N & G Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00431255 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

N & G PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms L J Waller

REGISTERED OFFICE:

2 Jordan Street

Knott Mill

Manchester

M15 4PY

REGISTERED NUMBER:

00431255 (England and Wales)

ACCOUNTANTS:

Christian Douglass Accountants Limited

Chartered Accountants

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Tangible assets

4

27,805

597

Investment property

5

725,000

1,037,500

752,805

1,038,097

CURRENT ASSETS

Debtors

6

479,316

479,791

Cash at bank

206,327

79,573

685,643

559,364

CREDITORS

Amounts falling due within one year

7

73,130

67,448

NET CURRENT ASSETS

612,513

491,916

TOTAL ASSETS LESS CURRENT LIABILITIES

1,365,318

1,530,013

CREDITORS

Amounts falling due after more than one year

8

(9,951

)

(208,681

)

PROVISIONS FOR LIABILITIES

(163,500

)

(146,413

)

NET ASSETS

1,191,867

1,174,919

CAPITAL AND RESERVES

Called up share capital

33,000

33,000

Other reserves

10

490,500

624,181

Retained earnings

10

668,367

517,738

SHAREHOLDERS' FUNDS

1,191,867

1,174,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 December 2022 and were signed by:

Ms L J Waller - Director

1.	STATUTORY INFORMATION

N & G Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00431255 and its registered office is at 2 Jordan Street, Knott Mill, Manchester, M15 4PY.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Government grants

Government grants which are capital-based and for which the company has met the required conditions for payment are recognised as deferred income on receipt. Deferred income is subsequently recognised as income in the income statement on a systematic basis over the periods in which the assets, towards which the grant is intended to contribute, are depreciated. Government grants which are revenue-based are recognised as income in the income statement when any performance related conditions have been met.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Accumulated unrealised fair value gains are held separately in an other reserve, see note 12. Annual transfers are made between profit and loss reserves and other reserves as necessary.

Depreciation is not provided in respect of investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

9,181

Additions

28,635

At 31 March 2022

37,816

DEPRECIATION

At 1 April 2021

8,584

Charge for year

1,427

At 31 March 2022

10,011

NET BOOK VALUE

At 31 March 2022

27,805

At 31 March 2021

597

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

1,037,500

Disposals

(417,500

)

Revaluations

105,000

At 31 March 2022

725,000

NET BOOK VALUE

At 31 March 2022

725,000

At 31 March 2021

1,037,500

Fair value at 31 March 2022 is represented by:

£

Valuation in 2007

479,000

Valuation in 2018

25,000

Valuation in 2019

75,000

Valuation in 2021

(30,000

)

Valuation in 2022

105,000

Cost

71,000

725,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.22

31.3.21

£

£

Cost

71,000

266,906

Aggregate depreciation

(26,270

)

(92,168

)

Investment properties were valued on a fair value basis on 31 March 2022 by the director .

The fair value gain during the year has been included in the income statement and, by reserves transfer, within closing other reserves.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Amounts owed by group undertakings

479,316

479,239

Other debtors

-

552

479,316

479,791

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

2,906

12,750

Trade creditors

(1

)

-

Taxation and social security

-

3,798

Other creditors

70,225

50,900

73,130

67,448

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

9,951

208,681

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

149,181

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Bank loans

-

206,431

Bank loans stated above are secured on the investment properties.

10.

RESERVES

Reserves include other reserves, which are non-distributable profit reserves representing fair valuation gains on investment property. A provision for deferred tax has been recognised in respect of the gains.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

Ms L J Waller

Balance outstanding at start of year

-

16,204

Amounts repaid

-

(16,204

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loan was interest bearing.

12.	ULTIMATE PARENT UNDERTAKING