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Registered number: 11881254
NIMIDA REALTY PRIVATE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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NIMIDA REALTY PRIVATE LIMITED
Company Information
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NIMIDA REALTY PRIVATE LIMITED
Registered number: 11881254
Balance sheet
As at 31 March 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
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.
The 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 the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
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NIMIDA REALTY PRIVATE LIMITED
Registered number: 11881254
Balance sheet (continued)
As at 31 March 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2022.
The notes on pages 3 to 7 form part of these financial statements.
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NIMIDA REALTY PRIVATE LIMITED
Notes to the financial statements
For the Period Ended 31 March 2022
Nimida Realty Private Limited is a private limited company incorporated in the United Kingdom, and registered in England and Wales. The company's registered office is Tenth Floor, 240 Blackfriars Road, London, SE1 8NW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, as it is the intention of the Directors and Shareholders to provide whatever financial support is necessary in order for the Company to continue to meet its liabilities as they fall due for the forseeable future as required.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NIMIDA REALTY PRIVATE LIMITED
Notes to the financial statements
For the Period Ended 31 March 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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 other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NIMIDA REALTY PRIVATE LIMITED
Notes to the financial statements
For the Period Ended 31 March 2022
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The average monthly number of employees, including directors, during the period was 2 (2021 - 2).
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Leasehold investment property
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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NIMIDA REALTY PRIVATE LIMITED
Notes to the financial statements
For the Period Ended 31 March 2022
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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1,000 (2021 - 1,000) Ordinary shares of £1.00 each
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NIMIDA REALTY PRIVATE LIMITED
Notes to the financial statements
For the Period Ended 31 March 2022
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Related party transactions
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At 31 March 2022 the Company owed a Director £525,304 (20201: £485,304), this loan is interest free and repayable on demand.
At 31 March 2022 the Company owed a Shareholder £861,225 (2021: £861,225), this loan is interest free and repayable on demand.
At 31 March 2022 the Company owed £1,398,215 (2021: £1,391,604) to a company which has both a mutual Shareholder and Director. The loan attracts an interest rate of 1.3% per annum. During the year, the total amount of interest charged was £18,785 (2021: £19,690).
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