Company No: 12232297 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Current assets
Stocks	3	0		871,245
Debtors	4	12		10,645
Cash at bank and in hand		172,868		336,176
		172,880		1,218,066
Creditors
Amounts falling due within one year	5	( 170,290)		( 48,575)
Net current assets		2,590		1,169,491
Total assets less current liabilities		2,590		1,169,491
Creditors
Amounts falling due after more than one year	6	0		( 957,190)
Net assets		2,590		212,301
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		2,589		212,300
Total shareholder's funds		2,590		212,301

For the financial 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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of NTK Developments SPV1 Ltd (registered number: 12232297) were approved and authorised for issue by the Board of Directors on 01 October 2022. They were signed on its behalf by:

Mr M Colwill Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

NTK Developments SPV1 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Herniss Business Park, Halvasso, Penryn, TR10 9BZ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Stocks

	2022		2021
	£		£
Work in progress	0		871,245

4. Debtors

	2022		2021
	£		£
Other debtors	12		10,645

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	0		504
Other creditors	66,200		3,640
Corporation tax	104,090		44,431
	170,290		48,575

6. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Other creditors	0		957,190

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1