1,260,987
	--------	------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	21,262	–
Other creditors	900	1,145
	--------	-------
	22,162	1,145
	--------	-------

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2022	2021	2022	2021
	£	£	£	£
NTEK Litho Limited	( 800,000)	(1,000,000)	15,697	1,260,987
	---------	------------	--------	------------

Transactions:- During the period the company received dividends totalling £800,000 (2020: £1,000,000) from its subsidiary undertaking, NTEK Litho Limited, a company incorporated in Scotland. The balance owed by NTEK Litho Limited at the year end date amounted to £15,697 (2021: £1,260,978). Control:- The company was under the control of G MacIntyre throughout the period under review. G MacIntyre is the sole director and together with members of his close family controls the entire issued share capital of the company.